The Union Budget 2023 is likely to propose laying a record 1 lakh km of new train tracks over the next 25 years in order to modernise the network and boost train speeds, according to a livemint report quoting two people aware of the discussions. It added that the Budget may earmark about Rs 10,000 crore to electrify 7,000 km of broad gauge line in FY24.
Laying the new tracks will be part of a new vision document for the national transporter and will be done in phases over 25 years with a new track construction target of around 4,000 km in FY24 itself.
The report added that the budget for new tracks may also be doubled to over Rs 50,000 crore. Laying a 1-lakh-km track now costs Rs 15-20 lakh crore and this could vary depending on the movement of prices of basic inputs such as steel.
The Union Budget 2023-24 would be presented in Parliament on February 1, 2023. Among various things, the government is planning to change its capital gains tax structure in the Budget 2023-24 to bring parity in various asset classes, like equity, debt and immovable property, to tax them uniformly. Asset classes currently are not taxed uniformly and have different holding periods for levying capital gains tax, which needs to be aligned.
Recently, stock brokers’ body Association of National Exchanges Members of India (ANMI) urged the government to re-introduce in the Budget 2023 the rebate in securities transaction tax (STT) and commodities transaction tax (CTT) to increase volume and participation in the market. It said India is the only country levying STT and CTT charges in the derivatives and commodities segments.
In a proposal submitted to CBDT Chairman Nitin Gupta, ANMI has also sought a tax exemption of up to Rs 1 lakh in short-term capital gains (STCG). “Since this STCG has also arisen after paying STT, it is desirable that STCG be also allowed a tax exemption up to Rs 1 lakh. That will accelerate participation in the market and encourage investment,” said ANMI.
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