The Hon’ble Finance Minister tabled the last full Union Budget of this government for the fiscal year 2023-24 with the aim of steering the Indian economy over the next 25 years of Amrit Kaal – from India at 75 to India at 100. This is yet another year where the Government proposes to provide significant impetus to, inter-alia, infrastructure spend, digitisation and financial inclusion. The budget is in line with the vision of our Hon’ble Prime Minister to make India Atmanirbhar and a digital giant.

On the direct tax front, several amendments have been proposed including revising personal income-tax slab rates, reduction of surcharge for the super-rich, measures to reduce pendency in litigation, widening the scope of taxation of benefits and perquisites, amendments in taxation of charitable institutions, et al.

On the backdrop of highest ever GST collections, amendments have been proposed under the GST law to raise the minimum threshold of tax amount for launching prosecution and to decriminalize certain offences. Under customs law, it is proposed to reduce the number of basic customs duty rates on goods from 21 to 13 thereby simplifying the tax structure. To ease compliances, it is also proposed to set up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and IRDAI.

Here’s our publication summarising the highlights of the policy announcements and the tax proposals.

Analysis of the Union Budget 2023-24

Download Now


Dhruva Advisors - ITR - Taxsutra Webinar on the Indian Union Budget 2023-24

Event Type: Virtual | Location: Online

Date: February 01, 2023 at 5:00 PM – 6:30 PM IST


Dhruva Advisors - BCC&I - Union Budget 2023-24: An In-depth Analysis

Event Type: Physical & Virtual | Location: Kolkata & Online

Date: February 02, 2023, at 10:00 AM IST


Indian Chamber of Commerce (ICC) - Dhruva Advisors - Budget Analysis Session on the Union Budget 2023-2024

Event Type: Physical | Location: Kolkata

Date: February 02, 2023, at 5:00 PM IST


Dhruva Advisors, High Commission of India in Singapore and Federation of Indian Chambers of Commerce & Industry (FICCI)

Event Type: Physical | Location: Singapore

Date: February 21, 2023 at 9.30 AM – 11.30 AM SGT




Dinesh Kanabar
CEO, Dhruva Advisors

Mehul Bheda
Partner, Dhruva Advisors

Ajay Rotti
Partner, Dhruva Advisors

Umesh Gala
Partner, Dhruva Advisors

Umesh Gala
Partner, Dhruva Advisors

Ranjeet Mahtani
Partner, Dhruva Advisors

Ranjeet Mahtani
Partner, Dhruva Advisors

Abhishek Mundada
Partner, Dhruva Advisors

Deepesh Chheda
Partner, Dhruva Advisors

Kulraj Ashpnani
Principal, Dhruva Advisors

Dhruva Advisors - ITR - Taxsutra webinar
Partner, Dhruva Advisors

Bengal Chamber of Commerce & Industry - Dhruva Advisors
Partner, Dhruva Advisors



CNBC TV18 | Dhruva Advisors | Federation of Indian Chambers of Commerce and Industry (FICCI) are pleased to share the results of the CEO's Budget Poll 2023 conducted over this month to gauge industry perspective on the latest economic developments and their expectations from the upcoming Union Budget.


Some of the key findings of the survey are –

  • 72% of respondents believe that growth story of the Indian economy expected to remain relatively strong, better placed to face the likely global recession.
  • Over 78% respondents feel that the Union Budget should continue the focus on infrastructure development. With China plus one increasingly becoming the theme, there is call for strengthening manufacturing sector to attract global supply chains; around 84% respondents feel that this should be the major thrust of the Union Budget.
  • Global recession and high raw material cost are expected to be main obstacles to growth by more than half of the respondents. Majority of businesses expect boost in their production levels despite global recession. However, there is split verdict on the demand outlook.
  • Majority respondents also want the Government to continue the efforts to improve the ease of doing business.
  • Make in India policy and digital transformation expected to be key drivers of growth of businesses.
  • Demand for minimizing tax compliances by majority respondents.
  • Rationalization of tax slabs seen as the key ask from the Government.
  • Accountability of tax authorities and simplification of capital gain taxation too find place on the asks from the Government.



Tax uncertainty makes REIT, InvIT investors wary

Financial Express, February 10, 2023

More startups may opt for flip structure

Financial Express, 07 February 2023

ICC conducts Budget Analysis Session 2023

Biz News Desk, 02 February 2023

Budget is quite positive for the HNIs

Economic Times, 02 February 2023

Great job in boosting growth with hiked capital outlays

Financial Express, 02 February 2023

Decoding Budget 2023-24 with Udayan Mukherjee

Business Today, 01 February 2023

Concessional 22% corporate tax rate still not popular

Financial Express, 24 January 2023

Budget 2023: Wishes for the tax fairy

Economic Times - 10 January 2023