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Budget 2023 Latest: The Big Numbers


Union Budget 2023: Big Numbers

Union Budget: Nirmala Sitharaman announces Rs 2.4 lakh for railway.

New Delhi:

  • No tax on income up to Rs 7 lakh a year under the new tax regime, which will be the default from now on. The old tax regime has been removed
  • The income tax sheet is reduced to five. The new tax rates are Rs 0 to 30,000 – no, Rs 3 to 60,000 – 5%, Rs 6 to 9,000 – 10%, Rs 9 to Rs 12 lakh – 15%, Rs 12 to 15 lakh – 20% or more Rs 15 lakh – 30%
  • An individual with an income of Rs 15 lakh will have to pay a tax of Rs 1,500,000, down from Rs 1,87 thousand under the new tax structure.
  • Rs 2.4 lakh for railway, highest ever
  • The defense budget increased to Rs 6.2 lakh – an increase of more than 16% compared to last year. This includes pensions which have increased significantly.
  • Agricultural credit target increased to Rs 20 lakh
  • Allocation for PM Awas Yojna increased by 66% to over Rs 79,000 crore
  • The cost of capital investment will increase by 33% to Rs 10 lakh, or 3.3% of GDP in fiscal year 2024
  • The effective capital expenditure of the center is Rs 13.7 lakh
  • The budget deficit target for fiscal 2024 is 5.9%, aiming to reduce it to 4.5% by 2025-26. The fiscal overspending for Fiscal 23 is in line with the 6.4% target. To finance the fiscal deficit in 2023-24, the net borrowing market for second-hand securities is estimated at Rs 11.8 lakh
  • Tax receipt for next fiscal budget at Rs 23.3 lakh
  • 157 new nursing colleges in core locations, mission to eliminate sickle cell anemia by 2047
  • Rs 15,000 over the next three years for safe housing, sanitation, drinking water and electricity for scheduled tribes
  • All cities and towns will be allowed to convert 100% of their sewers and septic tanks from manhole mode to pit mode.
  • 38,800 teachers will be hired for Ekalavya model boarding schools in the next 3 years
  • 3 AI centers of excellence will be established at leading educational institutes with the aim of “Make AI in India”, “Make AI work for India”
  • Computerized 63,000 credit institutions with Rs 2,516 crore
  • 100 laboratories for application development using 5g services will be set up in technical institutions
  • Green Hydrogen Mission to reduce dependence on fossil fuels: Rs 35,000 crore to convert energy to zero emissions target
  • 4000 MWh battery energy storage system will be supported
  • For ease of doing business, reduce compliance by 39,000
  • 30 Skill India international centers in different states to be established
  • 1000 farmers will be supported to adopt natural farming
  • 100 key transportation projects — 50 additional airports, helipads, water drones and advanced landing sites to be revived to improve regional air connectivity
  • For travel, 50 destinations will be selected through challenge mode
  • Mahila Samman Savings Certificate will be offered for two years, deposit up to 2 lakh with 7.5% interest
  • Senior savings scheme limit increased from Rs 15 lakh to Rs 30 lakh
  • Limit of Monthly Income Program has doubled to Rs 9 lakh and Rs 15 lakh for joint accounts
  • The revised Credit Guarantee Scheme for the MSME sector will come into effect from 1 April 2023 in the amount of Rs 9,000 crore.
  • Basic customs duty rate reduced from 21% to 13%
  • Tobacco tax increased by 16%
  • Basic import tax on mixed rubber increased from 10% to 25%
  • Customs duty on electric kitchen chimneys increased from 7.5% to 15%
  • Tax portal processes 6.5 billion declarations, cutting processing time; strengthen grievance redress mechanism
  • The government proposes to increase the flat tax limit for MSMEs and certain professionals to Rs 3 crore and Rs 75 lakh, respectively.
  • Support of Rs 5,300 crore for Upper Bhadra project in Karnataka has poll limit.
  • New cooperatives starting production until March 2024 to enjoy 15% lower tax rate
  • The government offers a higher limit of Rs 2 lakh per member on deposits and loans of major Agricultural Credit Unions
  • The highest surcharge rate is reduced from 37% to 25% in the new tax regime
  • Negligible net tax revenue due to direct and indirect tax changes is Rs 35,000 crore
  • Government proposes to limit deductions from capital gains on investments in housing to Rs 10 billion

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Mission to eliminate sickle cell anemia by 2047: Minister of Finance

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