A pragmatic Budget amidst a challenging global environment

The proposal to defer the filing of an appeal by the tax authority where the question of law is pending before the jurisdictional Hc or Sc would help reduce the administrative workload

Budget 2022-23 has been presented against the backdrop of an uncertain global environment. The IMF revised its 2022 projection of world output downwards by 50 basis points to 4.4 per cent from its earlier estimates. Yet, India withstood these contractionary forces and registered a growth rate of 8.8 per cent in 2021-22. According to the Economic Survey, India is likely to grow by 8-8.5 per cent in 2022-23, continuing on its current growth trajectory.

Budget 2022-23 has taken a pragmatic approach of keeping revenue expenditure in check while increasing capital expenditure. Expenditure on capital account has gone up 24.5 per cent