Budget is really a growth oriented one in that it has covered all sections of the people

The 2023 Union Budget presented by Finance Minister Nirmala Sitharaman has the impetus to promote domestic industry and generate jobs in large numbers, said Mandalika Srinivas, Principal Chief Commissioner, O/o The Principal Chief Commissioner of GST & Central Excise, Tamil Nadu & Puducherry. Speaking at the FICCI's Post Budget Analysis 2023 event organised by FICCI Tamil Nadu State Council along with its knowledge partner BDO here on 2^nd Feb 2023, he said that the Budget is really a growth oriented one in that it has covered all sections of the people in the country, taking care of their interests in so many ways. He noted the Budget has given scope to green projects in the form of green fuel, green farming, green mobility, green buildings and green equipment.Mandalika Srinivas also said that several amendments have been proposed in the GST Law in the Finance Bill 2023, particularly in the filing of GST returns, availing of input tax credit, GST refund, GST registration, decriminalisation of offences, compounding offences, etc.

Gautam Dayaldasani, Partner, Financial Due Diligence, Chennai BDO India, lauded FICCI's partnership with BDO, the world's largest auditing and tax advisory body for propagating the ideas on Budget and other major industrial events. 

Ms Gunjan Prabhakaran, Partner & Leader, Indirect Tax, BDO India, said the Budget can do lots of fiscal consolidation, besides stimulating long term growth and bringing in the elements of populist measures.She said the Budget has propelled the idea of increased domestic manufacturing and import of raw materials to the industry, thereby giving a level playing field on that count.

Gunjan further said there are several measures in the Budget to stimulate the growth of startups apart from tax relief to citizens under the new tax regime. She also touched upon the initiatives of the government in areas like tourism, green energy, changes in GST, etc.

Krishna Murari, Chief Commissioner of Income Tax, Tamil Nadu & Puducherry, who lauded the FICCI for organising an event of significance on the Budget, said despite the conflict in Ukraine, right measures are under way for the benefit of the people in a country like India.

C A Amrith Lal, Convenor, FICCI Tamil Nadu Finance & Taxation Panel, said budgets of any nature have the tendency to keep the auditors on the edge always and pondered over the idea of how tax laws are different from one country to another.He said the current Budget has all the policies in place in terms of helping the taxpayers and investors and in seeing India as a growing economy.He was all praise for measures to help the green farmers and more particularly for making the tribals as entrepreneurs through the creation of the Tribal Fund.

Later, P Krishnan, Partner, Tax and Regulatory Services, BDO India. moderated  a panel discussion on Implications of Budget on various sectors and heard the views of M Nandakumar, Convenor, FICCI Tamil Nadu Energy Panel, Rajaram Venkatraman, Convenor, FICCI Tamil Nadu Technology Panel, and others.