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Budget 2023-24: The process of consultation regarding the general budget for the financial year 2023-24 is going on in the Ministry of Finance, meanwhile, the new Revenue Secretary Sanjay Malhotra, who played a big role in making the budget, has taken charge. Sanjay Malhotra has become the Revenue Secretary in place of Tarun Bajaj, who retires on November 30, 2022.
Sanjay Malhotra was till now posted as Officer on Special Duty in the Revenue Department of the Ministry of Finance. Prior to this, he was the Secretary of Financial Services in the Ministry of Finance. Sanjay Malhotra is a 1990 batch IAS officer of Rajasthan cadre and he has studied from IIT Kanpur. Apart from this, he has obtained a Masters degree in Public Policy from Princeton University.
Shri Sanjay Malhotra takes charge as Secretary, Department of Revenue @FinMinIndia, in North Block, New Delhi, today. Prior to his joining as Secretary, Department of Revenue, @FinMinIndiahe was Secretary, Department of Financial Services @FinMinIndia, (1/2) pic.twitter.com/2uBNHQuspL
— Ministry of Finance (@FinMinIndia) December 1, 2022
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After the appointment of the post of Revenue Secretary, Sanjay Malhotra will be responsible for simplification of tax law along with increasing the collection of direct and indirect tax. Anyway, in the pre-budget meeting, Finance Minister Nirmala Sitharaman has been demanded to rationalize income tax on behalf of the stakeholders. It is believed that in the coming budget, the government can make major changes in direct tax to popularize the new income tax regime. Changes are also possible in long term capital gains tax. Apart from this, along with increasing the tax base, efforts will be made to provide relief from inflation through indirect tax policy.
On February 1, 2023, the Modi government is going to present the last full budget of its second term. The Finance Minister has said in the past that the general budget to be presented in the year 2023 will be prepared in such a way that the pace of economic development of the country is maintained. Along with this, the Finance Minister said that efforts will also be made to curb inflation through the budget.
In place of Sanjay Malhotra, Vivek Joshi has been made Secretary of Financial Services in the Ministry of Finance. And both of them will have the responsibility of preparing the budget for 2023-24.
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