Union Budget 2023 HIGHLIGHTS: From increase in custom duty on cigarettes to rebate limit increased to ₹7 lakh | Full details

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  • Union Budget 2023 HIGHLIGHTS: From increase in custom duty on cigarettes to rebate limit increased to ₹7 lakh | Full details

Union Budget 2023 HIGHLIGHTS: From increase in custom duty on cigarettes to rebate limit increased to ₹7 lakh | Full details

New Delhi: Finance Minister Nirmala Sitharaman today presented last full budget of Prime Minister Narendra Modi’s government in the Parliament for this term ahead of 2024 elections. Like the last two years, the government will present the Union Budget in paperless form. Modi government presented the first paperless budget in 2021. Union Budget 2023| HIGHLIGHTS […]

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February 1, 2023 14:05 IST
Union Budget 2023 HIGHLIGHTS: From increase in custom duty on cigarettes to rebate limit increased to ₹7 lakh | Full details
Union Budget 2023 HIGHLIGHTS: From increase in custom duty on cigarettes to rebate limit increased to ₹7 lakh | Full details

New Delhi: Finance Minister Nirmala Sitharaman today presented last full budget of Prime Minister Narendra Modi’s government in the Parliament for this term ahead of 2024 elections.

Like the last two years, the government will present the Union Budget in paperless form.

Modi government presented the first paperless budget in 2021.

Union Budget 2023| HIGHLIGHTS

Personal income-tax | Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime: FM Sitharaman

New Income Tax Slabs

Rs 0-3 lk: NIL
Rs 3-6 lk: 9%
Rs 6-9 lk: 10%
Rs 9-12 lk: 15%
Rs 12-15 lk: 20%
Above Rs 15 lk: 30%

I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs: FM Nirmala Sitharaman

To promote value addition in the manufacturing of TVs, I propose to reduce the Basic Customs Duty on parts of open cells of TV panels to 2.5%: FM Nirmala Sitharaman

Average processing time for income tax returns reduced from 93 days to 16 days. The government intends to roll out next-gen common IT Return forms and strengthen grievance redressal mechanism: FM Sitharaman

I propose to provide relief on Customs Duty on import of certain parts & inputs like camera lens & continue the concessional duty on lithium-ion cells for batteries for another year: FM Nirmala Sitharaman

I reiterate my intention to bring the fiscal deficit below 4.5% of GDP by 2025-26: FM Nirmala Sitharaman (ANI)

I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties, cesses & surcharges on some items including toys, bicycles, automobiles: FM Nirmala Sitharaman (ANI)

The revised fiscal deficit is at 6.4% of GDP: FM Sitharaman (ANI)

I propose to reduce the number of basic custom duty rates on goods other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic custom duties, cesses & surcharges on some items including toys, bicycles, automobiles: FM Nirmala Sitharaman (ANI)

100 labs for developing apps using 5G services will be set up in engg institutions. To realise new range of opportunities, business models&employment potential, labs will cover among others, apps like Smart Classrooms,Precision Farming,Intelligent Transports Systems&Healthcare: FM (ANI)

To provide support to 47 lakh youths in 3 years, a Direct Benefit Transfer under a pan India national apprenticeship scheme will be rolled out: FM Sitharaman (ANI)

Credit guarantee for MSMEs – Rs 9000 crores infused in the corpus which will allow additional collateral-free credit of Rs 2 lakh crores; to be effective from 1st April 2023: FM Sitharaman (ANI)

States will be encouraged to set a ‘Unity Mall’ in State capital or the most popular tourist destination in the state for the promotion and sale of ‘One District, One product’ and GI products and other handicraft: FM Sitharaman (ANI)

50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism: FM Nirmala Sitharaman (ANI)

Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up: FM Nirmala Sitharaman (ANI)

A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels and device-agnostic accessibility: FM Nirmala Sitharaman (ANI)

50-year interest free loan to State governments extended for one more year: FM Sitharaman (ANI)

Capital investment outlay being increased by 33% to Rs 10 lakh crores, which would be 3.3% of GDP: FM Sitharaman (ANI)

States will be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources: FM Nirmala Sitharaman (ANI)

PM Vishwa Karma Kaushal Samman-package of assistance for traditional artisans and craftspeople has been conceptualised, will enable them to improve quality, scale & reach of their products, integrating with MSME value chain: FM Nirmala Sitharaman in Parliament (ANI)

Indian Institute of Millet Research will be supported as a centre of excellence: FM Nirmala Sitharaman in Parliament (ANI)

An Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs: Finance Minister Nirmala Sitharaman (ANI)

Priorities of Budget 2023-24 – inclusive development, reaching the last mile, infra & investment, unleashing the potential, green growth, youth and financial sector: Finance Minister Nirmala Sitharaman (ANI)

Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy, with strong public finances and a robust financial sector. To achieve this ‘janbhagidari’ through ‘sabka saath, sabka prayaas’ is essential: FM Nirmala Sitharaman (ANI)

“Promotion of tourism will be taken up on mission mode,” says Finance Minister Nirmala Sitharaman during Budget 2023-24 presentation. (ANI)

The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war: FM Sitharaman (ANI)

Govt’s efforts since 2014 have ensured for all citizens, a better quality of life & life of dignity. The per capita income has more than doubled to Rs 1.97 lakh. In these 9 years, the Indian economy has increased in size from being 10th to 5th largest in the world: FM Sitharaman (ANI)

The world has recognized India as a bright star, our growth for current year is estimated at 7.0%, this is the highest among all major economies, in spite of massive global slowdown caused by pandemic and the war: FM Sitharaman (ANI)

In these times of global challenges, India’s G20 presidency gives us a unique opportunity to strengthen India’s role in the world economic order: Finance Minister Nirmala Sitharaman (ANI)

During the COVID pandemic, we ensured that nobody goes to bed hungry with a scheme to supply free foodgrains to over 80 crore persons for 28 months: FM Nirmala Sitharaman presents (ANI)

Indian economy on the right track, and heading towards a bright future: Finance Minister Nirmala Sitharaman (ANI)

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