Union Budget 2023: The Big Numbers

Union Budget: Nirmala Sitharaman announces Rs 2.4 lakh crore for railways.

New Delhi:

  • No tax on income up to Rs 7 lakh a year in new tax regime, which will be the default from now onwards. Old tax regime scrapped
  • Income tax slabs reduced to five. The new tax rates are 0 to Rs 3 lakhs – nil, Rs 3 to 6 lakhs – 5%, Rs 6 to 9 lakhs – 10%, Rs 9 to 12 lakhs – 15%, Rs 12 to 15 lakhs – 20% and above Rs 15 lakhs – 30%
  • An individual with income of Rs 15 lakh will have to pay Rs 1.5 lakh tax, down from Rs 1.87 lakh under new tax structure
  • Rs 2.4 lakh crore for railways, the highest ever
  • Agricultural credit target increased to Rs 20 lakh crore
  • Allocation for PM Awas Yojna increased by 66% to over Rs 79,000 crore
  • Capital investment outlay to be raised by 33% to Rs 10 lakh crore, to be 3.3% of GDP in fiscal 2024
  • Effective capital expenditure of centre to be Rs 13.7 lakh crore
  • Fiscal deficit target for fiscal 2024 is 5.9%, aim to reduce it to 4.5% by 2025-26. Fiscal deficit for fiscal 23 in line with 6.4% target. To finance fiscal deficit in 2023-24, net market borrowing from dated securities estimated at Rs 11.8 lakh crore
  • Tax receipts for next fiscal budgeted at Rs 23.3 lakh crore
  • 157 new nursing colleges in core locations, mission to eliminate sickle cell anaemia by 2047
  • Rs 15,000 crore over next three years for safe housing, sanitation, drinking water, and electricity for scheduled tribes
  • All cities and towns will be enabled for 100 percent transition of sewers and septic tanks from manhole to machine hole mode
  • 38,800 teachers will be hired for Ekalavya Model Residential Schools in next 3 years
  • 3 centres for excellence for AI will be set up in top educational institutes with the goal “Make AI in India”, “Make AI Work For India”
  • Computerisation of 63,000 credit societies with Rs 2,516 crore
  • 100 labs to develop apps using 5g services to be set up in engineering institutions
  • Green Hydrogen Mission for reduced dependence on fossil fuel: Rs 35,000 crore for energy transition to net-zero emission goals
  • Battery energy storage systems of 4000 MWh will be supported
  • For ease of doing business, 39,000 compliances reduced
  • 30 Skill India international centres across different states will be set up
  • 1 crore farmers will get assistance to adopt natural farming
  • 100 critical transport projects — 50 additional airports, heliports, etc will be revived
  • For tourism, 50 destinations will be selected through challenge mode
  • Mahila Samman Savings Certificate will be made available for two years, deposits of up to 2 lakh at 7.5% interest
  • Senior citizens savings scheme cap increased from Rs 15 lakh to Rs 30 lakh
  • Monthly Income Scheme limit doubled to Rs 9 lakh and Rs 15 lakh for joint accounts
  • The revamped Credit Guarantee Scheme for MSME sector will take effect from April 1, 2023 with an infusion of Rs 9,000 crore
  • Basic customs duty rates to be reduced from 21% to 13%
  • Taxes on cigarettes hiked by 16 percent
  • Basic import duty on compounded rubber increased to 25 percent from 10 percent 
  • Customs duty on kitchen electric chimney increased to 15 percent from 7.5 percent
  • Tax portal processed 6.5 crore returns, processing time cut; intend to strengthen grievance redressal mechanism
  • Government proposes to increase limit for presumptive taxation for MSMEs and certain professionals to Rs 3 crore and Rs 75 lakh, respectively
  • Rs 5,300 crore assistance for Upper Bhadra project in poll-bound Karnataka.
  • New cooperatives that commence manufacturing activity till March 2024 to attract lower tax rate of 15 percent
  • Government to provide higher limit of Rs 2 lakh per member for cash deposit and loans by Primary Agricultural Credit Societies
  • Highest surcharge rate reduced from 37 percent to 25 percent in new tax regime
  • Net tax revenue foregone because of changes in direct and indirect taxes is Rs 35,000 crore
  • Government proposes to cap deductions from capital gains on investments in residential houses to Rs 10 crore

Featured Video Of The Day

“Economy Grew From 10th To 5th Largest In World”: Nirmala Sitharaman Presents Budget

Source link

By admin

website design and development, SEO, Data Entry, Website Promotion, Guest Posting Service

Leave a Reply

Your email address will not be published. Required fields are marked *