The Union Budget will be presented by the country’s Finance Minister, Nirmala Sitharaman on February 1.
Budget Estimates 2023-24
Ms. Nirmala Sitharaman concluded Part One of the General Budget by stating that the estimated total receipts other than borrowings and total expenditure are Rs. 27.2 lakh crore and Rs. 45 lakh crore, respectively.
There are 2 parts of the Budget
Part A
Part A outlines the reform plan and the finance minister’s forecasts for the upcoming fiscal year. It consists of planned programs and initiatives for a number of industries, including agriculture, health, education, small and large businesses, the services sector, start-ups, and so on. The finance minister also releases a list of budgeted goals, including divestment, the fiscal deficit, and others.
Part B
Part B contains announcements related to direct and indirect taxes (excluding GST, which does not come under the purview of the Budget, but instead is decided by the GST Council). Any updates to the tax slabs for personal income, businesses, capital gains, customs, and exercise levies are contained in this section.
The top six priority ministries in this Budget
- Ministry of Road Transport and Highways
Nirmala Sitharaman allocated Rs 5 lakh 17,000 crores to the Ministry of Road Transport and Highways - Ministry of Defence
The Ministry of Defence has been allocated a total Budget of Rs 5,93,537.64 crore, which is 13.18 % of the total budget. - Rural Development
The Rural Development Ministry has been allocated ₹ 1,57,545 crore in the Union Budget for 2023-24 - Home Ministry
The Ministry of Home Affairs (MHA) has been allocated in excess of Rs 1 lakh 34000crores in the Union Budget for 2023-24. - Education
The Education Ministry was allocated 1 lakh 12000crores for the 2022-23 financial year in the expenditure budget. - Health Ministry
The Union Budget 2023 has allocated a whopping Rs 89,000 crore to health expenditure
New Income Tax Slabs 2023 – 2024
The announcement states that there will be 5 income tax slabs instead of the current 6 in FY 2023–24. Under the new tax system, the income threshold for receiving a Section 87A rebate has increased from Rs. 5 lakh to Rs. 7 lakh. People who choose the new income tax system and earn up to Rs. 7 lakh will not be subject to taxation.
The income tax slabs under the new income tax regime will now be as follows:
Rs 0 to Rs 3 lakh – 0% tax rate
Rs 3 lakh to 6 lakh – 5%
Rs 6 lakh to 9 lakh – 10%
Rs 9 lakh to Rs 12 lakh – 15%
Rs 12 lakh to Rs 15 lakh – 20%
Above Rs 15 lakh – 30%
In the new tax system, salaried people and pensioners will not pay any taxes on income up to Rs. 7.5 lakh.
Mantri Kaushal Vikas Yojana
The government would launch the Pradhan Mantri Kaushal Vikas Yojana, Nirmala Sitharaman said when she delivered her fifth consecutive budget to Parliament for 2023–2024. 4.0. To prepare young people for opportunities abroad, 30 Skill India International Centers will be established across a number of states.
Proposals relating to MSMEs
A revised MSMEs credit guarantee programme will receive investments totaling Rs 9,000 crore.
Digital Library
National Digital Library for Children & Teens on Hands To Make Up For Pandemic Years
Budget 2023 Announces Mahila Samman Bachat Patra
Mahila Samman Bachat Patra can be availed for fixed savings by Indian women to deposit Rs 2.5 lakh for a period of two years at a fixed rate of 7.5 percent.
