Select Page

Budget 2021 Has Both Advantages And Disadvantages

Budget 2021 Has Both Advantages And Disadvantages

The Financial Statements Analysis is another name for the Union Budget. According to Article 112 including its Constitutional Provisions, accounting is a method of the government’s projected expenditures and receipts for a given year.

The Honorable Minister of Finance of India, Nirmala Sitharaman, delivered the first-ever interactive Union Budget 2021 on February 1, 2021, with the theme “Atmanirbhar Bharat.” The Finance Minister unveiled a proposal worth INR 30 lakh crore that spans the budget’s six pillars. Let’s have look at the pros and cons of budget 2021.

Per year’s budget has some successes and some failures. It varies depending on the viewpoint of the person. When it comes to the middle class, they have expressed disappointment that the budget does not meet their aspirations and they have received no tax relief. Furthermore, while corporates claimed that the budget would not have much in the way of benefits, small businessmen claimed that the budget was just what they expected and that they would do great things in the coming year. It’s obvious that we won’t be able to please everybody. Let’s hope the budget for 2021 has some positive elements.

Per year’s budget has some successes and some failures. It varies depending on the viewpoint of the person. When it comes to the middle class, they have expressed disappointment that the budget does not meet their aspirations and they have received no tax relief. Furthermore, while corporates claimed that the budget would not have much in the way of benefits, small businessmen claimed that the budget was just what they expected and that they would do great things in the coming year. It’s obvious that we won’t be able to please everybody. Let’s hope the budget for 2021 has some positive elements.

In The Month of January And February

According to Bhatia, one of the most notable initiatives taken by the government in the semi-direct tax league was the intentional disregard of employers’ late deposits of workers’ contributions to labor funds. Karan Sahni, a chartered accountant, took on the reforms in the indirect tax policies, with a focus on the Goods and Service Tax.

For the most part, the budget fails to address the country’s, and indeed the world’s, unique conditions in relation to COVID-19. Instead, it seems to be abiding by the International Financial Institutions (IMF) program’s specifications at a time when changes to these guidelines may have been agreed upon.

The most glaring difference is in the tax collection forecasts. Despite the fact that perhaps the Federal Board of Revenue (FBR) only managed to recover Rs3,908 billion in taxes last fiscal year, compared to a (highly unrealistic, even without COVID-19) estimate of Rs5,555 billion, the target for such 2017 financial year should be placed at Rs4,963 billion.

The budget reveals the government’s obvious belief that the COVID-19 pandemic is just a blip on the radar, one that would have some detrimental economic consequences and necessitate some short-term health spending but not anymore.

In the middle of one of Pakistan’s most serious crises, it’s essentially a brokerage budget.

About The Author

Leave a reply

Your email address will not be published. Required fields are marked *