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Budget 2023: Nirmala Sitharaman presents the Union Budget today
New Delhi:
Union finance minister Nirmala Sitharaman announced a big ticket budget ahead of next year’s general elections which included huge capital outlay in infrastructure and agri sectors and reworked tax slabs in a massive relief to the middle class.
Here’s your 10-point cheatsheet on Budget 2023
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In a big push for income tax relief ahead of an election year, the government has simplified the slabs in the new tax regime. While there will be no tax on income on upto Rs 7 lakh a year — up from Rs 5 lakh — the country’s topmost tax bracket has been brought down from 42.74 per cent to 39 per cent, Union finance minister Nirmala Sitharaman said,
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There will be five slabs now instead of six in the new tax regime, which will be the default system. Taxable income of Rs 0-3 lakh (after all exemptions) will be nil, 5 per cent tax on Rs 3-6 lakh; 10 per cent on Rs 6-9 lakh; 15 per cent on 9-12 lakh; 20 per cent on 12-15 lakh and 30 per cent above that.
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For senior citizens, investment cap for the Monthly Income Scheme and Senior Citizens’ Saving Scheme have been raised.
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The government has outlined seven priority areas in the last complete budget before next year’s general elections. The areas, Ms Sitharaman said, are “inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector”.
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In the next fiscal, capital investment outlay will be raised by 33% to Rs 10 lakh crore — which would be 3.3 per cent of the GDP in 2023-2024 fiscal, the finance minister said.
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The agricultural credit target has been increased to Rs 20 lakh crore and in another populist measure, allocation for PM Awas Yojna increased by 66 per cent to over Rs 79,000 crore.
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For the railways, the minister has announced an outlay of Rs 2.4 lakh crore — the highest in almost a decade and four times the last year’s budget. “This is about nine times the outlay made in 2013-14,” she said, comparing it with the last year of the Congress-led UPA governance.
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For ease of business and to settle commercial disputes, the government will bring another dispute resolution scheme under Vivad Se Vishwas-2. There will be a one-stop solution for reconciliation of IDs maintained by various government agencies, the minister said. PAN will be used as common identifier for all digital systems of specified government agencies.
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With a focus on switching to green fuel, the government is targeting 5 MT of Green Hydrogen production by 2030, Ms Sitharaman said.
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The fiscal deficit target of 6.4 per cent will be retained in the revised estimate for the current fiscal. For the next fiscal 2023-2024, it will be cut down to 5.9 per cent of the GDP, Ms Sitharaman said.
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