Dear FM, Please Hike Deduction Limits
T. A. KRISHNAN calls for Fuel and CNG subsidy to boost consumerism
The logistics industry is one of the foundations of the Indian economy which has experienced immense growth over the past couple of years.
With the improvement of logistics infrastructure and post GST regime, there is a significant growth potential in demand generation and job creation from the industry at a steady pace.
The expectations from the budget for the financial year 2023-24 would be to create skilled workforce and related platforms for the logistics and transportation segments.
We can expect Budget 2023-24 to be taxpayer payer friendly focusing on maximum disposable benefits.
There is a dire need to enhance deduction limit to help lower income group salaried individuals such as gig workers to come out of tax net.
The gig workers can also expect the announcement on implementation of social security cover. Keeping this workforce away from taxation ambit will help build higher disposable income in the hands of a fairly large alternate employment pool in the country.
(For the uninitiated, gig workers are the temorary or contract workers who are employed as when the need arises)
Another much awaited ask from the government, given the global slowdown trends, is to consider Fuel and CNG subsidy or further tax reduction for 2023-24 to provide a trickle-down effect to the consumerism in the country. (The author is CEO and Co-founder, Ecom Express Limited)