View: Seek to rationalise GST on healthcare supplements from 18% to 5% in budget 2022

From the consumer perspective, we also expect an increase in the income tax limit to enhance savings and people's spending capacity, which is critical for improving consumer sentiment. Hence, we believe the government should boost the direct disposable income to boost consumption. The upcoming budget should also focus more on bringing in relief for SMEs, MSMEs, and entrepreneurial business models.

Budgetary provisions, better regulations, and policy decisions can go a long way for businesses of all shapes and sizes. As an entrepreneur, the most important area would be the overall ease of doing business, including setup and commencement of business and, most importantly, the entire tax structure and rules related to GST, income tax, etc. Startup-friendly policies should be made to easily register a business and provide relaxation in taxes till it reaches a minimum revenue and allows easy access to working capital.

Overall, we are optimistic the government will take proactive steps in the budget to help businesses affected by the pandemic and make important announcements to accelerate economic reforms, promote entrepreneurship, and provide relief to taxpayers.