Summaries Personal Finance and Wealth Building Insights on Budget 2023: Tax Rationalization, Capital Formation, and Subsidy Rationalization

This is a summary of a YouTube video "Budget 2023: Honest discussion with Wife! @AyushiChand" by Akshat Shrivastava!

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Budget 2023 focuses on tax rationalization, capital formation, and subsidy rationalization to widen the tax net and promote long-term growth.

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  00:00

  Budget is a roadmap for any country that shows income sources and how money is to be spent.
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  05:18

  Deficits can be beneficial if used to create productive capital, but detrimental if used for unproductive purposes.
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  07:39

  Invest in All Weather Investing small case to hedge your risk and improve the mix of tax and non-tax revenues for long-term growth of the country.
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  11:00

  The budget should focus on tax rationalization to create higher-paying jobs and fund welfare in India.
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  13:24

  Introducing tax incentives and rationalization can help create an equitable tax structure and improve the welfare of all citizens.
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  17:51

  Creating an automated system to save time for filing taxes is challenging due to the diverse sources of income of a large populace.
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  21:10

  Fiscal prudence and productive capital spending should be prioritized in the budget to ensure long-term growth and reduce dependence on external markets.
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  26:07

  Budget 2023 focuses on tax rationalization, capital formation, and subsidy rationalization to widen the tax net.

Detailed summary

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  00:00

  Budget is a roadmap for any country that shows income sources and how money is to be spent.

  • We will discuss the basics of budget, 2020 budget expectations, and the impact of budget on stock markets.
  • Ayushi, an Indian Economic Service Officer with 7 years of experience in the Ministry of Finance, will discuss Budget 2023 and what to expect from it.
  • My favorite YouTuber starts with A and ends with T.
  • Budget is a roadmap for any country that shows income sources and how money is to be spent on schemes, welfare, defense, health, and education.
  • Budget is a vision document that provides a roadmap for the country to utilize money and make decisions throughout the year.
  • Budgets are prepared by the government in power and the Economic Survey will give an overall picture of how much of the budget was met, with no punishments associated.
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  05:18

  Deficits can be beneficial if used to create productive capital, but detrimental if used for unproductive purposes.

  • Budget is a roadmap for the next year and Economic Survey is a report card of the current year.
  • Deficits may not always be bad if the money is spent on productive uses, such as construction, which can increase the overall well-being of the nation.
  • Deficit can be good if it is used to create productive capital, but bad if used for unproductive purposes.
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  07:39

  Invest in All Weather Investing small case to hedge your risk and improve the mix of tax and non-tax revenues for long-term growth of the country.

  • Invest in the All Weather Investing small case to hedge your risk by investing across equities, bonds, debt and gold.
  • A good budget should promote long-term growth of the country, while a bad budget does not.
  • Zero taxation is theoretically possible in some countries, but in India, tax revenues make up 90-95% of government income, so improving the mix of tax and non-tax revenues may be a better option.
  • 60% of money spent comes from tax revenues, 35% from borrowings, and 5% from non-tax revenues.
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  11:00

  The budget should focus on tax rationalization to create higher-paying jobs and fund welfare in India.

  • UAE is resource-rich and can generate revenue from exports to fund welfare, unlike India which has a large population.
  • Investing in the skills and education of our population to create a long term growth trajectory for the country is productive capital formation.
  • The budget should focus on tax rationalization to counter the problem of high taxation and low-paying jobs in India.
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  13:24

  Introducing tax incentives and rationalization can help create an equitable tax structure and improve the welfare of all citizens.

  • Lower tax rates can increase tax revenues and create an equitable tax structure.
  • In India, 94% of wealth is owned by the top 11%, while the bottom 50% own only 6.12%.
  • Tax rationalization is needed to widen the tax base and simplify the tax structure.
  • Introducing more tax collabs and tax incentives for smaller businesses can improve the welfare of all citizens.
  • Understand the statements and continue reading for a thought exercise.
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  17:51

  Creating an automated system to save time for filing taxes is challenging due to the diverse sources of income of a large populace.

  • Businesses must track and file GST and income tax, as the government does not take money from accounts due to the cyclical nature of income.
  • Salaried people must file income tax at the end of the year, taking into account any investments, assets, and deductions.
  • Creating an automated system to help people with fixed incomes of 10 lakhs is difficult due to difficulty in identifying income sources and lack of bank accounts.
  • Creating an automated system to save time is challenging due to the diverse sources of income of a large populace.
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  21:10

  Fiscal prudence and productive capital spending should be prioritized in the budget to ensure long-term growth and reduce dependence on external markets.

  • Fiscal prudence means spending income wisely to promote long-term growth and ensure capital expenditure is used in the right places.
  • The stock market has been volatile and has not given much returns in the last 1.5 years, so what is your personal viewpoint on short and long term capital gain stocks?
  • Inflation has gone up significantly in the last 10 years, so should the exemption limits for claiming deductions be increased to help the middle class?
  • The PLI scheme has proven to be effective in boosting domestic manufacturing, and should be further bolstered to make India less dependent on external markets.
  • The government has been working on disinvestment targets for the last few years to save taxpayers' money and this will continue in the coming years.
  • The budget is important and should focus on productive capital spending to benefit the economy.
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  26:07

  Tax rationalization, capital formation, and rationalization of subsidies are key points for budget 2023 to ensure wider net of populations paying taxes.