Today, Nirmala Sitharaman, the finance minister, unveiled her sixth consecutive budget. Additionally, this was the final full budget of the Modi 2.0 administration prior to the 2024 legislative elections.
As per Finance Minister Nirmala Sitharaman, India will lose Rs. 35,000 crores in net tax collection as a result of changes made to direct and indirect taxes in the Union Budget to help people with middle-class incomes.
Parliament has heard the presentation of the Union Budget 2023 by Finance Minister Nirmala Sitharaman. Big benefits under the revised income tax system and a significant push toward capex are two of the most important lessons learned. Equity indices Sensex and Nifty increased in value during the Budget presentation in the early session.
The new government has raised the income tax deduction cap from Rs. 5 lakh to Rs. 7 lakh. The new tax system will now be used by default. Additionally, the FM decreased the number of tax slabs under the new tax system (Read this for more details).
The amount allocated for capital investments has increased by 33% to Rs 10 lakhs, or 3.3% of the GDP. There will be one more year of the state government’s 50-year, interest-free loan. The FM said that the amount allotted to Indian Railways, Rs 2.40 lakh crore, is the biggest amount ever.
