10 things that India 🇮🇳 wants from Nirmala Sitharaman’s Budget 2022
- 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.
- Economists also want the re-introduction of wealth and inheritance tax to address rising inequality in covid.
- 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.
- Insurance experts want health covers slotted in the 5% GST slab to make it more affordable to access quality Healthcare.
- Automobile 🚘 sector wants electric vehicles to be put in priority lending to encourage more citizens to opt EVs at low interest rates.
- 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.
- 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.
- 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.
- 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.
- 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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