Union Finance Minister Nirmala Sitharaman has presented the budget for the year 2023-24 in the Parliament on Wednesday.
Se has changed the tax slab this time ahead of the 2024 lok sabha election. The government is promoting those who opt for the new tax regime and more tax exemption has been given in this.
Earlier, Finance Minister Nirmala Sitharaman and Finance Ministry officials met President Draupadi Murmu in the morning and the President approved the budget.
After this, Finance Minister Sitharaman had reached the Parliament House.
PM Modi also reached the Parliament and there was a cabinet meeting, after which the Finance Minister presented the budget in the Parliament.
Finance Minister Nirmala Sitharaman reached the Parliament in a red saree with the budget in the red ledger.
The budget was presented in Parliament after the cabinet meeting. Nirmala Sitharaman presented the budget for the fifth consecutive time.
This is the last full budget of the government before the next year’s Lok Sabha elections.
She said during her budget speech that the Indian economy is on the right track, and moving towards a bright future. During the Covid pandemic, we ensured that no one sleeps hungry with a plan to supply free food grains to over 80 crore persons for 28 months.
In personal tax, the Modi government has given a big relief to the employed class. Now under the new tax regime, annual income up to 7 lakh has become tax-free.
This exemption was earlier up to 5 lakhs. Under the old tax regime, the tax exemption limit has now been increased from Rs 2.5 lakh to Rs 3 lakh.
Along with this, changes have also been made in the tax slab. Earlier there used to be 6 tax slabs, which has now been reduced to 5. Under the new tax slab, now Rs 0 to 3 lakh – 0, Rs 3 to 6 lakh – 5%, Rs 6 to 9 lakh – 10%, Rs 9 to 12 lakh – 15%, Rs 12 to 15 lakh – 20%, Annual income above 15 lakhs – 30% tax will be levied.
Finance Minister Nirmala Sitharaman listed 7 key priorities of the Budget 2023-24 – inclusive growth, reaching the last mile, infrastructure and investment, unlocking potential, green growth, youth and financial sector.
The world has recognized India as a shining star, She said, adding that our economic growth for the current fiscal is estimated at 7.0%, the highest among all major economies despite the massive global recession caused by the pandemic and war.
Under the new tax slab, now a person with an annual income of Rs 15 lakh will have to pay tax of Rs 1.5 lakh instead of Rs 1.87 lakh.
That means there will be a saving of 37000. Similarly, a person with an annual income of Rs 9 lakh will now have to pay tax of Rs 45,000 only.
Nirmala Sitharaman said during the presentation of the budget 2023-24, ‘Mission mode will be worked to promote tourism.’ He said that our vision for Amrit Kaal includes technology-driven and knowledge-based strong public finance and a strong financial economy. To achieve this goal, ‘public participation’ is necessary through ‘Sabka Saath, Sabka Prayas’.
Highlights of the Budget:
Fiscal Deficit will be 5.9 percent of GDP in the next year, said Finance Minister Nirmala Sitharaman.
Custom duty exemption on lab-created diamond seeds. Custom duty exemption on import of lithium-ion batteries. Relief in custom duty on certain mobile parts
Beginning of Mahila Samman Savings Letter, women will be able to deposit two lakhs for two years.
The maximum limit of savings scheme for senior citizens has been increased from 15 lakhs to 30 lakhs.
Electric cars will also be cheaper
Electric cars will also be cheaper. Custom duty has been exempted on the import of Lithium Ion batteries.
TV will be cheap. Import duty will be less. Electrical goods will also be cheaper. The cost of mobile parts will also be less as the custom duty has been reduced. Custom duty on silver has been increased. This means that silver will be somewhat expensive. Means gold, silver and diamond will be expensive.
Finance Minister said, credit guarantee of 9000 crore will be given to small industries
19,700 crores for National Hydrogen Mission.
50 additional airports, heliports will be rebuilt.
Government agencies will consider PAN as identity card.
Allocation of Rs 2.4 lakh crore for Railways.
Allocation for capital investment is 3.3% of GDP.
Rs 10 lakh crore for capital investment.
PM Awaaz Yojana Rs 79000 crore will be allocated under PM Awaaz Yojana. PM Awaaz Yojana has been increased by 66 percent.
More efforts for Northeast in this budget.
Chairmanship of G-20 is a unique opportunity, said Finance Minister Nirmala Sitharaman.