Every January brings with it new aspirations and expectations, one of which is a Union Budget wishlist for businesspeople, salaried individuals, and finance specialists alike.
Typical expectations of the common person-
The baseline exemption limit has not been adjusted in nearly ten years. As a result, the government gradually increased the rebate taxpayers can claim on incomes less than Rs.5 lakh every year.
In India, capital gains tax is now quite convoluted, with different holding periods specified for different types of assets to determine if the capital gains produced are long-term or short-term.
In India, different sectors are currently taxed at varying income tax rates. Companies are pressing for the implementation of a unified corporation tax rate of 15% in order to establish India.
GST has been in effect in India for nearly five years, and every year since then, GST taxpayers have been subjected to a never-ending series of revisions to the GST law.
Given how successfully the GST and e-invoicing laws have served both businesses and the government in India, it seems unlikely that Budget 2023 would see an overhaul of the indirect tax system.