Budget 2021: Growth-oriented & balanced approach

Indian Union Budget 2021-22: Being a technology company that promotes digitisation, we are excited to see the first-ever digital Budget in the history of India. The government is leading by example the way it is adopting digital transformation, be it faceless tax assessments or going all the way to make budget process entirely digital.

Keeping in view the fact that world is fighting the battle with first-ever pandemic in the past 50 years, this budget is a very balanced and growth-oriented budget. This should help bring the economy back on the right track with maintaining its continuous focus on “Aatmanirbhar Bharat”.

The government has earmarked large pool of funds for vaccines with a clear commitment to providing health care support to citizens of India. Incentivisation scheme declared in this Budget for digital transactions is a very welcome step and will further fuel the digital payments landscape in the country.

Incremental investments in the insurance and infrastructure sectors will definitely give a boost to the economy and will ensure financial inclusion of the masses. The Union Budget clearly shows the government’s willingness to shift towards a better tax framework by taking the faceless schemes to the ITAT level after the introduction of faceless assessment and appeals last year. Further, concentrated efforts to ensure proper GST compliance by using technological tools have yielded good results to increase GST collections.

Further relaxation in compliances under corporate laws for small companies and proposal of consolidating the provisions of SEBI Act, Depositories Act, Securities Contracts Regulation Act, Government Securities Act is long-awaited steps for simplifications of laws and compliance. Overall this is a very balanced budget that will fuel growth keeping in view that the challenge from pandemic is not yet fully over.