Union Budget 2023-24: All About the Union Budget 2023-24.

 Union Budget 2023-24 

Nirmala Sitharaman, the finance minister, unveiled the Union Budget 2023 on Wednesday. She made adjustments to the income tax system and emphasised projects related to agriculture and tourism, introducing a new agriculture accelerator fund and putting tourism promotion on “mission mode.”

This is Sitharaman’s sixth budget address and the last comprehensive one for the Modi administration before the Lok Sabha elections early the next year. The Union Budget for this year focuses on seven important topics, including “inclusive development,” “reaching the last mile,” “unleashing the potential,” “green growth,” “young power,” and “financial sector.”

Union Budget 2023-24 Live Updates: Embassy of Data

The government would make it easier for nations looking for digital continuity solutions to set up Data Embassies in GIFT IFSC.

Union Budget 2023-24 Live Updates: Encouraging coastal shipping.
Through a PPP model with viability gap funding, the government would promote coastal shipping as the more affordable, energy-efficient, and cost-effective means of transportation for both people and goods.
 

Union Budget 2023-24 Live Updates: Gobardhan Scheme

Under the GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) programme, 500 new “waste to wealth” plants will be created. There will be 300 community- or cluster-based plants, 200 compressed biogas (CBG) plants, with a total investment of Rs 10,000 crore, 75 of which will be in metropolitan areas.
Union Budget 2023-24 Live Updates: PM-PRANAM

To encourage States and Union Territories to promote alternative fertilisers and balanced usage of chemical fertilisers, PM-PRANAM, or the “PM Programme for Restoration, Awareness, Nourishment, and Amelioration of Mother Earth,” would be introduced.

Union Budget 2023-24 Live Updates: Green Credit Program

The Environment (Protection) Act will provide for the notification of a green credit programme. This would encourage ecologically responsible behaviour on the part of businesses, people, and local organisations while also assisting in the mobilisation of additional resources for such efforts.
Union Budget 2023-24 Live Updates: To make doing business easier

More than 3,400 law requirements have been made less punishable, and more than 39,000 compliances have been decreased. The Jan Vishwas Bill to alter 42 Central Acts was introduced by the government to advance trust-based governance.
 

Union Budget 2023-24 Live Updates: Project Karmayogi

Plans for civil servant capacity-building are being developed and put into action by the Center, States, and UTs as part of Mission Karmayogi. To help thousands of government workers enhance their skills and promote a people-centric approach, the government has introduced iGOT Karmayogi, an integrated online training platform
Union Budget 2023-24 Live Updates: E-Courts initiative

With an investment of Rs 7,000 crore, Phase 3 of the E-Courts project would be launched for effective administration.
Union Budget 2023-24 Live Updates: Try to get rid of sickle cell Anemia by 2047

FM stated that a mission will shortly be launched with the goal of eradicating sickle cell anaemia by the year 2047. Through the joint efforts of national ministries and state governments, the mission would raise awareness among the general public by universally screening seven crore persons in the age range of 0 to 40 years in tribal areas and providing counselling.
Union Budget 2023-24 Live Updates: PM Modi On the Union Budget

    The success of digital payments needs to be duplicated in the agricultural sector, so we introduced a programme for digital agriculture infrastructure in the Union Budget.
    Infrastructure spending of an unprecedented Rs 10 lakh crore will speed up and revitalise development.
    Cooperatives will become the rural economy’s pivot as a result of the budget.

Union Budget 2023-24 Live Updates: Bharat Shared Repository of Inscriptions and the wetlands project Amrit Dharohar

One lakh ancient inscriptions will be added to the Bharat Shared Repository of Inscriptions, With the first step of digitization. It will be housed in a digital epigraphy museum. The Amrit Dharohar project will be put into place over the following three years in order to promote the best use of wetlands and improve biodiversity.
Union Budget 2023-24 Live Updates: Karnataka receives a $5,300 million grant

The Upper Bhadra project in Karnataka would receive help from the Center in the sum of Rs 5,300 crore. “In the drought-prone central parts of Karnataka, a central assistance of Rs 5,300 crore will be supplied for the Upper Bhadra Project,” FM stated in his budget speech.
Union Budget 2023-24 Live Updates: Target for divestment set at Rs. 51,000 crore

Through the sale of stakes in numerous state-run businesses, the government hopes to raise Rs 51,000 crore. In FY23, the government planned to raise Rs 65,000 crore through divestitures.
Union Budget 2023-24 Live Updates: PM Modi on “Vishvakarma” training and support

The people who built this nation traditionally via their labours, or “Vishvakarma,” are responsible. For the first time, a plan for “Vishvakarma” training and support has been included in the budget: PM Narendra Modi.

Union Budget 2023-24 Live Updates: What’s in for Defense Budget

    The allotment for the defence budget for 2023–2024 increased from Rs. 5.25 lakh crore to Rs. 5.94 lakh crore.
    For capital expenses, a total of Rs. 1.62 lakh crore has been put aside.
    Buying new guns, aircraft, warships, and other military gear is part of it.
    The financial allotment for capital spending for 2022–2023 was Rs. 1.52 lakh crore, while the updated estimate put the cost at Rs. 1.50 lakh crore.

Union Budget 2023-24 Live Updates: Government doubles Senior Citizens Savings Scheme deposit cap

FM suggested doubling the Senior Citizen Savings Scheme and Monthly Income Account Scheme deposit limits to Rs. 30 lakh and Rs. 9 lakh, respectively. She announced that the Senior Citizen Savings Scheme’s maximum deposit amount would increase from Rs 15 lakh to Rs 30 lakh.

She also suggested raising the monthly income account scheme’s maximum deposit limits from 4.5 lakh rupees to 9 lakh rupees for a single account and from 9 lakh to 15 lakh rupees for a joint account.
Union Budget 2023-24 Live Updates: Women’s savings programme launched

A “Mahila Samman Saving Certificate” with a fixed interest rate of 7.5% for two years launched by FM. The deposit may be made in a woman’s or a girl child’s name. The scheme will also allow for partial withdrawals, and the maximum deposit amount has been set at Rs 2 lakh.
Union Budget 2023-24 Live Updates: Increased import taxes on silverware, bars, and other items

To encourage home manufacture, the government proposed raising the import duty on silver dore, bars, and articles. She added that there are now higher customs taxes on items made of dore and bars of gold and platinum.

Union Budget 2023-24 Live Updates: What increases in cost

    Cigarette taxes increased by 16%.
    Compound rubber’s basic import tariff increased from 10% to 25%.
    Basic customs duties on items manufactured from gold bars have increased
    Kitchen electric chimney now carries a 15% customs charge instead of a 7.5% one.
    As the government increases customs charge from 60% to 70% in the budget, fully imported luxury cars and EVs will cost more.

Union Budget 2023-24 Live Updates: Costs decreased

    Reduced import taxes will result in lower prices for mobile phones.
    Customs fees on open-cell TV panel components have been reduced to 2.5%
    Reduced basic customs charge on seeds used in the production of lab-grown diamonds
    To encourage exports, the customs tax on shrimp feed will be cut.

Union Budget 2023-24 Live Updates: Government slashes money for the rural jobs programme

For the upcoming fiscal year, the government reduced its budget for the scheme to 600 billion rupees ($7.34 billion). The amount is the smallest since 2017–18 and less than the projected 894 billion rupee spending commitment for 2022–23. The Mahatma Gandhi National Rural Employment Guarantee Act, passed more than 15 years ago, allows people to sign up for jobs that pay a minimum wage for at least 100 days per year, such as building roads, drilling wells, or developing other rural infrastructure.
Union Budget 2023-24 Live Updates: FM’s seven ‘Saptarishi’ mantras
Union Budget 2023-24: All About the Union Budget 2023-24 Presentation_50.1
Union Budget 2023-24 Live Updates: FM’s seven ‘Saptarishi’ mantras
Union Budget 2023-24 Live Updates: Budget fulfils all requirements

The Union Budget checks off all the expected boxes, including boosting investment in capital expenditures by 33%, promoting consumption by enticing taxpayers to switch to the new tax system with lower taxes and spend the extra money instead of using savings to lessen the tax burden under the old system, and continuing on the fiscal consolidation path with a fiscal deficit target of 5.9%. To address concerns about the exodus of HNIs, the maximum tax rate on personal income has also been lowered, according to Ranen Banerjee, partner and leader of PwC India’s Economic Advisory Services.
Union Budget 2023-24 Live Updates: Five major updates you must not miss

    FM declared that the new tax system would henceforth be the default tax regime and increased the income tax rebate maximum from Rs 5 lakh to Rs 7 lakh.
    Additionally, she suggested lowering the number of tax slabs in this regime to 5 and raising the threshold for tax exemptions to Rs 3 lakh.
    For the upcoming fiscal year beginning on April 1, FM suggested raising the capital expenditure target by 33% to Rs. 10 lakh crore, or 3.3% of the nation’s GDP. The finance minister Nirmala Sitharaman allocated Rs 35,000 crore to accomplish net zero and energy transition goals, and designated green growth as one of seven priorities.
    According to the government, the railroads have received a capital budget of Rs 2.4 lakh crore, the biggest allocation since 2013–14. According to Nirmala Sitharaman, minister of finance, the capital expenditure is set for 2023–2024.
    Compared to the 6.4% budget deficit for the current fiscal year, the government plans to reduce it to 5.9% of GDP for 2023–2024.

Union Budget 2023-24 Live Updates: For better targeting of tax breaks

The FM proposed capping the deduction from capital gains on investment in residential property under sections 54 and 54F at Rs 10 crore in order to effectively target tax breaks and exemptions. Limiting the income tax exemption from the payouts of extremely valuable insurance plans is another suggestion.
Union Budget 2023-24 Live Updates: Additional announcements

    Extension of the time period during which funds moving to the IFSC in GIFT City will receive tax benefits until March 31, 2025
    decriminalisation under section 276A of the Income Tax Act
    allowing carryover of losses from strategic disinvestments, including IDBI Bank’s
    granting Agniveer Fund EEE status.

Union Budget 2023-24 Live Updates: Cashing out of leaves

Last but not least, in 2002, when the highest basic pay in the government was Rs 30,000/pm, the limit of Rs 3 lakh for tax exemption on leave encashment upon retirement of non-government salaried employees was last set. I suggest raising this cap to Rs. 25 lakh in order to keep up with increases in government wages.

Union Budget 2023-24 Live Updates: Lowering the highest surcharge rate

In the new tax system, FM advocated lowering the highest surcharge rate from 37% to 25%. The maximum tax rate would be reduced as a result to 39%.
Union Budget 2023-24 Live Updates: Information on taxes

FM expanded the standard deduction’s benefits to the new tax system for the salaried class and retirees, including family pensioners. Thus, each salaried individual earning Rs 15.5 lakh or more will stand to gain Rs 52,500.
Union Budget 2023-24 Live Updates: FM explains the “relief” under the new system to all taxpayers

Someone making Rs 9 lakh a year income will only require to pay Rs 45,000. Only 5% of his or her income comes from this. It represents a decrease of 25% off the current amount due, which is Rs 60,000/-. A person earning Rs 15 lakh would also only be needed to pay Rs 1.5 lakh, or 10% of their income, which represents a 20% reduction from their current responsibility of Rs 1,87,500.
Union Budget 2023-24 Live Updates: How much India would lose following changes to its income tax

According to Finance Minister Nirmala Sitharaman, India will lose Rs. 35,000 crore in net tax collection as a result of changes made to direct and indirect taxes in the Union Budget to help people with middle-class incomes.

“Around Rs. 38,000 crore in revenue would be lost, of which Rs. 37,000 crore will come from direct taxes and Rs. 1,000 crore from indirect taxes, while an extra Rs. 3,000 crore in income will be mobilised. So, around Rs. 35,000 crore in revenue are lost each year, according to Sitharaman, who also announced the Union Budget for the upcoming fiscal year, which begins on April 1. “

Finance Minister Nirmala Sitharaman made a significant announcement, saying that although the new tax system would now be the default tax system, citizens can still benefit from the previous tax system on an opt-out basis.
Union Budget 2023-24 Live Updates: New tax legislation’s updated tax slabs

    Income between Rs 0 and Rs 3 lakh is not taxed under the new system.
    Under the new system, income over Rs 3 lakh and up to Rs 6 lakh will be taxed at 5%.
    Under the new system, income over Rs 6 lakh and up to Rs 9 lakh will be taxed at 10%.
    Under the new system, income over Rs 12 lakh and up to Rs 15 lakh will be taxed at 20%.
    30% tax will be applied on income over Rs 15 lakh.

Union Budget 2023-24 Live Updates: Key Updates

    9% of GDP is the fiscal deficit goal for FY 2024.
    In 2023–2024, capital expenditures climbed 33% to 10 trillion rupees.
    Budget suggests a 16% duty increase, which will increase the price of cigarettes.
    establishing an agribusiness accelerator fund
    increases the budgetary allotment for affordable housing to 790 billion rupees in 2023–2024
    Increased governmental capital expenditures, according to the finance minister, will drive out private investments.
    In the past nine years, the Indian economy has grown to be the fifth-largest in the world.
    7 priorities are adopted by the budget, including inclusive and green growth.
    For 2023–2024, the agricultural credit goal has been increased to 20 trillion rupees ($244.42 billion).
    According to Sitharaman, out of all the big economies, this one is growing the fastest.

Budget announcements 2023

    An increase in capital expenditure of 33% to Rs. 10 lakh crores, or 3.3% of GDP Sitharaman, FM
    An agriculture accelerator fund to support young rural entrepreneurs’ agritech firms. The fund will concentrate on supplying creative answers to problems encountered by farmers.
    With an investment of Rs 2,200 crore, the government would introduce the Atmanirbhar Clean Plant Programme to increase the availability of high-value horticulture crops with disease-free planting material.
    The PM Vishwa Karma Kaushal Samman-conceived package of help for traditional artists and craftspeople will allow them to increase the calibre, scope, and reach of their products while integrating into the MSME value chain.

Union Budget 2023-24 Live Updates: Income tax rebate limit increased from Rs 5 lakh to Rs 7 lakh

According to the new tax system, the income tax rebate maximum will rise from Rs. 5 lakh to Rs. 7 lakh, according to Finance Minister Nirmala Sitharaman. She continued by saying that the new tax system will now be used by default.