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Details on Budget 2023
Finance Minister Nirmala Sitharaman on February 1, presented Budget 2023, unveiling an income tax bonanza a year before elections. The biggest being that from now on, the new regime would apply by default to all taxpayers.
The Government's main priority remains to foster a stable and inclusive financial landscape, Sitharaman said. The government has raised capital expenditure, shown fiscal prudence and declared the new personal income tax regime as default.
With greater emphasis on the rural sector, social sector schemes, infrastructure creation, and the middle-income group the budget proved to be more prudent than populist.
The budget has created a sense of optimism with the economy expected to grow at 7% in FY2023 amidst the rest of the world staring at a recession.
Here are the biggest announcements
Macro Expectations
Capex hiked 33%
Rs 10 lakh crore capital investment, a steep hike of 33 per cent for third year in a row, to enhance growth potential and job creation, crowd-in private investments, and provide a cushion against global headwinds.
Railway sees highest-ever boost
The Indian Railways has been allocated a capital outlay of Rs 2.4 lakh crore in the Union Budget 2023-24. This is the highest ever allocation to the national transporter and continues on the trend followed last year with a gross budgetary support of Rs 1.37 lakh crore in fiscal 2022-23.
Tax Changes
What got cheaper?
What got more expensive?
The Government's main priority remains to foster a stable and inclusive financial landscape, Sitharaman said. The government has raised capital expenditure, shown fiscal prudence and declared the new personal income tax regime as default.
With greater emphasis on the rural sector, social sector schemes, infrastructure creation, and the middle-income group the budget proved to be more prudent than populist.
The budget has created a sense of optimism with the economy expected to grow at 7% in FY2023 amidst the rest of the world staring at a recession.
Here are the biggest announcements
Macro Expectations
- Nominal GDP for 2023-24, which includes real GDP and inflation, estimated to grow 10.5% year-on-year to Rs 301.75 lakh crore ($3.69 trillion) in FY24
- India's will target a budget deficit of 5.9% of GDP for 2023-24 compared with 6.4% for the current fiscal year
- Aims to achieve a fiscal deficit of 4.5% of GDP by 2025-26
- India is expecting 6-6.8% economic growth in 2023-24, slightly lower than the 7% expected in the current fiscal year
Capex hiked 33%
Rs 10 lakh crore capital investment, a steep hike of 33 per cent for third year in a row, to enhance growth potential and job creation, crowd-in private investments, and provide a cushion against global headwinds.
Railway sees highest-ever boost
The Indian Railways has been allocated a capital outlay of Rs 2.4 lakh crore in the Union Budget 2023-24. This is the highest ever allocation to the national transporter and continues on the trend followed last year with a gross budgetary support of Rs 1.37 lakh crore in fiscal 2022-23.
Tax Changes
- New Income tax regime will now be the default regime; old one remains
- Under the new regime, income of up to Rs 7 lakh is now eligible for tax rebate
- Basic exemption limit has been hiked to Rs 3 lakh from Rs 2.5, under new regime
- Slabs under the new income tax regime tweaked
What got cheaper?
- Duty cut on the import of certain inputs for mobile phone manufacturing
- Customs duty on parts of open cells of TV panels has been cut to 2.5%
- Customs duty on shrimp feed to be reduced to promote exports
- Basic customs duty on seeds used in the manufacturing of lab-grow diamonds to be cut
What got more expensive?
- Taxes on cigarettes hiked by 16%, a hike after nearly 3 years
- Basic customs duty hiked on articles made out of gold bars
- Customs duty on kitchen electric chimney raised to 15% from 7.5%
- Basic import duty on compounded rubber increased from 10% to 25%
- Fully imported luxury cars and EVs to cost more as govt raises custom duty from 60% to 70%