Union Budget 2023-2024 Reaction: Mr. Mahesh Shukla, CEO & Founder, PayMe

2 Feb 2023 , 09:38 AM

The Finance Minister has brought in several changes in the tax regime, which can be seen as a welcome move for the common people. The government has announced big incentives under the new tax regime and given a big push on the capex. The finance ministry has also brought revisions to the tax structure by reducing the number of tax slabs to 5 and increasing the tax exemption limit to Rs 3 lakh. A low tax regime is always beneficial for the taxpayers since introducing tax cuts and giving more money in the hands of people will eventually boost the country’s economy. 

Another positive move by the government was increasing the capital investment outlay by 33%  to Rs 10 lakh crore, which will account for 3.3% of the GDP. Also, the new KYC PAN norms declared by the Finance Minister will be a win-win situation for both the government and the customers, since customers are linked to a single-digit number, which is the PAN – making banking easier.