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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