After presenting the government’s last budget before the General Assembly Elections, Finance Minister Nirmala Sitharaman will conduct Budget briefings with all BJP MPs in Parliament on Friday.
It is worth noting that all the Rajya Sabha and Lok Sabha MPs will attend the session.
The talk of the town is Budget 2023, which the Minister for Finance presented on Wednesday. With many economists and field experts claiming that the budget is populist and the one that will boost the economy, the opposition wants to call it a budget that ignores the poor, the unemployed and the weakest part of the society .
In its last budget before the Assembly elections, the Modi government introduced changes in the tax structure. The government made some significant reforms to the new tax structure. The tax rebate limit was increased to ₹7 lakh in the new tax structure. Although he stayed ₹5 lakh in the old tax system. The Minister for Finance also announced that the new tax structure will be the default system this financial year.
The tax exempt limit has been increased to ₹3 lakh in the new tax regime, but he stayed ₹2.5 lakh in the old tax structure. Apart from making changes to the structure and minimum threshold, the government also added 87A benefit and standard deduction to the new tax system.
In addition to the introduction of changes to the tax structure, the government also announced a significant amount ₹10 lakh crore in capital expenditure for FY23. Capex funding rose by 33 percent this year.
Talking about the government’s fiscal deficit target for FY23, Finance Minister Nirmala Sitharaman set the limit at 5.9% of GDP. Also, the funding for Indian Railways was increased by 2.4 lakh crore. The Finance Minister tried to summarize the entire budget under seven main priorities which were called ‘Saptarishi’. Later, most of the government schemes and policies were presented there by combining them with these priorities.
Milestone Alert!Livemint tops the charts as the fastest growing news website in the world 🌏 Click here for more information.
Get all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download the Mint News App for Daily Market Updates.
Less
Updated: 02 February 2023, 08:53 PM IST
Denial of responsibility! vismuseum.org.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – at loginhelponline@gmail.com The content will be deleted within 24 hours.