Key points of Union Budget 2023-24 presented by Finance Minister Nirmala Sitharaman
Guwahati, Feb 1: Union Finance Minister Nirmala Sitharaman today presented the Union Budget 2023, the fifth budget of the Narendra Modi government on Wednesday. In the last full-fledged Budget before the general elections next year, the Nirmala Sitharaman said that the Indian economy is on the right path and heading towards a bright future.
Saptrishi (7 Priorities):
FM Sitharaman lists seven priorities of Budget, including infra, green growth, financial sector, youth power.
Budget tax slab
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
Net tax revenue foregone because of changes in direct and indirect taxes is Rs 35,000 cr
FM announces reduction in tax slabs to 5 from existing 6 in new tax structure; raises tax exemption limit to Rs 3 lakh from Rs 2.5 lakh.
Proposal to extend Rs 50,000 standard deduction to salary earners under new tax regime
An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000
No tax for income up to Rs 3 lakh; 5 pc tax on Rs 3-6 lakh; highest tax rate of 30 pc on income above Rs 15 lakh under new I-T regime.
Railways: Capital outlay 2.4 lakh crore. This is nine times the outlay in 2013-2014. 50 additional airports, heliports, waterports and advance landing grounds will be revived for regional connectivity.
Other key highlights
Current year's economic growth is projected to be at 7% despite the pandemic.
Nearly Rs 1,900 crore has been allocated in the Union Budget to the Union Law Ministry to buy electronic voting machines ahead of the 2024 Lok Sabha polls.
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.
The Centre has allocated Rs 946 crore to the Central Bureau of Investigation in the Union Budget 2023-24.
Sending a clear message about its internal security priorities, the Modi government allocated Rs 1.96 lakh crore to the Ministry of Home Affairs (MHA) with a majority of the spending on Central Armed Police Forces such as CRPF and intelligence gathering.
The Union health and family welfare ministry has been allocated Rs 89, 155 crore in the Union budget FY24 marking a rise of a meagre 12% when compared to the revised budget estimated for FY 23.
What's Cheaper, What's Costlier?
Articles made from gold bars, Cigarettes, Imitation Jewellery, Silver, Electric kitchen chimney, Imported bicycles and toys, Electronic vehicle imports will be costlier
Aero planes and other aircrafts; Gold (including gold plated with platinum), Base metals or silver, New or retreaded pneumatic tyres, of rubber, of a kind used on aircraft of heading; Platinum; Waste and scrap of precious metal or of metal clad with precious metal; several aquaculture inputs; Some TV, camera parts will be cheaper.