Monday, February 26, 2024
HomeUncategorized10 things that India ?? wants from Nirmala Sitharaman's Budget 2022

10 things that India ?? wants from Nirmala Sitharaman’s Budget 2022

  1. Economists are rooting for a gradual fiscal consolidation path , capital expenditure to pursue growth and steps to rein in inflation.

They want FM to take Capex route and preferably spent on capital assets and infrastructure projects.

  1. Economists also want the re-introduction of wealth and inheritance tax to address rising inequality in covid.
  2. The amount if standard deduction is significantly low given inflation and a variant to loose. Home budgets have hit badly. There is a need to reconsider increasing the current standard deduction limit of Rs 50,000 to Rs 75,000 to provide some cushion to salaried.
  3. Insurance experts want health covers slotted in the 5% GST slab to make it more affordable to access quality Healthcare.
  4. Automobile ? sector wants electric vehicles to be put in priority lending to encourage more citizens to opt EVs at low interest rates.
  5. The hospitality sector wants GST input tax credit restored as it struggles with thin margins , huge losses and lose of livelihood for thousands on the back dine in bans.
  6. Banks ? and MSMEs industry representatives want support for the sector in line with the Emergency Credit Line Gurantee Scheme- a measure introduced in early pandemic.
  7. Pandemic hit airlines want tax break and suspension of minimum alternate tax for at least two years.
    The airline industry says they are taxed as high as 21% but there is no provision of input tax credit , as there for other sectors.
  8. Active stock market platforms like Zerodha wants the budget to reduce STT , since active traders lose more money in transaction cost and impact costs than to the market.
    Zerodha customers alone pay Rs 2500 crore in STT , stamp duty and GST annually.
  9. Homegrown crypto and blockchain startups want clarity from Sitharaman over issues like taxation, legislation , exemptions and regulations on crypto.
    With more than 15 million crypto investors, India ?? has emerged 2nd largest global player in terms of crypto adoption.

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