The Union Budget 2023 was delivered today by Finance Minister Nirmala Sitharaman. This is the final Modi 2.0 budget before the general elections of 2024. She stated during her address that this is the "AmritKaal's" first budget. According to her, the budget for 2023 aims to expand upon the groundwork laid down in the previous budget and the strategy for India at 100.

The default tax system is now the new one. In order to increase the appeal of the voluntary tax system, the government has implemented a number of measures while forgoing revenue.

This year, the tax portal handled more than 6.54 crore returns; the average processing time, which in FY13–14 was 93 days, is now 16 days, and 45 percent of returns are processed within 24 hours.

National calamity contingent duty increased by 16% on specified cigarettes. According to FM, the price of cigarettes will increase.

The highest rate under the new system is currently 42.74% income tax. In the new tax system, the FM has suggested lowering the highest surcharge from 37% to 25%, with a maximum rate of 39%.

0-3 lakh- nil

3-6 lakh -5%

6-9 lakh - 10%

9-12 lakh-15%

12-15 lakh -20%

Above 15 lakh - 30%

Ø The government's "Green Growth" priority sector is primarily driven by green hydrogen, clean energy storage, and transportation.

Ø Viability gap funds will be used to assist energy storage systems for batteries with a 4,000 MWh capacity.

Ø Additionally, a thorough foundation for pumped storage will be developed.

Ø A total of Rs 20,700 crore, including Rs 8,300 crore in Central funding, will be spent on building the interstate transmission system for the evacuation and grid integration of 13 GW of renewable energy from Ladakh.

Ø Under the Environmental Protection Act, a green credit programme to promote behavioural change will be announced.

Ø India's production of mobile phones surged from 5.8 billion crore units worth at roughly Rs 18,900 crore in 2014–15 to 31 crore units valued at Rs 2, 75,000 crore in the most recent fiscal year.

Ø A one-year extension of the reduction in customs taxes on the import of certain mobile phone components, such as camera lenses and batteries.

Government digital certificate depository Digilocker's services would be expanded for the fintech industry, as announced by FM Nirmala Sitharaman.

Digital services, the PM Jan DhanYojana, Indian Stack, and UPI have all helped the fintech sector thrive, according to Sitharaman. "Documentation availability will be the focus for the DigitLocker expansion for the fintech sector," she further stated.

The number of income slabs has been lowered from six to six under the new personal tax system. The government has also raised the thresholds for certain of these groups' tax exemptions.

0-3 lakh- nil

3-6 lakh -5%

6-9 lakh - 10%

9-12 lakh-15%

12-15 lakh -20%

Above 15 lakh - 30%

Taxes for individuals making Rs 9 lakh or less per year will only total Rs 45,000. That amounts to 5% of their income or a 25% decrease from the Rs 60,000 they were previously paying.

Ø The Union budget for FY24 includes Rs 89,155 crore for the Union Ministry of Health and Family Welfare, an increase of just 12% from the FY 23 revised budget projection.

Ø The department of health and family welfare has been given a budget of Rs 86,175 crore, while the department of health research has been given a budget of Rs 2,980 crore.

Ø The current fiscal year's budget for the department of health and family welfare is Rs 76,370 while the department of health research was allocated Rs 2,775 crore.

Ø FY24 food subsidy seen at 1.97 lakh crore

Ø FY24 fertilizer subsidy seen at 1.75 lakh crore

Ø FY24 divestment target at Rs 51000 crore

Ø FY23 growth estimated at 7%

Ø FY23 divestment target revised to Rs 50,000 crore

Ø FY24 capital expenditure proposed at Rs 10 lkcr, up 33%

Ø Agri credit target increased to Rs 20 lkcr

Ø To spend Rs 2200 crore for high value horticulture

Ø FM raises PM AwasYojana outlay by 66% to Rs 79,000 crore

Ø Plan to spend Rs. 15000 Cr over three years to support disadvantaged tribal groups

Ø 3rd phase of the e-courts' budgetedatRs 7000 crore.

Ø An investment of Rs 35000 crore is proposed on energy security and energy transition.

Ø 5MMT of output is the target for the Green Hydrogen Mission by 2030.

Ø A benefit of Rs 10,000 crore will go to sugar cooperatives.

Ø Compound rubber import taxes increased from 10% to 25%.

Ø Cigarettes' disaster-related taxes have increased by 16%

After the Union Budget 2023–24 address by Finance Minister Nirmala Sitharaman, Prime Minister Narendra Modi praised it as "AmritKaal's first budget" and said it "provides a foundation to fulfil resolve for a developed India." He continued by saying that the Budget prioritises the underprivileged and would materialise the hopes of the aspirational society, farmers, and the middle class.

The budget broadly incorporates the following seven priorities: financial sector, youth power, infrastructure and investment, unleashing potential, and inclusive development.Due to the coexistence of the old tax regime and the new income tax regime, taxpayers may pick the regime of their choice.

The reduction in personal tax for the hardworking salaried class is one of the Budget's biggest benefits this year. Due to the decreased tax burden, their purchasing power will improve, enabling them to spend on items like consumer durables and two-wheelers, which continue to be the foundation of this digital economy.