The 2022 budget is only a fortnight away. Union Finance Minister Nirmala Sitharaman will present the budget on February 1, 2022. As the budget nears, industry bodies have made their demands.
La rue is of the opinion that certain taxes like the STT (Securities Transaction Tax) and the taxation of dividends require immediate attention from the government. Securities transaction tax is a direct tax levied on the purchase and sale of securities listed on recognized stock exchanges in India. The STT is always calculated on the Average Price.
She also expects the government to rationalize long-term capital gains in light of the Covid 19 pandemic, which has affected almost all sectors. In accordance with income tax, profits or gains resulting from the transfer of a fixed asset are called “capital gains” and are taxed under the heading “capital gains”.
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Speaking on the street’s expectations of the Union budget, Ravi Singh, VP and Head of Research-Share India, said some fiscal issues need immediate resolution like STT and l taxation of dividends.
“The Indian economy appears to be showing signs of recovery, well celebrated by the capital market which has delivered massive returns to investors in 2021. However, with revenues severely hit in 2020 due to the Covid19 pandemic, there is an urgent to stimulate spending and consumption. The rationalization of long-term capital gains on equity is also long overdue,” he said.
Share India Head of Research made the case for inducing certain sectors to grow the economy. “Increased capital in the infrastructure, banking, sugar and fertilizer sectors can help keep the economy going,” he said.
The expert was also of the view that the Union budget will see the government working around themes to revive the economy. “Many government themes will revolve around measures to revive the economy by providing productive spending and subsidies. Therefore, we expect the banking, automotive, infra, fertilizer and sugar sectors to be more targeted. in the EU budget”, he added.
The budget, also called finance bill, is presented each year by the Minister of Finance. During Congressional rule, a railway budget was tabled separately in Parliament with the general budget. In addition, the budget was previously presented on the last working day of February, but has been modified for the first day of February. The standard was amended by then Finance Minister Arun Jaitley.
The budget speech, which was presented at 5.00pm according to UK time, now starts around 11.00am. In Budget 2021, the Minister of Finance addressed the House through her Budget Speech for 141 minutes.