
Budget 2023: Online gaming firms reap big
The government in the Finance Bill has made a critical distinction between games of skill and games of chance, classifying them into separate sections.
The government in the Finance Bill has made a critical distinction between games of skill and games of chance, classifying them into separate sections.
Extending support to the state governments, the government has enhanced an outlay of ₹1.3 lakh crore.
The current account deficit (CAD) widened to $36.4 billion in Q2 FY23, from $18.2 billion in Q1 of the fiscal.
The central government has achieved only ₹31,000 crore of the targeted ₹65,000 crore.
This being the last full year budget before the general elections due in May 2024, it will be interesting to see how the government balances fiscal prudence and provides support for growth.
PHDCCI has suggested several tax measures such as tweaks in Section 54 of I.T. Act to boost the real estate sector.
Ahead of the Budget, experts are of the view that the exemptions and tax slabs in the personal income tax regime need a relook.
Speaking at Fortune India’s pre-budget roundtable, Congress party spokesperson Gourav Vallabh called for the introduction of wealth tax and market capitalisation based taxation.
India has moderately high debt and deficit levels, but the imperatives to push demand, correct K-shaped distortions and global experiences far outweigh the need for fiscal consolidation.
Industry expects Budget to focus on R&D, speedy orders and creation of testing facilities to support innovation and to create an ecosystem for the defence & aero industry.