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Pre-Budget 2023 Live Updates: Budget session starts January 31st

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With a shift to anonymous assessments over the past two or more years, taxpayers have faced practical difficulties in obtaining the orders giving effect to appeals orders, which in turn affects their receipt of any refunds . (representative image via Unsplash)

The Ministry of Finance has indicated that India is on track to meet its budget deficit target of 6.4% of GDP for fiscal year 2022-2023, given higher tax revenues.

While this is good news, much remains to be done to strengthen tax revenues. India’s tax ratio stands at 10-11% which is significantly lower than the average of other emerging economies where it stands at 21% of GDP while the corresponding ratio for OECD countries is 33%.

Against this background, one can expect that the forthcoming budget will continue to focus on fiscal consolidation through higher tax revenues. Fiscal consolidation, in combination with simplification and rationalization, may be the overarching themes of this budget.

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Union Finance Minister Nirmala Sitharaman before the Union budget presentation in New Delhi last year. (Express photo by Tashi Tobgyal)

On February 1, Finance Minister Nirmala Sitharaman will present the Union’s budget for the next financial year (2023-24). As the next general election will be in early 2024, this budget is likely to be the last full-fledged budget for the current government. As such, the economics of budget-making may also need to be reconciled with the politics surrounding it.

Be that as it may, here are some basics of budget making that one should know before presenting the Union budget. Familiarity with the nuts and bolts of how a budget is prepared will help readers put the Union budget in perspective.

The upcoming Union budget before the 2024 general election will be important. So is the attitude of the Central Bank, as inflation remains a concern. (Express Photo via Praveen Verma, left, Reuters photo, right)

The 4 things you can expect economically in 2023

In many ways, 2022 has been a tumultuous year. Starting with the Russian invasion of Ukraine, to the aggressive rate hikes by central banks to address inflation, to the horrific wave of the pandemic now unfolding in China, the economic fallout from these events has been severe.

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Global growth prospects have been revised steadily downwards over the course of the year. So, what are the four things to look forward to next year? What will be the trajectory of interest rates, both globally and domestically? What is the outlook for the Indian and world economy? We explain

A slower growth rate carries several associated risks. First, it will exacerbate the country’s already uncomfortable levels of unemployment. (Reuters, file)

Inflation is moderating, but the main concern this year is growth: here’s why

Official data shows that retail inflation rose 5.7% in December – the fourth straight month in which retail inflation has declined. This was seen as a relief as inflation was the biggest economic story of calendar year 2022. The high inflation robbed people of their purchasing power and worsened India’s trade deficit, resulting in the Indian currency weakening and the RBI losing significant currency reserves. as it attempted to stop the rupee’s slide.

But does that mean inflation has now been tamed? Why is economic growth a bigger concern this year? We answer your questions about inflation and growth

According to PTI news agency, the government is unlikely to announce a capital injection for public sector banks (PSBs) in the upcoming budget as their financial health has improved significantly and they are on track to post a combined profit of Rs 1 lakh crore to obtain. Their solvency ratio is well above the legal requirement and varies between 14 and 20 percent.

Meanwhile, Ernst & Young (EY) said on Sunday that the government is expected to provide a more rationalized TDS framework to reduce the compliance burden on taxpayers, alongside a revamped new favorable tax regime by providing additional benefits such as the standard deduction. EY’s Budget Wish List also highlights that the government should provide some respite for low and middle income taxpayers with annual incomes up to Rs 20 lakh on the income tax side.

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