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03 February 2023

Budget 2023 Key Updates

For those opting for the new tax structure, the budget reduced their tax burden. The amount that can be deducted from capital gains on investments in residential properties under sections 54 and 54F Income Tax 1961. has also been suggested by the government to be capped at Rs. 10 crore.

Limiting the income tax exemption from proceeds of insurance plans with very high value is another suggestion with a similar goal.

Highlights of the Budget for 2023

What do the Seven Priorities, or "Saptrishi," Mean?

Many groups have benefited from the government's Sabka Saath Sabka Vikas strategy, including women, SC, ST, OBC, and other disadvantaged groups.

1. Inclusive development

Many groups have benefited from the government's Sabka Saath Sabka Vikas strategy, including women, SC, ST, OBC, and other disadvantaged groups.

2. Reaching the last mile

We just introduced the Aspirational Blocks initiative, encompassing 500 blocks for saturation of government services, building on the tremendous success of the Aspirational District programme.

3. Infrastructure and investment

An abrupt 33% increase in capital spending will bring it to Rs 10 lakh crore, or 3.3% of GDP.

4. Unleashing the potential

A national data governance policy will be proposed, allowing startups and academic institutions to access anonymized data to spur innovation and research.

5. Financial sector

By injecting Rs 9,000 crore into the corpus, the refurbishment projects will go into action as of 2023.

6. Green growth

To promote the energy transition, the net zero goal, and energy security, the Ministry of Petroleum and Natural Gas will invest Rs 35,000 crore in capital projects.

7. Youth power

Thousands of young people will be trained through the PM Kaushal Vikas Yojana 4.0. The programme will offer new age courses.

Union Budget 2023 Highlights: Cheaper and Expensive

Aircraft, including aeroplanes; unwrought or semi-manufactured types of gold (including gold coated with platinum) or gold in powder form; base metals or silver that has been semi-manufactured or clad with gold; rubber pneumatic tyres of the type used on heading-specific aircraft, either new or retreaded;Platinum in powder, semi-manufactured, or unwrought form; Abandoned precious metals, as well as a number of aquaculture inputs; parts for TVs and cameras.

Which imports are more expensive ?

Vehicles (including electric vehicles), Silver Dore, Naphtha, Styrene, Vinyl Chloride Monomer, compounded rubber, articles made of precious metals, imitation jewellery, electric kitchen chimneys, bicycles, toys and toys' parts, as well as toys and parts of toys, as well as toys and toys' parts (other than parts of electronic toys).

What Budget 2023 says about MSMEs

The revamp schemes will take effect from 2023 through an infusion of Rs 9,000 crore in the corpus.

This will enable another collateral-free credit of Rs 2 EL aot gel gm.

Further the cost of credit will be reduced by around 1%.

Budget 2023 Highlights: New budget tax slab

The number of income slabs has been reduced to six under the new personal tax system. The government has also raised the tax exemption limits for certain of these groups.

0-3 Lakh	nil
3-6 Lakh	5 %
6-9 Lakh	10 %
9-12 Lakh	15 %
12-15 Lakh	20 %
Above 15 Lakh	30%

Taxes for individuals making Rs 9 lakh or less per year will only total Rs 45,000. That amounts to 5% of their income or a 25% decrease from the Rs 60,000 they were previously paying.