Finance Minister Nirmala Sitharaman Presents Union Budget: Details
The minimum limit of the Income-tax has been increased to Rs 7 Lakh from the previous Rs 5 Lakh.
NEW DELHI: The Union Budget for the financial year 2023-24 was tabled in the parliament today by the Finance Minister of India. The Budget Session of the Indian Parliament is going on and several key changes have been made to the union budget this year.
Televisions will become cheaper as the custom duty on parts of open cells of TV panels hse been decreased and the same can be said about artificial diamonds. Duties on shrimp feed and equipment for mobile phone manufacturers have been decreased to encourage production as well as exports.
Cigarettes will become costlier as the tax has been hiked by 16 %. Import duty on compounded rubber has been increased to 25% from 10% meaning a rise in the costs of all products using them. Customs duties have been increased on items made from gold bars and parts of electric chimneys for kitchens.
The latest budget stresses several key points and aims at the development and expansion of several sectors of the country. These include technology, agriculture and production. It also comes as a big relief for the lower middle class of the country as the minimum limit for the income tax slot has been increased by Rs 2 lakh to reach Rs 7 lakh meaning that people with less than Rs 700000 annually need not pay any income tax.
50 new helipads to encourage communication to even the most far-flung locations of the country have been announced by the government. 30 new skill development centres to enable the training of the youth of the country have also been announced alongside the announcement for more than 150 new nursing colleges in the country. . In order to encourage better services to be delivered at the grass root levels of the country, a corpus fund of Rs 9000 Cr has been allocated for the development of the MSME sector.
Limits for savings under the senior citizens' schemes have also been increased in this budget. A digital library to empower children and adolescents has also been announced by the finance minister. Also, a new fund has been created to enable the scrapping of old vehicles in the country. Steps have also been implemented to improve the education sector at the school level.