The anticipation for this year’s Union Budget is high given that it is expected to lay down the roadmap to revive the Indian economy following the devastating pandemic and its severe repercussions
Union Budget 2022-23: Finance Minister Nirmala Sitharaman will present the Union Budget 2022-23 on 1 February at 11 am. News18
With the Finance Minister Nirmala Sitharaman set to present the Union Budget on 1 February, most sectors are waiting for it with bated breath, hoping for any incentives or benefits.
The anticipation for this year’s Union Budget is high given that it is expected to lay down the roadmap to revive the Indian economy following the devastating pandemic and its severe repercussions.
Amid the increasing speculation about what benefits the finance minister might dole out this fiscal, here is a look at the key expectations of some of the sectors from the upcoming Budget:
The retail and e-commerce sector:
The industry is especially keen on the implementation of the National Retail Trade Policy, which would lead to a lot of benefits for the sector. The retail sector is also hoping that the government could reduce the number of compliance requirements, including those related to Transfer Pricing (TP), according to CNBC.
The retail sector is also hoping for the government to take a more proactive approach towards start-ups and provide further tax breaks and streamlining of funds.
Salaried taxpayers:
Salaried taxpayers are looking for revised tax slabs and lower income tax rates. According to an Economic Times report, individuals also expect this year’s budget to provide a hike in aspects such as housing loan repayment exemption, deduction available under section 80C and tax exemption limit for health insurance under Section 80D.
Furthermore, people are also hoping for a hike in standard deduction as well as tax exemption for allowances and perquisites related to Work from Home. Many individuals also hope that indirect taxes on fuel would be reduced this fiscal as well.
Real estate:
The real-estate sector is hoping for an increase in home loan deduction limit from the existing cap of Rs 2 lakh. The sector is also hoping that the government would redefine the criterion of affordable housing limits and extend additional deductions to more buyers, as per reports.
Apart from that, the real estate sector wants the government to provide additional exemptions and benefits to property buyers.
Railways:
According to a Zee News report, the government may increase the outlay for the sector by 15-20 per cent this year. While the Indian Railways has suffered a loss of Rs 26,338 crore in the last year due to the coronavirus pandemic, consumers are wary of any hike in fares.
This means that the government is expected to come out with ways to reduce loss of revenue for the Railways, while keeping the general public happy about train fares.
Many are also hoping that the government may announce some trains or projects that could lead to better connectivity between regions.
Fintech:
The non-banking financial companies (NBFC) and fintech sector is hoping for the Budget to focus on creating a sustainable ecosystem for the industry to thrive. This includes relaxations in tax norms, a compliance framework that is more favourable to businesses and ease of liquidity flow to companies.
According to a Live Mint report, many in the industry also hope that the Budget will provide measures to boost rural development and lending for Micro, Small and Medium Enterprises (MSMEs).
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