02/02/2023
👉 Budget 2023-24 Highlights :
1. Per capita income at ₹1.97 lac more than double in last 5 years
2. India 5th largest economy of the world.
3. Digital payments of 126 lac crores in 2022.
4. 11.7 crore toilets. 9.64 crore cylinders. 220 crore Covid doses.
5. 2.2 lac crores direct Trf to farmers.
6. Huge impetus on tourism. State and centre aligned and public private partnership programmes.
7. Green economy to be pushed beyond realms. Carbon footprint reduction roadmap.
8. Government to support agri tech startup’s. Agricultural accelerator fund to be set up.
9. Public private partnership allowed in cotton manufacturing.
10. India to become global hub for millets. India is largest producer and second largest exporter of all kinds of millets.
11. Indian institute of millet research will be made international.
12. Agricultural credit target to be made till 20 lac crore with support to dairy.
13. ₹2200 crores for horticulture
14. Agricultural societies, dairy and fishery societies to be set up.
15. 157 new nursing colleges to be set up.
16. National book trust and children book trust to be revamped. New non curriculum books in regional Languages to be added.
17. ₹6000 crores allocated to fisheries.
18. PMPVTG to be launched. Tribal areas to be developed. Education, infra, telecom, and sustainable livelihood to be developed. ₹15000 crores.
19. PMAVAS to be increased to ₹79000 crores. Increase of 66%.
20. Capital investment outlay increased to ₹10 lac crores. Increase of 33%. Approx 3.3% of GDP.
21. Effective Capex to be ₹13.7 lac crores. Approx 4.5% of GDP.
22. 50 additional AirPort to be revived for better connectivity.
23. Railway outlay ₹2.4 lac crore. 9 times the budget of 2013-14.
24. Urban development infra fund to be started. Managed by NHB.
25. Septic tanks in city and towns to be changed. Manhole to machine holes.
26. Jan Vishwas bill to normalise laws.
27. Centre of excellence for artificial intelligence. Three labs to be set up with private help in top institutes of the country.
28. National data governance policy to be brought out.
29. Vivad se Vishwas 2 launched. For contractual disputes. Voluntary settlement scheme.
30. E-courts phase 3 launched
31. Digi lockers to be made universally available.
32. ₹7000 crores for phase 3 of e-courts.
33. Lab grown diamonds to be emphasised.
34. 100 labs for 5G development.
35. Focus on green growth. National green hydrogen ₹19700 crores allocation.
36. ₹35000 crores in energy TRANSITION.
37. Green hydrogen production to be made till 5MMT TILL 2030.
38. Renewal energy allocated ₹20700 crores.
39. Mangrove plantation along coastline wherever feasible.
40. 1 crore farmers to be trained for natural farming.
41. 3000 legal provisions decriminalised.
42. 36 skill international setups to be made.
43. Tourism made easy. Every destination to be made full package.
44. Dekho apna Desh to be launched. Swadesh Darshan launched. Domestic tourism against international tourism promoted.
45. ₹9000 fresh allocation to credit guarantee scheme.
46. National digital library for kids adolescents to be set up.
47. India to be global hub for millets. Millets dubbed Shri Anna by FM.
48. 1.57 new nursing colleges to be set up.
49. Funds to launch start ups in rural areas.
50. Govt to launch PM primitive vulnerable tribal mission.
51. PM awas yojna outlay hiked to 79000 crores.
52. Capital investment outlay to be 3.3% of GDP in fy 2024.
53. 2516 crores for computerisations of 63000 societies.
54. Capital outlay for 2.40 lac crores for Railways. 9 times the outlay of 2013-14.
55. 50 additional airports helipads to be set up.
56. Urban infrastructure development fund to be set up to create urban infrastructure in tier 2 and tier 3 cities.
57. 75000 crores for 100 critical transport infra projects.
58. National data governance policy will be brought out.
59. KYC process will be simplified. The financial sector to be encouraged for one stop solution of identities.
60. PAN To be the Common business identifier for ease of Doing business.
61. Unified filing process to be set up on common portal as per the filers choice.
62. Vivaad se viswaas 1 and 2 - settling contractual disputes of Govt and Govt undertakings.
63. State support mission of Niti Aayog to br continued for 3 years.
64. E courts- phase 3 will be launched with outlay of 7000 crores.
65. Scope of digi locker to be expanded.
66. 5G services - 100 labs for developing apps to use 5G to be set up
Lab Grown diamonds being environment friendly and to reduce import dependency.
67. Renewable energy evacuation from Ladakh with investment of 20000 crores.
68. Green credit program will be notified under environment protection act.
69. PM program for restoration PM Pranam to promote alternate fertilisers.
70. Galvanise bio gas plants to promote environment conscious activities.
71. Bhartiya Prakritik- 1 crore farmers to adapt natural farming.
72. Mishti- for mangrove plantation across coastal areas .
73. Replacing old polluting vehicles is an important part. Scrapping policy for old vehicles of central Govt and state ambulances.
74. Youth power - formulation of national education policy , skill development and job creation. On job training, new age courses like AI, drones, and other soft skills.
75. Digital Eco system for skilling to be launched.
To provide stipend to 47 lac youth. 30 india international skill centres to be set up.
76. Tourism- at least 50 destinations to be selected. Physical, virtual connectivity , safety features and every destination to be a complete package.
77. States to be encourage to set up Unity mall for promotion of their products.
78. Innovative use of technology in financial sector. Credit guarantee for MSMEs- revamped scheme from 1.4.2023 thru infusion of capital.
79. National financial information registry to be set up.
80. Gift IFSC - single window registration system.
Amending IFSC act
Data embassy in gift ifsc.
81. Improving bank governance, certain amendments in banking acts are proposed.
82. Sebi to regulate for education in securities markets. Central processing centre to be set up for faster response of companies.
83. Unclaimed dividends to be integrated with the IT portal.
84. Mahila samman saving certificates to be available till March 2025. Deposit facility of 2 lacs with fixed interest rate of 7.5%.
85. Max deposit in senior citizen scheme enhanced from 15 to 30 lacs.
86. Max deposit in Monthly deposit scheme enhanced from 4.5 lacs to 9 lacs in single account and to 15 lacs in joint accounts.
87. Revised estimated fiscal deficit to be 5.9% of gdp.
88. Fiscal deficit target to be below 4.5% by 2025-26. To finance fiscal deficit, gross market borrowings to be 15.43 lac crores.
89. Indirect tax
Reduce basic custom duty rates from 21 to 13
Custom duty exemption extended to import of batteries
Electronics- to promote mobile phone production , relief of customs duty on import of camera lens lithium battery.
Reduce customs duty on import of tv parts.
Custom duty Reduced on electric chimneys
Marine products - duty reduced for domestic production.
90. *Direct tax*
Tax payers portal received 72 lacs in a day.
Average processing period reduced maximum to 16 days.
Next generation IT form to be rolled out.
MSMEs - u/s 44AD limit enhanced to 3 crores for cash receipts not more than 5%
U/s 44ADA For professionals limit increased to 75 lacs
To reduce pendency of commissioner appeals , deployment of 100 Joint commissioners
Section 54 and section 54F amount to Be capping
Removing minimum threshold of 10000 on online game.
Reducing tds from 30 to 20% on non pan cases.
Extension of period of tax benefits
Providing EEE status to agniveer funds.
*Personal income tax*
U/s 87A - Tax Rebate limit increased to 7 lacs from 5 lacs for small tax payers in the new tax regime.
No changes in slabs in old tax regime
6 income slabs in new tax regime reduced to 5
0 -3 lacs nil
3-6 lacs 5%
6-9 lacs 10%
9-12 lacs 15%
12-15 lacs 20%
Above 15 lacs 30%
Salaried class and pensioners including family pensioners - standard deduction increased to 52,500
Highest tax rate is 42.7% highest surcharge reduced from 37 to 25% in new tax regime, maximum tax rate reduced to 39%
Leave encashment limit of 3 lacs increased to 25 lacs in line with the current salary structure.
New income tax regime to Be the default tax regime
New Coperatives - 15% Tax Rate.
Higher limit of cash deposit & TDS (3lakhs) limit for Primary Cooperatives etc
Start Ups benefits extended by 1 year to 1.4.2023
No CG on gold Co version to bonds
TDS on EPF Reduced
