Budget 2023 tax exemption limit on home purchase should be 5 lakhs Board of Industries suggestion

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Industry body PHD Chamber of Commerce and Industry (PHDCCI) has suggested measures to increase the benefits of consumer tax deductions, reduce the cost of doing business and provide easy loans to businesses at affordable rates in the next budget. The PHDCCI said in a statement that special emphasis should be placed on increasing consumption in the 2023-24 budget to be presented on February 1.

To increase consumption it is necessary that the benefits of tax exemption increase

The industry body said, at this time, to increase consumption in the economy, it is necessary to increase tax exemption benefits. To increase the disposable income of the people, the industry body has suggested raising the tax exemption limit on house purchase from Rs 2 lakh to Rs 5 lakh. It has also sought to bring under its purview the purchase of more than one house and the purchase of durable goods such as automobiles.

The grant should be increased to five lakh rupees

PHD Chamber said, the concession given on consumer spending should be increased to Rs five lakhs. This will not only increase aggregate demand in the economy, but will also encourage private investment. With this, companies will try to increase their capacity, which will also create ample employment opportunities.

The industry body also asked the government in its pre-budget proposals to reduce the cost of doing business. It also includes steps to reduce the cost of capital, energy, logistics, land, and labor. Emphasizing easy access to finance for micro, small and medium scale units to make them competitive and growth oriented, PHD Chamber said the government should focus on smooth credit disbursement at affordable rates.

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