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Budget 2023: Custom duty on cigarettes increased,Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime

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Batori24 Bureau
Batori24 Bureau
Batori24 is a Vernacular based Assamese news portal based in Guwahati Assam. We are a dedicated news channel covering news and stories across the globe with special reference to Assam, north-east along with National and International news.

Budget 2023: Nirmala Sitharaman, the Finance Minister, is now presenting the Union Budget 2023 in Parliament. This is the government’s final full-fledged budget before the Lok Sabha elections in early 2024. Sitharaman began by referring to this as the “first Budget of Amrit Kaal” and a blueprint for India at 100. She stated that her Budget will include seven priorities, which she referred to as the “Saptarishis” guiding her outlook.

 

The overall budget for the Pradhan Mantri Awas Yojana, or “housing for all,” has been increased by 66% for fiscal 2024. The government has increased housing spending for fiscal year 2024 to more than Rs 79,000 crore, a 66% increase over the previous fiscal, Finance Minister Nirmala Sitharaman said while presenting Budget 2023.

 

Finance Minister Nirmala Sitharaman stated that the revised fiscal deficit is 6.4% of GDP, with a fixed fiscal deficit target of 5.9% for 2023-24.

FM Nirmala Sitharaman announced that the PM Awas Yojana budget has been increased by 66% to over Rs 79,000 crores.

Also Read: Budget 2023:Sitharaman announces package for “Vishwakarma” artisans, 50 additional airports

Budget 2023 by Nirmala Sitharaman Highlights:

  • The FM has announced an outlay of Rs 35,000 crore for energy transition investment.
  • The government will provide viability gap funding to help set up 4,000 MWH of battery storage capacity in India. The goal is to reach 5 million tonnes of green hydrogen production by 2030.
    The Environment Protection Act will also be used to notify a green credit programme, according to FM.
  • Average processing time for income tax returns reduced from 93 days to 16 days. The government intends to roll out next-gen common IT Return forms and strengthen grievance redressal mechanism.
  • 100 critical transport infrastructure projects for last and first mile connectivity for ports, coal, steel, fertilizer and food grain sectors to be taken up on priority with investment of Rs. 75000 crores, including Rs. 15000 crores from pvt. sources
  • Finance Minister Nirmala Sitharaman has announced the ‘Mahila Samman Saving Certificate,’ a one-time small savings scheme. It will be available for a period of two years. The interest rate has been set at 7.5% per year.
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