Budget Update 2023
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Highlights of Union Budget 2023
1. Pm Garib Kalyan Yojna 2 lakh crore Yojna by central govt with effect from 01.01.23
2. Indian economy becomes 5th largest economy of world.
3. Per capita income increased to 1.97 lakh per person.
4. Women empowerment by self help groups through large Producer Companies.
5. A New Fund shall be Frame for Agri Startup Business.
6. Agri start up to promote through social funds.
7. Cotton production will be increased by public private partnership .
8. 2200 crore reserved for plantation growth under Atamnirbhar plant Yojna.
9. Rupees 6000 crore for growth of fisheries business .
10. Agri loans will be raised by 20 lakh crores to promote Agri sectors
11. 157 new nursing colleges will be opened through our India .
12. National digital library for children’s and adults to start and states will be open physical library at village level .
13. Computerization of primary Cooperative societies by investment of 2516 crore .
14. PM Housing Scheme – 79000 Cr. (A Great Movement in Housing Sector)
15. Research and development in Pharma sectors to encourage and special promotion have been provided under this budget .
16. 15000 crore reserved for Tribal caste promotion and development under PVTG scheme of central govt
17. Budget under Pardhan mantri Awas yojna increased by 66 percent to earlier 79000 core budget.
18. 50 additional airports for air connectivity planes in this budget .
19. Urban infrastructure development fund to start and managed by national housing bank for India .
20. Capital budget for expansion for railway for 2.4 lakh crore has been laid down.
21. Ease of Doing Business – 39 Legal Compliance Reduced.
22. Warehousing and Logistic Sector – 75000 Cr. Budget
23. 75000 crore to be invested with private sector in logistic sectors . It will boost warehousing business too.
24. 3 centers for Artificial intelligence centers to be established for AI made by India and for India to start .
25. For ease of doing business 42 central laws will be simplified .
26. Pan number will work as single digital identifier for all govt schemes and rules .
27. Vaad se Vishvas 1: 95 percent of MSME performance guarantee forfeited by govt companies during covid period will be returned under schemes. Made for this purpose .
28. E courts will promoted with investment of 7000 crore .
29. Start National hydrogen mission set target to produce 5 MMT by 2030.
30. 35000 crore to be invested under Energy sector by govt of India.
31. PAN Number – Used as A Common Business Identifier
32. Renewal Energy Fund of 79000 Cr. – For Ladakh
33. Green growth with zero carbon mission . Investment will be 19700 crore .
34. Govardhan scheme : 500 New waste plant to set up. Total 10000 crore to invest.
35. 10000 – Bio Input Center For Pesticide Manufacturing. A Great Movement in Agriculture Sector.
36. Vehicle scrapping a separate corpus will be provided .
37. Pradhan Mantri Kaushal Vikas Yojna 4.0 to start.
38. 30 skill India international center to be set up .
39. 47 lakh young people will get benefit under national apprenticeship training programs.
40. Credit Guarantee Fund For MSME Unit – 9000 Cr. (Taking Collateral free Loan)
41. 2 Lakh Crore – Loan Budget for MSME Unit
42. Certain amendment in banking regulation act.
43. For unclaimed divided , process to claim from investor protection fund will be eased .
44. Mahila Samman certificate deposit to start at 7.5 percent for 2 years
45. Maximum saving ceiling for senior citizen increased from 15 lakh to 30 lakh
46. GST Exemption on Blended CNG/CBG (Compress Bio Gas Project)
47. During 23-24 : 27.2 lakh crore receipt is expected to govt account.
48. 5.9 percent deficit is expected during 23-24.
49. Custom duty waive on purchase of imported CBG plant and machinery.
50. Custom duty reduces on camera lens and TV parts to promote manufacturing in India.
51. Custom duty increased on chimani for electric kitchen from 7.5 percent to 15 percent.
52. Common IT Return Form – Easy to File ITR
53. Major Tax Relief – No Tax up to 7.00 Lacs
54. MSME and professional are allowed on presumptive taxation.
55. Start up income tax benefit extended to 31.3.24
56. Start up period for change in shareholding increased form 7 years to 10 years .
57. TDS limit of 10000/- removed for online games .
58. Personal income tax: Rebate increased to 7 lakhs in new tax regime.
New slab Rates-
- 0 to 3 lakh : NIL
- 3 to 6 lakh : 5 percent
- 6 to 9 lakh : 10 percent
- 9 lakh to 12 lakh : 15 percent
- 12 lakh to 15 : 20 percent
- Above 15 lakh : tax rate 30 percent
59. New regime will be default regime of taxation, however old scheme can be availed on request base.
60. Limit under section 44 ad for MSME Business has been increased to 3 crore from earlier 2 crore.
61. 44 ADA limit for professionals increased from 50 lakh earlier to 75 lakh.
62. Ceiling for investment up to rupees 10 crore under section 54 and 54F of income tax act inserted.
63. Low income tax rate on Cooperative societies which incorporates after on or after 1.4.23 and starts business on or before 1.4.24 , tax applicable 15 percent on such manufacturing units.
64. Tax on online games a new section 115bbj inserted , winning from games will be charged at rate of 30 percent tax.
65. Any transfer of capital asset being conversion of gold into electronic gold receipt issued by a vault manager or conversion of electronic gold receipt into gold. Any capital gain arises on such exchange will not be considered as capital gain and thus a new point for saving capital gain.
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