The Union Budget 2023 was unveiled on Wednesday by Finance Minister Nirmala Sitharaman. This is the final Modi 2.0 budget before the general elections in 2024. She stated during her address that this is “Amrit Kaal’s” first budget. According to her, the budget for 2023 aims to expand upon the groundwork laid down during the previous budget.
The nation will see the highest growth among all the world’s major economies in FY23, at 7%.
Here are some of the key points of the Budget ‘23:
Other Updates:
Salaried, pensioners are to pay nil tax on income up to ₹7.5 lakh in the new tax regime.
Income Tax Rates are as follows:
Life insurance proceeds are taxable for premiums over ₹5 lakh.
Metals like gold, silver, platinum, etc. to be expensive whereas, electronic and other input items like camera lenses, mobile phones, parts of mobile phones, TV panels, ion batteries, etc. to be cheaper.
EVs, imported cars, etc. to be expensive as customs duty is hiked to 70 percent.
PAN can be used as a common identifier at any government office or agency.
Stipend to be provided to 47 lakh youngsters via a 3-year apprenticeship scheme.
The rebate limit has increased to ₹7 Lakh.
The surcharge rate has been changed from 37% to 25%.
Budget set for ‘National Green Hydrogen Mission’ is ₹19700 Crores.
You can also check, Updates of Union Budget 2021: Big Takeaways of Budget for Startups, MSMEs and Businesses
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