Union Finance Minister Nirmala Sitharaman to present the Union Budget 2023-24 from Parliament
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Union Budget 2023: Live from Parliament
Before presenting the Union Budget, the Union Minister Nirmala Sitharaman called on President Droupadi Murmu at Rashtrapati Bhavan.
Live updates
KEY HIGHLIGHTS
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1. EXPENDITURE
Total Expenditure in 2023-24 = Rs. 45.03 Lakh Crore (an increase of 7.5% over 2022-23)
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Revenue Expenditure = Rs. 35.02 Lakh Crore in 2023-24 (to grow by 1.2 % )
Capital Expenditure = 10 Lakh Crore in 2023-24 (37.4% increase)
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2. INDIRECT TAXES
- Basic customs duty rates on goods, other than textiles and agriculture, reduced from 21 to 13
- Custom duty exempted on import of capital goods and machinery for manufacture of lithium-ion cells for batteries used in electric vehicles
- Exemption in custom duty on various parts of IT & electronics
- Inversion of duty structure rectified for electric kitchen chimneys
- Denatured ethyl alcohol exempted from basic customs duty
- Big push to domestic manufacture of aquatic feed
- No customs duty on seeds used in the manufacturing of lab grown diamonds
- National calamity contingent duty (NCCD) on specified cigarettes raised by about 16%
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3. DIRECT TAXES
- Direct tax proposals aimed at reducing compliance burden, promoting entrepreneurial spirit & providing tax relief to citizens
- Next-generation common IT returns form for tax payers’ convenience to be rolled out
- Limits of presumptive taxation enhanced to Rs 3 crore for micro enterprises and Rs 75 lakh for professionals with cash payments less than 5%
- 15 % concessional tax to promote new manufacturing cooperative society
- Threshold limit for co-operatives to withdraw cash without TDS increased to Rs 3 crore
- Date of incorporation for income tax benefits to start-ups extended to 31st march 2024
- Around 100 Joint Commissioners to be deployed for disposal of small appeals
- Deduction from capital gains on investment in residential house capped to Rs 10 crore
- Tax exemption on income of authorities regulating and developing an activity
- Agniveers to get tax exemption on payment received from the Agniveer corpus fund
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4. PERSONAL INCOME TAX
- Major announcements in personal income tax to substantially benefit the middle class
- Persons with income up to Rs 7 Lakh will not pay income tax in new tax regime
- Tax exemption limit increased to Rs. 3 Lakh
- Change in tax structure: number of slabs reduced to five
- Salaried class and pensioners to gain on extension of standard deduction benefit to the new tax regime
- Maximum tax rate reduced to 39 per cent from 42.74 per cent
- New tax regime to be the default tax regime
- Citizens to have the option to avail the benefit of old tax regime
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5. FISCAL DEFICIT
- Fiscal deficit to be at 5.9% in FY 2023-24
- Revenue deficit to be at 2.9 % in FY 2023-24
- Fiscal deficit on track to reach below 4.5% by FY 2025-26
- 15.5 % Y-o-Y growth in gross tax revenue in 2022-23 over 2021-22
- Direct taxes grew at 23.5% in first 8 months of FY 2022-23
- Indirect taxes grew at 8.6% during the same period
- States to be allowed a fiscal deficit of 3.5 per cent of GSDP
- States to be provided a fifty-year interest free loan
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6. GROWTH FORECAST
- Nominal GDP to grow at 15.4 % in FY 2022-23
- Real GDP to grow at 7% in FY 2022-23
- Agriculture sector to grow by 3.5% in FY 2022-23
- Industry to grow at modest 4.1%
- Services sector to rebound with Y-o-Y growth of 9.1% in FY 2022-23 over 8.4 % in 2021-22
- Exports to grow at 12.5% in FY 2023
7. TRANSPORT INFRASTRUCTURE
- Highest ever capital outlay of Rs 2.40 Lakh crore for Railways
- 100 critical transport infrastructure projects identified
- Harmonized master list of infrastructure to be reviewed by expert committee
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Post-Budget Press Conference by Union Finance Minister
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