Simplified Laws Guide to Taxation and Legal Concern FM read out the speech from a digital tab and most of the contents of the speech referred to digitization. It is indeed a digital budget both in words and spirit.
Amrit Kaal from India @ 75 to India @ 100 is the vision statement of this budget. The budget is for one year, FY 2022-23, but the vision is for 25 years.
A visible change is focusing on managing the expenditure. All these years, the focus was on the collection of taxes. Now Schemes like Gati Shakti National Maser Plan, a digital platform, not only ensure speed and transparency but also the efficiency of government spending. A large sum of money will be spent with very little chance of seepage and leakages! A big thumbs up to the Government for this initiative.
Linking business continues. Initially, linking PAN to bank accounts, then Aadhar to PAN, PF account, Udyam account, etc. Now, linking goes to the next level – linking rivers and linking different portals (like Udyam, e-Shram, NCS, ASEEM, etc.) Finally, with one ID like PAN or Aadhar entire digital skeleton of each citizen can be viewed by the authorities. Again, a good move to augment more revenue for the government.
Total expenditure of the government for FY23 is pegged at Rs.39 Lakh Crores of which 8% goes to various subsidies. That’s fine, not a big %, considering that 90% of Indians are poor. Taxpayers shouldn’t worry too much about subsidies.
Going by past track record, wherever human interface was there with the public and officials were vested with discretionary powers, the implementation of policies took a backseat. Thanks to rampant corruption, most of the schemes failed. So, the only solution for this is digitization. Another big thumbs up for this budget for its digital push. If I count, digital is the most frequently used word in the entire budget documents.
Secondly, the budget is focused on implementation through various programs. This is more important than announcing any new schemes. This way, we can see the improvements at ground zero. I am happy about this approach of the government.
No increase in tax slabs? Come on taxpayers, grow up, don’t ask for simple things. Even if they had increased the standard deduction or slabs, how much would you have saved? Instead, if the money is well spent on infrastructure development, your investments will grow quickly. Look at things from a broader perspective than asking for immediate gratification. Look at it this way too, Thank God, the tax outgo has not increased!!!
I don’t want to mix the number crunching with this article. Will pick up that topic in the next document.
