Pre-budget expectations quote by Farrokh Cooper, Chairman & Managing Director, Cooper Corporation
“The upcoming Union Budget for 2023 should emphasise steps to support industry and employment, as well as to boost consumption-led demand. The industry anticipates relief from the Union Budget in a number of sectors. I feel it is critical that the government establishes several joint committees with either Chartered Accountants or Industry groups to listen to the issues that industry faces when interacting with various government departments, including the State Electricity Board. Also, to stimulate investment in the financial markets, dividend taxes should be eliminated because they are already double taxed. Business communities should be encouraged to invest more in industry and businesses in order to achieve long-term success. Furthermore, the 0.10% tax deduction at source on purchases of goods should be eliminated because the government already possesses a data base of such transactions through the GST process. This would simplify the compliance process. Exporters should be granted some type of relief by way of a tax exemption on their earnings since they have been dealing with a lot of inflationary trends in raw material prices, freight costs, and changes in demand that have negatively impacted their business. Lastly, to provide assistance to the middle class, the limit of Rs.1.5 lakhs for deduction under section 80C has not been enhanced in the last five years. Given the current inflationary environment, the middle class should get the benefit of deduction up to Rs.3.5 lakhs. Given the current market conditions, we anticipate considerable steps to revive growth and boost investor confidence in the forthcoming Union Budget".
Farrokh Cooper, Chairman & Managing Director, Cooper Corporation