The Budget by- Vanssh Kapoor
The Budget 2023, by- Vanssh Kapoor Aims of Budget 2023 to include:
Facilitating ample opportunities for citizens, especially youth
Providing strong impetus to growth and job creation
Strengthening macro-economic stability
To aim for the empowerment of women in Budget 2023
To enable women self-help groups to reach next stage of economic empowerment
To help self-help groups with raw material supply, branding, marketing of products
Union Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget 2023, the fifth budget of Modi 2.0. In the last full-fledged Budget before the general elections next year, Nirmala Sitharaman said that the Indian economy is on the right path and heading towards a bright future. In a big boost for taxpayers and economy, Sitharaman announced major changes in tax slabs under the new tax regime and big hike in allocation for railways and capital expenditure.
Sector-wise detailed reading of the various measures Finance Minister Sitharaman announced in Budget 2023: New Income Tax Slabs Under New Tax Regimes: Rs 0-3 lakh: Nil Rs 3-6 lakhs: 5% Rs 6-9 lakhs: 10% Rs 9-12 lakhs: 15% Rs 12-15 lakhs: 20% Rs Over 15 lakhs: 30%
An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000 in taxes: FM Sitharaman
Income of Rs 15 lakh will fetch Rs 1.5 lakh tax, down from Rs 1.87 lakh
A Rs 50,000 standard deduction to taxpayers has been introduced under the new regime
Payment received from Agni veer Corpus Fund by Agni veers to be exempted
Tax exemption removed in insurance policies with premium over Rs 5 lakh
For online games, govt proposes to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of fiscal
Tax exemption on leave encashment on retirement of non- government salaried employees hiked to Rs 25 lakh from Rs 3 lakh.
A higher limit of Rs 3 crore for TDS on cash withdrawal to be provided to co-operative societies.
Next-generation Common IT Return Form to be rolled out for taxpayer convenience
Grievance redressal mechanism to be strengthened.
TDS rate to be reduced from 30 per cent to 20 per cent on taxable portion of EPF withdrawal in non-PAN cases.
What gets cheaper and what's get costlier:
Machinery for lithium-ion batteries
Raw materials for EV industry
Articles made from gold bars
Imported bicycles and toys
Imported kitchen electric chimney
Imported luxury cars and EVs
16% tax hike on certain cigarettes
New cooperatives that commence manufacturing till March 2024 to get lower tax rate of 15%
Basic customs duty on crude, glycerine reduced to 2.5%.
Import duty on silver bars hiked to align it with gold, platinum
Extend customs duty cut on imports of parts of mobile phones by 1 year
To promote TV manufacturing, customs duty on open cells of TV panels reduced to 2.5%
Relief provided on Customs Duty on import of certain parts & inputs like camera lens
Concessional duty on lithium-ion cells for batteries extended for another year
Number of basic custom duty rates on goods other than textiles and agriculture reduced from 21 to 13. As a result, there are minor changes in taxes on some items toys, bicycles, automobiles.
Defence Budget hiked by 13%:
Defence budget increased to Rs 5.94 lakh crore from last year's Rs 5.25 lakh crore.
Rs 1.62 lakh crore set aside for capital expenditure including purchases of new weapons, aircraft, warships and other military hardware.
For 2022-23, the budgetary allocation for capital outlay was Rs 1.52 lakh crore.
Capital budget of the Border Roads Organization increased to Rs 5,000 crore. Capital outlay for the Indian Air Force was the highest at Rs 57,137.09 crore
Amount of Rs 52,804 crore was set aside as the capital outlay for the Indian Navy.
Capital outlay for the Army has been pegged at Rs 37,241 crore.
Allocation to Defense Research Development Organization (DRDO) has been put at Rs 23,264 crore.
Govt to spend Rs 10,000 crore per year for urban infra development fund
Cities to be incentivized to improve creditworthiness for municipal bonds
All cities and towns will be enabled for 100 per cent transition of sewers and septic tanks.
Health sector has been allocated Rs 89,155 crore in the Union Budget
Mission to eliminate sickle cell anemia by 2047
A new programme for research in pharmaceuticals will be formulated and the industry will be encouraged to invest in research.
Out of Rs 89,155 crore, Rs 86,175 crore has been allocated to the Department of Health and Family Welfare, while Rs 2,980 crore has been allocated to the Department of Health Research.
budget allocation for the Pradhan Mantri Swasthya Suraksha Yojana for 2023-2024 is Rs 3,365 crore.
Among these central sector schemes, the budget allocation for the National Health Mission has been increased from Rs 28,974.29 crore.
Budget allocation for the AYUSH ministry has been increased from Rs 2,845.75 crore.
The allocation for the National Digital Health Mission – NHM has been increased from Rs 140 crore to Rs 341.02 crore.
For the National Tele Mental Health Programme, the budget allocation has been increased from Rs 121 crore to Rs 133.73 crore.
The budget allocation for autonomous bodies goes up from Rs 10,348.17 crore in 2022-23 to Rs 17,322.55 crore in 2023-24.
The allocation for ICMR has been increased from Rs 2,116.73 crore to Rs 2,359.58 crore.
Sports gets an allocation of Rs 3,397.32 crore, an increase of Rs 723.97 crore.
The Rs 3,397.32 crore is the highest sports budget allocation ever in the country.
'Khelo India' has been allotted Rs 1,045 crore.
Sports Authority of India gets Rs 785.52 crore for 2023-24.
National Sports Federations receives a hike of Rs 325 crore.
An Agriculture Accelerator Fund will be set up to encourage agri- startups by young entrepreneurs
Digital public infrastructure to be developed for the agriculture sector
Rs 20 lakh crore agricultural credit targeted at animal husbandry, dairy and fisheries
Over the next 3 years, one crore farmers will get assistance to adopt natural farming.
10,000 bio input resource centers will be set up
Fisheries: To launch sub-scheme under PM Matsya Sampada Yojna with outlay of Rs 6,000 crore to further enable activities of fishermen
To make India a global hub for 'Shree Anna', the Indian Institute of Millet Research, Hyderabad will be supported as the Centre of Excellence for sharing best practices, research and technologies at the international level.
Rs 2,516 crore for Computerization of 63,000 credit societies
n drought-prone central regions of Karnataka, central assistance of Rs 5,300 crore to be given to upper Badra project to provide sustainable micro-irrigation.
500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme to be established for promoting circular economy at total investment of Rs 10,000 crore.
5 per cent compressed biogas mandate to be introduced for all organizations marketing natural and biogas.
Three centers of excellence for artificial intelligence to be set up in top educational institutions.
157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014.
Eklavya Model Residential Schools to be set up in the next 3 years. The Centre will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students.
National Data Governance Policy to be brought out to unleash innovation and research by start-ups and academia.
Grant for University Grants Commission (UGC) has been increased by Rs 459 crores (9.37 pc).
Central Universities have been increased by 17.66%, Deemed University by 27%, support to IITs have increased by 14%, and to NITs by 10.5% as compared to BE 2022-23.