FM Nirmala Sitharaman pitched the #Budget2023 as one for India @ 100. The next 25 years are being called India’s #AmritKaal. This is a summary of all key announcements.
7 key priorities – Saptarishi
1/ Inclusive development
2/ Reaching the last mile
3/ Infrastructure and investments
4/ Unleashing potential
5/ Green growth
6/ Youth Power
7/ Financial Sector
Inclusive development
?Making India a global hub for millets – IIMR funding
?157 new nursing colleges will be established
?Sickle Cell Anaemia Elimination Mission to be launched
?Setting up National Digital Library for children and adolescents
Reaching the last mile
?Pradhan Mantri Particularly Vulnerable Tribal Groups Development Mission
?More teachers to be recruited for Eklavya Model Residential Schools
Infrastructure and investments
?Increased capex outlay by 33% to ₹10 lakh crore ~ 3.3% of GDP
?Highest ever capital outlay for Railways at ₹2.4 lakh crores
?50 more airports for better connectivity
?100 transport Infra projects for end-to-end connectivity for ports and coal, steel, and fertilizer sectors
?Creating urban infra in Tier 2 & Tier 3 cities via Urban Infrastructure Development Fund
Unleashing potential
?3 specialised AI centres to be set up
?National Data Governance Policy to be introduced
?E courts to be launched
?Entity Digilocker to be set up for businesses & charitable trusts
?100 labs for 5g services-based app development
Green growth
?PM PRANAM – to promote alternative fertilizers
?500 new waste-to-wealth plants for circular economy
?Net zero emission target on track
?₹19,700 cr as Nation Green Hydrogen outlay
?Fund allocation for scrapping old vehicles
Youth Power
?Skilling for youth: PMKVY 4.0 to cover coding, AI, soft skills
?30 Skill IICs to be set up
?Unified Skill India Platform will be launched
?Stipend support for 47 lakh youth
Financial Sector
?Setting up National Financials Registry for financial inclusion
?Revamped Credit Guarantee for MSME scheme to take effect from 1 Ap ’23, infusion of Rs 9,000 crore in the corpus. Will reduce the cost of credit by 1%
?Single window approval system for IFSC, GSTIN and RBI, SEBI
?Recognizing Offshore derivative instruments in GIFT
?Senior citizens savings scheme deposit limit doubled to ₹30L
?Mahila Samman Bachat Patra – new small savings scheme for women for 2 yrs.
ON TAXES / Indirect Tax
?Basic customs duty rates on Goods other than textiles & agriculture were reduced from 21 to 13%
?Customs duty exemption on import of capital goods and Lithium for electronic battery production, as part of green growth
?Customs duty on TV parts cut by 2.5%
?Cigarettes, Gold, Silver, and Diamonds get expensive as customs duty increases.
How does the #Budget2023 affect income taxpayers:
?Rebate – Limit extended to ₹7 lakh from ₹5 lakh for New Tax Regime
?New Tax Slab rates:
- 0-3L – nil
- 3-6L – 5%
- 6-9L – 10%
- 9-12L – 15%
- 12-15L – 20%
- >15L – 30%
ON TAXES / Direct Tax
?Those with an income of ₹15.5 L+ are now eligible for a standard deduction of ₹ 52,500 in the new tax regime
?Reduced surcharge rate from 37% to 25% in the new tax regime, MMR reduced to 39%
?Limit of leave encashment, retirement for non-government salaried employees increased to ₹25L
?Presumptive tax limit increased to ₹75L for Professionals from ₹50L
?Lower tax rate of 15% for New Cooperative Societies
?Higher limit for ₹2L/member for loan in cash
?Higher TDS limit ₹3Cr for cash withdrawal for co-ops
?Carry forward of loss for Startups increased from 7y to 10y
?Capital Exemption Limit under 54 and 54 F restricted to ₹10Cr
?Tax deducted on EPF withdrawals reduced to 20% from 30% in non-PAN cases
Where does the ₹ come from?
Where does the ₹ go?
Govt.’s Receipts and Expenditure in ₹ Lakh Crore
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