Budget 2022:23: Here Are Some Of The Steps Taken On The Digital Side

The Budget for 2022-23 laid a great emphasis on the digital bit. Says Chandan Garg, Chairman & MD, Innovana thinklabs, in this budget a lot of emphasis is on creating a digital India as every project announced is all about making use of technology.

"From e-passports to digital currency, India is well on its way to become a nation driven by the most advanced technologies. With the provision for blockchain technologies, we can witness many new sectors coming up and start-ups getting a new direction. The focus on domestic manufacturing will also have a direct impact on the tech industry reducing costs and facilitating smooth running of business. As IT industry will be a major game changer in this financial year, we were expecting direct relaxation on the import duty of technology from this budget," he stated.

According to CA Amit Gupta, MD, SAG Infotech, first of all, we must take into consideration cryptocurrencies being added by the government into taxable assets which indirectly gives crypto a legible stand in the market.

"The introduction of a digital rupee with the blockchain is an excellent move also. The 30% tax on digital asset transfer is a bargain however no deduction is projected on the computing while loss cannot be set off on other income. Also, the TDS introduction of 1 per cent is to be seen on transfers. All in all, a great step to make digital currency a well-established form of payment and to strengthen the technology based on it," he stated.

According to Harsh Verma - CEO - Tourventory Innovation Travel Pvt Ltd, with the expansion and the extension of ECLGS, it will definitely empower our hospitality sector especially in overcoming "easily-convertible-to-cash assets".

"Cash-inflow was extremely choked to death with no travel at all forcing small Travel Agents and Tour Operators to eventually shut down. Thank you to our FM for being a rescuer by announcing this monetary extension support," he stated.