Annual Post Budget Talk on Union Budget 2022-23
03/02/2022 | Completed Event
Our annual post budget talk on the Union Budget 2022-23 was organized in association with the Federation of Indian Export Organizations. Mr. Homi P. Ranina, eminent tax expert & senior lawyer – Supreme Court of India was the speaker. Excerpts from his speech
- This budget is a futuristic one targeted at India @100 yrs of independence.
- Govt will announce more incentives for salaried class in the next year budget-one just before the next Lok Sabha elections.
- FM has been very conservative with budget figures and inflation is one major challenge to tackle.
- GST is going to be the main source of income in the coming years
- Agri sector will thrive.In 2021,luxury car brands sold more units in Nasik than Mumbai. Most of it were bought by wealthy farmers there.
- States must fall in line with the Centre to ease doing of business.
- Digitisation and financial inclusion can help more people to pay taxes(remember less than 3% pay income tax now)
- Budget is always a game of numbers. It is a statement of intent and as responsible citizens we must be vigilant to ensure it is executed properly.
- Interest rate will go up in the coming months which can pull down the stock markets by a bit.
- The new crypto rupee announced will not become a legal tender.
- Agricultural tax can only be applied on agricultural products and not when they are traded. He also opined that Indian farmer should adopt methods that are more modern. Exporting agricultural produce can also bring considerable growth to the economy.
- The finance minister has focused on 'Sunrise opportunities' in her budget speech. These refer to Artificial intelligence, geospatial savings, mobile, 3D printing, IoT etc. Support will be given to the companies who want to go into these industries. The budget plan also focusing on bringing foreign investment. He also applauded the Government of India for the advancement in Infrastructure.