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POST BUDGET MEMORANDUM 2022-23
POST BUDGET MEMORANDUM 2022-23

March 14, 2022

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NASSCOM welcomes the growth-oriented Union Budget 2022-23 (Budget 2022) presented by the Finance Minister.

The proposals in the Budget 2022 lays a strong thrust on leveraging technology as an enabler, by announcing a range of initiatives that could make India a digital nation. We are also encouraged to see the increased focus to promote start-up eco-system in India. Specifically, NASSCOM welcomes the announcement to include Data Centers in the harmonised list of infrastructure. This announcement is in line with NASSCOM recommendations.

Over the last month, we have consulted the Industry on the proposals announced in the Budget 2022. Based on the feedback from Industry, we have submitted a detailed post budget memorandum to Ministry of Finance on March 14, 2022 highlighting our concerns and recommendations to strengthen the Budget proposals.  We have also highlighted some of our pre budget suggestions for government’s consideration. 

As part of our suggestion, we have requested the government to provide clarity with respect to the definition of virtual digital asset and clarify challenges around valuation and computation of income arising from transfer of such assets; withdraw the proposed amendment relating to application of “source of source” in case of loans or borrowings; bring parity in the tax rates on LTCG on sale of shares of unlisted companies for resident investors and non-resident investors ’amongst others

The detailed document is attached for your reference. 

In case of any feedback, please write to tejasvi@nasscom.in and jayakumar@nasscom.in


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20220311_NASSCOM_PostBudgetMemorandum_Final.pdf

Tejasvi

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