Delhi Budget 2023-24: Know The Key Highlights

Kailash Gahlot, the finance minister for Delhi, unveiled the Rs, 78,800 crore budget for the coming financial year 2023–2024. Big announcements were made in the budget in the area of taxation.Establishment of a Tax Policy and Revenue Augmentation UnitThe government has intended to initiate the operationalization of a dedicated Tax Policy and Revenue Augmentation Unit (TPRAU) in the next financial year 2023–24. The primary goals of this Unit are to increase revenue by identifying opportunities, detecting revenue leakages, and assisting the Department in policy formulation.Government to restore Excise duty-based regime w.e.f. September 2022With effect from September 20, 2022, the government has reinstated an excise duty-based regime. The hospitality industry, i.e., hotels, clubs, and restaurants, is a significant contributor to the improvement of the state's overall economy by providing employment, generating tax revenue, and promoting tourism. The government is working on developing new technology to enhance and upgrade the existing technology of the liquor supply management system.Enforcement TeamsThe government has taken numerous steps to assist taxpayers and increase revenue. In each tax ward, the government initiated monthly performance monitoring with 18 key performance indicators (KPIs). The Department of Trade and Taxes is using the GST Analytics and Intelligence Network (GAIN)/Business Intelligence and Fraud Analytics (BIFA) and the GST Portal extensively to effectively analyze and check anti-evasion activities through surveys, inspections, searches, and seizures. Similarly, teams have also been activated on the Delhi Borders to check unauthorized entry of vehicles and to impound them if found violating GST Provisions.Mandatory E-InvoicingThe Department of Trade and Taxes has made e-invoicing mandatory for those taxpayers whose aggregate turnover exceeds Rs. 10 crores. In addition, the top 200 taxpayers in each ward of Trade & Taxes are regularly analyzed and followed up on.Constitution Of Fake Firm CellFake Firm Cell has been constituted as a new Ward 210 for curbing and monitoring tax evasion by bogus or non-existent firms. It acts on the information or inputs on high mismatches, other state references, physical verification reports, etc.Click Here To Read The Budget Speech

Delhi Budget 2023-24: Know The Key Highlights

Mariya Paliwala

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