Budget Reaction: Logistics Sector

3 Feb 2022 , 11:42 AM

Budget 2022 is a progressive budget and will benefit everyone. The Budget aims to boost growth amid continued disruption from Covid-19 and rising inflation. It will especially empower the poor and those from backward sections of the society. This budget addresses the immediate need of more investment, more infrastructures and more growth. 

The gross GST collections for the month of January 2022 are Rs 1,40,986 crore, considered  the highest since the inception of the Goods and Services Tax  in July 2017. This indicates good progressive growth. India Inc is expected to grow at 9.27 per cent in the coming year. Biggest focus of the Budget was on infrastructure spending. India will also bring out battery swapping policy and the Private sector will be encouraged to create sustainable and innovative business models for battery and energy as a service, improving the efficiency in the EV ecosystem. The Budget has also incorporated a new provision to allow taxpayers to file an updated return.

This Updated return can be filed within 2 years from the end of the relevant assessment year to correct any mistakes or errors. This is a major step towards voluntary compliance. This new provision will ensure voluntary tax filing and reduce litigation. The Budget has not increased tax rates. The Budget also sees the debut of India’s Digital currency. Overall this Budget is in line with the government’s policy of social justice and equality.

The author of this article is Mr. Cyrus Katgara, Managing Partner, Jeena & Co

The views and opinions expressed are not of IIFL Capital Services, indiainfoline.com