Budget 2023: Why govt should consider tax relief despite limited fiscal room
1 year, 11 months ago

Budget 2023: Why govt should consider tax relief despite limited fiscal room

India Today  

An incremental tax relief in the upcoming Union Budget 2023 could help the central government provide consumption support to the Indian economy in FY24 and shield it from the worsening financial environment in the West. Recently, global economic experts, including International Monetary Fund Deputy Managing Director Gita Gopinath, noted that an inflation-driven price shock could disrupt the lives of people in developing countries for years. Tax relief to boost consumption The middle class, comprising the largest group of taxpayers in the country, usually accounts for a bulk of total private consumption, which is a major contributor to GDP growth. However, the absence of any tax relief in the upcoming budget should not come as a shock, as the government could also choose to cut spending, which could indirectly have a cooling effect on inflation and allow households to maintain current consumption levels.

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