Budget 2023 Highlights: changes made in personal income tax in Budget | Complete Budget Report in one page|
Budget 2023 Highlights: Live Update
- First Budget in Amrit Kal
- Implementing free food scheme for the next 1 year – 2 lac cr to be borne by centre
- Current Years growth estimate at 7%
- Per Capita Income doubled to 1.97 Lacs
- 7 priorities of Budget
- Inclusive development
- Reaching the last mile
- Infra investment
- Green growth
- Youth power
- Financial sector
- Unleashing Potential
- Launch Atmanirbhar Clean Program
- Spend 2200 cr on high-value horticulture
- Agri Credit target increased to 20 lakh crs
- 157 new nursing collages to be established n co-location with the existing 157 med colleges since 2014
- New Pharma Program for R&D through Centre for Excellence
- National Digital Library for Children and Adolescents to be set up.
- 6000 crs for promoting fisheries
- 15000 crs for 3 years for dev action plan for scheduled tribes
- 38800 teachers to be recruited for 740 eklavya model residential schools serving 3.5 lac tribal students
- Capital Investment Outlay increased by 33% to 10 lac crores (3.3% of GDP)
- Effective Cap Expenditure by centre at 13.7 lac crs (4.5% of GDP)
- Railways: Cap Outlay of 2.40 lac crs for Railways – Highest Ever Outlay
- 100 critical transport infra projects for last mile connectivity to be taken up on priority
- 50 Addl airports for improving regional air connectivity.
- 10000 crs per annun for Urban Infra DVPD Fund
- All cities & towns eligible for mechanical sewage de-slugging. From Man Hole to Machine Hole
- Ease of Doing Biz: > 39000 compliances reduced
- Centres for Excellence for Artificial Intelligence – 3 centres to be set up in top edu institutions
- National data Governance Policy to be brought out for access to anonymised data
- 7000 crs for phase 3 of E-Courts project
- 5G services: 100 labs for dev apps to be set up in Engg Institutions – Smart Class rooms, Intelligent pharming etc.
- Lab Grown Diamonds – R&D grant to be provided to one IIT to reduced Cost of Production
- 35000 crs for energy transition and net zero objective
- Tgt to reach green hydrogen production to 5 MMT by 2030
- 20700 crs for renewable energy in Ladhak
- PM PRANAM Scheme to promote balance use of fertilizers
- 10000 bio input resource centres to be set up
- Vehicle replacement – Replacing Old Polluting Vehicles – Scrap Old Vehicles of Central & State Govt incl Ambulances – Budget allocation to be made
- 36 Skill India intl centres to be set up across states
- Revamped Credit Guarantee Scheme for MSMEs – 9000 Crs infusion to corpus.Cost of Credit will be reduced by 1%. Effective 01 April 2023
- Mahila Samman Savings Certificate for 2 year period upto March 2025 – Will offer deposit facilty upto 2 lacs @ 7.5% with partial Withdrawal option in the name of Women and girl
- Revised Estimates – Total Receipts 24.3 lac crs
- Net tax receipts – 23.3 lac crs
- FY24 Fiscal Deficit Target at 5.9%
- Rebate increased from 5 lacs to 7 lacs for tax free income in the new tax regime
- New Tax Slabs in the New Regime:
- 0 – 3 Lacs – 0%
- 3 – 6 Lacs – 5%
- 6 – 9 Lacs – 10%
- 9 – 12 Lacs – 15%
- 12 – 15 Lacs – 20%
- > 15 Lacs – 30%
- Highest Surcharge rate reduced to 25% from 37% in the new tax regime. Reduction of Max Tax Rate to 39%
- New Income Tax Regime to be the Default Tax Regime.
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