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Budget 2023: This year’s general budget is going to come soon among all of us, while all the sectors have different expectations from the government for their own purposes. Let us tell you that on February 1, 2023, the budget-2023 is to be presented in the Parliament by Finance Minister Nirmala Sitharaman, whose preparations are in the final stages. At the same time, the lifestyle and wellness industries are expected to get support from the government, as the government is working to encourage new businesses. On the other hand, it is expected that D2C brands can get government support in this type of startup sector, today we are going to give you detailed information about this.
expectation of higher expenditure on employment
Let us tell you that startups have grown rapidly in India, which has given a boost to better economy and small businesses. On the other hand, in Budget-2023, the government can spend more to advance the lifestyle and wellness industries and to provide new jobs at all its levels. Due to which the lifestyle and wellness sector has a lot of expectations from the budget-2023.
Expected change in tax slab
The lifestyle and wellness industries are expecting changes in tax slabs this year, which may be completed by the government in Budget- 2023. Let us tell you that the lifestyle and wellness industry is hoping that small and medium industries will be supported by the government by reducing GST and reducing the tax imposed on startups. What the lifestyle and wellness industries are expecting from the government.
Emergency credit line guarantee service expected to expand
Explain that in Budget-2023, the government may expand the Emergency Credit Line Guarantee Service for easy access to finance for the lifestyle and wellness industries, thereby promoting the development of the MSME sector. At the same time, there are 63 million MSMEs in India, which contribute more than 30% to the country’s GDP.
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