Lower income tax..!? Request to Nirmala Sitharaman..!?
Union Finance minister nirmala sitharaman will hold consultations on infrastructure and climate change with industry leaders and experts ahead of the budget from Monday, with India's industry body CII demanding that the income tax be cut first as the Union Finance minister is to hold a consultation meeting on Union Budget 2023 from today. Through this meeting, nirmala sitharaman will receive recommendations for the preparation of the 2023-24 budget for economic and trade development. Union Finance minister nirmala sitharaman started the pre-Budget consultation meeting on Monday, with industry body CII making an important demand. This budget statement for the financial year 2023-24 has made important demands for the reduction of personal income tax, decriminalization of GST, and revision of the capital gains tax rate.
The last full budget statement of the current Modi government will be presented on february 1, 2023, with the 2024 general elections taking place. Hence, this budget statement is very important for the Modi government. The government should consider reducing personal income tax rates, which will be the next driving force for reforms in India. CII Chairman sanjeev Bajaj said in the note that reducing income tax would increase disposable income and bring about a new shift in demand. A reduction in tax on imported consumer goods in the 28 percent GST tax bracket could also boost the country's consumption profile to a large extent. Also expediting rural infrastructure projects is very important, said sanjeev Bajaj. CII Chairman sanjeev Bajaj said in this statement that a person should not be arrested or detained in civil cases unless it is proved beyond reasonable doubt that he has committed criminal acts in his trade.Union Finance minister nirmala sitharaman is scheduled to discuss infrastructure and climate change on the first day of the budget consultation, which will begin on Monday, november 21, and seeking recommendations for the development of the sector. On november 24, he is scheduled to meet experts from the sectors of health, education, water, and sanitation. He is scheduled to meet business leaders and economists on november 28.Union Finance minister nirmala sitharaman is scheduled to present the budget statement for the financial year 2023-24 in parliament on 1 february 2023. This budget is very important and there is a lot of expectation on how this budget is going to be when the world economy is predicted to data-face a bad state due to recession.