Page 35 - Budget 2023

Govt to release first advance economic growth estimates for FY23 today

The National Statistical Office will release the first advance estimates of economic growth for 2022-23 on Friday evening, three weeks ahead of presentation of General Budget in Lok Sabha on February 1. The first advance estimates of national income for 2022-23 is significant because the data is used for preparing the Budget of the central government for next financial year of 2023-24. Earlier last month, the Reserve Bank of India had lowered the country's GDP (gross domestic product) growth forecast to 6.8 per cent for the current fiscal from 7 per cent earlier, on account of continued geopolitical tensions and tightening of global financial conditions. The RBI had projected the real GDP growth for 2022-23 at 6.8 per cent, with the third quarter at 4.4 per cent and the fourth at 4.2 per cent. It had pared the growth projection for 2022-23 for the third time in December 2022. In April 2022, the central bank had cut the GDP growth estimate from 7.8 per cent to 7.2 per cent, and fur

Top headlines: Govt may go easy on capex in FY24, India-US trade dispute

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Top headlines: I-T dept goes after tax arrears of over Rs 7.7 trn, PMAY-G

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Budget 2023: PMAY-G may get big push on time for 2024 General Elections

In FY-23, Centre first allocated Rs 20,000 cr for PMAY-G and then topped it up with infusion of Rs 28,000 cr, in the coming 2023 Budget a similar push is expected, sources said

Expenditure rationalisation may be underlying theme of Budget 2023

The budget for the financial year 2023-24 (FY24) could be about controlling non-essential expenditure

Infra brushstrokes for the Budget

There are seven key areas that the FY24 Budget needs to address to re-energise the infrastructure sector

Budget 2023: FDI in startups needs tax exemption, says Wadhwani Foundation

With an estimated 250 unicorns by 2025 from a little over 100 now and $180 billion of total funding by CY23, India's startup ecosystem is well-positioned to leverage the availability of young talent

SMEV seeks extension of subsidies for EVs under FAME-II in Budget

Society of Manufacturers of Electric Vehicles on Tuesday sought extension of subsidies for EVs under the FAME II scheme and also include light to heavy commercial vehicles in it to promote electric mobility. In its pre-Budget recommendations, the industry body also called for a uniform 5 per cent GST on spare parts for electric vehicles. "The validity of FAME II is set to expire on March 31, 2024. We believe FAME's validity needs to be extended since we have yet to meet the penetration the subsidy was supposed to catalyse," Society of Manufacturers of Electric Vehicles (SMEV) said in a statement. The new FAME II scheme should be linked to e-mobility conversion rather than being time-based, it added. The EV industry body said market trends suggest that e-mobility, particularly electric two-wheelers (E2W) has the potential to continue growing once it reaches 20 per cent of the total two-wheeler market. "The subsidy can be tapered thereafter," it said, adding the FAME II scheme shoul

FinMin may shift tax liability on share buyback to shareholders in Budget

The shift will bring the taxation of share buybacks on the same page as the dividend income

Gross budgetary allocation for Railways to go up by 29% in Budget: Report

The total capital expenditure (capex) of the railway ministry is expected to jump 20 per cent to Rs 3 trillion in FY24

Second part of budget session likely to be held in new parliament building

The new Parliament building is likely to be inaugurated in March, when the House convenes for the second part of the Budget Session. Officials said work was going on in full swing on Parliament building and is expected to be completed by February. The second part of the Budget session is likely to be held in the new Parliament building, sources said. The Budget session is conventionally held in two parts -- the first part usually commences on January 30 or 31 with the address of the President to the joint sitting of the two Houses. The Union Budget is tabled on February 1. The first part usually concludes on February 8 or 9. The second part of the session usually commences in the second week of January and continues till early May. Parliamentary sources said the part two of the session is likely to be held in the new Parliament building which has come up adjacent to the present structure. Last month, Union Housing and Urban Affairs Minister Hardeep Singh Puri had said constructi

Global slowdown, Union Budget: 5 factors that will guide markets in 2023

Analysts expect the Indian equity markets to consolidate over the next few months, as they fully digest the negatives of rich valuations, rising interest rates amid growth headwinds.

Income tax exemption might be extended to Rs 5 lakh in budget, say sources

The government is likely to enhance the income tax exemption limit to Rs 5 lakh from the existing Rs 2.5 lakh in the forthcoming budget for 2023-24, sources privy to developments said.

TDS guidelines for gaming companies may require greater disclosure

The move is aimed at improving reporting and transparency in these sectors

Telcos seek tax credit refund, reduction in levies ahead of Budget 2023

The telecom sector says that over a third of their earnings is currently paid to the government as levies

Centre may spend less on fertiliser subsidy to narrow its budget deficit

The lower fertilizer allocation will help with India's goal of cutting its budget deficit. Food and energy costs have jumped after Russia's invasion of Ukraine

LIVE: Coronavirus' changing nature continues to pose danger, says Mandaviya

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India can't afford yet more disruptions to supply chains: Ficci President

'What is most unfortunate is that countries are looking to finance their transition to a green economy by taxing others'

Centre to levy import duties on non-essential items as exports fall: Report

The government is also looking for ways to separate commodities that come under the same Harmonized System of Nomenclature (HSN) code for imposing duties

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