Page 74 - Union Budget

Allow mega powerloom cluster in T'gana as G20 logo return gift: KTR to PM

Taking a swipe at Prime Minister Narendra Modi who mentioned about a Telangana weaver who sent him a G20 logo woven with his own hands, Telangana Minister KT Rama Rao has said the best return gift to weavers of Siricilla will be to sanction a mega power loom cluster in the upcoming Union Budget. "Dear @narendramodi Ji, The best return gift to my weaver brothers & sisters in Siricilla will be to sanction a Mega Powerloom cluster in Union Budget, 2023 and making GST Zero on handloom products. Hope you will oblige," the Minister, who is also TRS Working President tweeted on Sunday night. In his 95th Mann ki Baat broadcast, Modi hailed a "unique gift" from a weaver from Telangana, Hariprasad, who sent the PM a G20 logo woven by him The Telangana government had on several occasions written letters to the Centre urging to sanction a Mega Powerloom Cluster (MPC) at Sircilla in the state under the Comprehensive Powerloom Cluster Development Scheme (CPCDS). Meanwhile, Yedhi Hariprasad, the

Union Budget 2023-24: Centre invites suggestions, Dec 10 last date

For the union budget 2023-24, which will be unveiled in February next year, the finance ministry has requested public ideas and comments

Budget 2023-24: Miners' body seeks withdrawal of export duty on bauxite

Miners' body FIMI has sought withdrawal of export duty on bauxite, stating that the move will lead to optimum utilisation of low-grade mineral resources as it will expedite reopening of closed bauxite mines, create jobs and earn foreign exchange. Bauxite is the principal ore of aluminum and therefore the mineral is the essential raw material for aluminium producers. "The export duty of 15 per cent on bauxite is detrimental to the Indian non- metallurgical bauxite producers and exporters...This Federation therefore request for complete withdrawal of export duty on exports of bauxite," FIMI said in its pre-Budget proposals to the finance ministry. India, it said, is not only self-sufficient in meeting its requirement but has huge potential to be a major player in the international bauxite market. Domestic alumina and aluminum producers have their own captive mines or meet their requirement from mines located in eastern and central parts of the country, which contain plant grade ..

States' Budget demand: 60% GST share, extended compensation period

State finance ministers demanded greater fiscal autonomy through an increase in states' share in goods and services tax (GST) to 60 per cent, from 50 per cent at present

Budget 2023: MFs seek LTCG exemption for longer-term equity investments

Industry says exemption for those staying invested for over three years will help channelise flows into financial assets

300-400 new Vande Bharat trains to be announced in upcoming Union Budget

According to a railway ministry official, there will be an announcement for provision of 300-400 new Vande Bharat trains in the Union Budget 2023-24 which will be the highest ever allocation

FM Sitharaman seeks to shrink budget deficit as global headwinds loom

A longstanding plan aims to shrink the shortfall to below 4.5% of GDP by 2025-26

Rationalisation in long-term capital gains tax structure on the anvil

The finance ministry is looking at rationalising long-term capital gains tax structure by bringing parity between similar asset classes and revising the base year for computing indexation benefit to make it more relevant, an official said on Friday. Currently, shares held for more than one year attract a 10 per cent tax on long-term capital gains. Gains arising from sale of immovable property and unlisted shares held for more than 2 years and debt instruments and jewellery held for over 3 years attract 20 per cent long term capital gains tax. The revenue department is now looking at rationalising the tax rates as well as holding period for calculating long-term capital gains and an announcement is likely in the 2023-24 Budget to be presented in Parliament on February 1. Also, a change in base year for computing inflation-adjusted capital gains is being contemplated, the official added. The index year for capital gains tax calculation is revised periodically to make it more relevan

Budget 2023: Exporters urge govt for fiscal incentives, lower customs duty

The meeting took place at a time when external demand is waning as exporters are facing global headwinds of high inflation, currency depreciation and geopolitical tensions

After Economic Survey in January, vision document likely in July

Vision document in July to provide road map for next 3-5 years as well as for 'Amrit Kaal'

Union Budget 2023-24: Govt mulls options on capital gains tax regime

As preparations begin for the next budget, discussions have gained steam around what the government would do with the capital gains tax regime

Abolish exemptions

Instead of reducing tax rates, Budget 2023 should take steps to reverse the decline in tax buoyancy

India may boost rural spending by 50% next year to spur jobs, housing

India may increase rural spending by nearly 50% to 2 trillion rupees ($24.51 billion) next fiscal year, as the country seeks to boost jobs

CII suggests slashing income tax rates in upcoming budget o revive demand

The CII has suggested a cut in personal income tax rates to revive demand -- a move which would benefit 5.83 crore taxpayers who have filed returns for assessment year 2022-23

Focus on job creation, capex boost, tax measures in Budget: Industry to FM

Employment-linked incentive scheme for services sector suggested

Budget should focus on job creation, steps to broaden tax base: India Inc

The Budget should focus on measures to accelerate job creation and broaden the tax base by rationalising GST and personal income tax slabs to boost consumption, industry bodies said in their pre-Budget meeting with finance minister Nirmala Sitharaman on Monday. "The external scenario is likely to continue to be unfavourable for some time. Hence, we must broad-base our domestic economy by creating new sectors of growth and driving employment generation to boost domestic demand, inclusion, and growth," CII president Sanjiv Bajaj said. The Confederation of Indian Industry (CII) was part of the virtual pre-Budget meeting which was called for an aggressive focus on privatisation of public sector units and increasing allocation to capital expenditure with focus on an investment led growth strategy to pump India's economy amidst the global uncertainty. To boost job creation, CII suggested that an employment linked incentive scheme be introduced and the government could consider an urban ..

LIVE news: Finance Minister to begin pre-budget consultations from Monday

From Amit Shah's scheduled rally in Gujarat to BJP's roadshows across Delhi ahead of MCD polls, catch all the live updates from across the globe here

Decriminalise GST law, cut personal income tax rates in Budget: CII to govt

Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated. "A fresh look is needed at the capital gains tax with respect to its rates and holding period to remove complexities and inconsistencies. Moreover, the Government should contemplate a reduction in the rates of personal income tax in its next push for reform as this would increase disposable incomes and revive the demand cycle," CII President Sanjiv Bajaj said. Tax certaint

Something deficient in fiscal deficit

GDP alone isn't an adequate measure to calculate a safe level of budget deficit. Population also has to be worked into the method. It is just common sense

FM Nirmala Sitharaman to kick-start pre-Budget meetings from Monday

Finance Minister Nirmala Sitharaman will kick-start the customary pre-budget meetings beginning Monday with a special focus on issues concerning climate change and infrastructure. The minister would hold virtual meetings on November 21 in three groups with industry chambers, infrastructure sector and environment experts seeking suggestions for the 2023-24 Budget making from stakeholders. On November 22, Sitharaman would meet agriculture and agro processing industry, representatives from financial sector and capital markets. She will also be meeting the representatives of services sector and trade bodies, besides experts from social sector, including health, education, water and sanitation, on November 24. The pre-budget meetings with the trade union representatives and economists are scheduled for November 28. The participants will give suggestions on the 2023-24 Budget which will be presented in Parliament by the Finance Minister on February 1. Sources said climate change would