Indian Union Budget 2023-24

Feb 02, 2023

Start Date : Thursday, Feb 02, 2023

End Date : Thursday, Feb 02, 2023

Time (IST) : 11:00 AM - 12:00 PM

Time (UTC) : 11:30 PM - 12:30 AM

Services Offered : Professional Services,

Speaker(s) : Maulik Doshi, A.K. Viswanathan, Saket Patawari, Sanjay Chhabria, Sneha Pai

The Union Budget 2023 successfully addressed all segments of society with fiscal prudence. The Indian Finance Minister – Nirmala Sitharaman - accentuated the Government's ambitious plans to achieve a fiscal deficit of 6.4% of the GDP in the Financial Year 2023.

Moreover, the budget offered relief to individual middle-class taxpayers and simultaneously delivered a strong thrust on capital expenditure of INR 10 trillion to accelerate the country's growth gear and equip the nation with better supply chains while building long-term assets and creating an investor-friendly environment.

From a Direct Taxation Angle

  • No tax on income upto INR 7 lakhs
  • Receipt on surrender/maturity of life insurance policy with an aggregate premium above INR 5 lakhs will be taxable.
  • 15% concessional tax rate has been extended to new manufacturing Cooperative societies, subject to conditions.
  • For MSMEs/Small Businesses, the turnover presumptive taxation limit revised from INR 20 million to 30 million.
  • Extension of the Angel Tax to Non-Resident Funding.
  • Time limit to submit the Transfer Pricing report has been reduced to 10 days from 30 days.

From an Indirect Taxation Angle

  • Scope and Coverage of Online Information and Database Retrieval (OIDAR), enhanced significantly; thus, service providers.
  • supplying services electronically in the future will require GST registration and pay taxes.
  • GSTR 1, GSTR 3B, GSTR 9, and GSTR 8 cannot be filed three years after the due date.
  • Rationalization of Basic Customs Duty rates from 21 to 13 rates.
  • No way forward on the Development of Enterprise and Service Hubs (DESH) scheme and GST Tribunals.
  • Supply of Warehoused Goods before clearance for home consumption - considered as exempt supply.
  • ITC of expenditure incurred towards CSR activities disallowed

Upcoming Events

13 Apr 2023
Thursday, 08:00 AM

Past Events

15 Mar 2023
Wednesday, 09:00 AM

Services Offered : Taxation, Professional Services,

Speaker(s) : Haroon Qureshi, Pushpendra Dixit, Sanjay Chhabria

02 Feb 2023
Thursday, 11:00 AM

Services Offered : Professional Services,

Speaker(s) : Maulik Doshi, A.K. Viswanathan, Saket Patawari, Sanjay Chhabria, Sneha Pai

24 Jan 2023
Tuesday, 09:00 AM

Services Offered : Professional Services,

Speaker(s) : Neha Jain, Yogesh Gaba, Lalitendra Gulani, Jatin Arora, Saket Patawari

18 Jan 2023
Wednesday, 10:00 AM

Services Offered : Business Services,

Speaker(s) : Kartik Nagarajan, Krishnanand B.

20 Dec 2022
Tuesday, 04:30 PM

Services Offered :

Speaker(s) : KS Narayanan

Industry : Food Processing,

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