After unleashing a set of reforms last year, this year's budget laid emphasis on growth, went a step ahead to increase allocation of capex and also allocate spending to states. The fiscal deficit for Financial Year 2022-23 is budgeted around 6.4%, which would have been down to 6% if the allocation of Rs 1 lakh crore was not made to the states, said Mr Tarun Bajaj, Revenue Secretary, Ministry of Finance, Government of India. Mr Bajaj was addressing the industry at the Union Budget 2022-23: Interactive Session with Ministry of Finance, organized by Confederation of Indian Industry (CII).
Mr Tarun Bajaj elaborated that while the Government has brought pathbreaking tax reforms in recent years, areas like GST and personal income tax are still work in progress and would require more attention in the months to come.
He further mentioned that the capital gains tax structure requires rework with respect to its rates and holding period. He clarified that the Government has avoided annexures to Part A of the Budget this time, and the details have instead been included in the Memorandum explaining the provisions of the Finance Bill, for the sake of clarity and simplicity. He also highlighted that the proposal for criminal liability on publishing customs data is aimed at hackers and criminals, and not towards legally published information.
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