New Delhi: The Union Budget-2023 is about continuing growth, said Revenue Secretary Sanjay Malhotra, while addressing FICCI’s interactive session here, adding that growth, fiscal consolidation, and inclusivity are the three themes of the budget.
Malhotra said that "this budget is about continuing growth in the country" and ensuring that the "benefits percolate to each and every individual". He underscored that there is something for every segment of society, adding, "the government has tried to ensure that the benefits of growth are passed on to them through transfers and other means."
The Secretary emphasized that on the taxation front "the budget is about partnership and building trust". He noted that decriminalization of certain provisions in GST and income tax along with schemes for presumptive taxation will make taxpayers' lives simple.
Vivek Johri, Chairperson, Central Board of Indirect Taxes and Customs, Ministry of Finance, in his special address highlighted, "our approach to the budget on the custom side is of simplification." He added, "we've brought down the number of rates from 21 to 13".
In addition, Johri noted the large number of exemptions that have built up over time, have outlived their utility. He stressed, "starting last year's budget, we did a major review exercise of customs duty exemptions.”
The CBIC chairperson further underlined, "we have used tariffs as a policy instrument for enabling value addition and domestic production and deepening that value addition." He highlighted tariff support announced in this budget for the manufacture of lithium-ion batteries for EVs, wind-operated generators, solar panels, and denatured ethyl alcohol, among others.
Nitin Gupta, Chairperson, Central Board of Direct Taxes, also spoke on the occasion. He emphasized that "all in all, it's a budget which caters to all sections of the society, industry, professionals, businessmen, and tries to provide relief wherever it's found to be feasible".
Arun Chawla, Director General, FICCI, noted that "the announcements made yesterday capture the pulse of the economy while retaining credibility, both in terms of projections as well as committing to the fiscal consolidation glide path".
Further, he added that the revision in tax rates under the new regime would augur well on the consumption side as the thrust of the tax proposals has been to continue with the policy of a stable, simple and trustworthy tax regime. /BI/
