Key takeaways:
- India budget 2023: On Wednesday, Union Finance Minister Nirmala Sitharaman introduced the Union Budget 2023, the fifth of Modi 2.0.
Union Finance Minister Nirmala Sitharaman today introduced the India Budget 2023, the fifth of Modi 2.0, on Wednesday.
India budget 2023: capex gets a booster
In the previous full-fledged Budget before the general elections next year, Nirmala Sitharaman stated that the Indian economy is on the right track and running towards an optimistic future.
In growth to taxpayers and the economy, Sitharaman revealed significant modifications in tax slabs under the new tax administration and a substantial increase in railways and capital expenditure.
Here are pivotal highlights of India Budget 2023:
Income Tax payers:
- No modifications in the old tax regime
- New tax regime to become the default tax power
- No tariff on paying up to Rs 7.5 lakh a year in the new tax rule
- Govt offers to facilitate the highest tax rate from 37% to 25% in the new tax authority
New slabs in the India Budget 2023 under the latest tax authorities
Rs 0-3 lakh: Nil
Rs 3-6 lakhs: 5%
Rs 6-9 lakhs: 10%
Rs 9-12 lakhs: 15%
Rs 12-15 lakhs: 20%
* Govt offers to restrict deductions from capital returns on investments in residential houses to Rs 10 crore
* A person with an annual revenue of Rs 9 lakh will have to pay just Rs 45,000 in taxes: FM Sitharaman
* Earnings of Rs 15 lakh will bring a Rs 1.5 lakh surcharge, down from Rs 1.87 lakh
* A Rs 50,000 standard lessening to taxpayers has been offered under the new regime
* Payment accepted from Agniveer Corpus Fund by Agniveers to be exempted
* For online plays, govt offers to provide for TDS and taxability on net victories at the time of withdrawal or the end of fiscal
* Completely imported luxury cars and EVs cost more as govt boosts customs duty from 60% to 70% in the Budget.
* Tax exemption on leave encashment on the retirement of non-government salaried workers soared to Rs 25 lakh from Rs 3 lakh.
What gets more affordable and what get more expensive:
Cheaper
Cell phones
Televisions
Lab-grown diamonds
Shrimp feed
Goods for lithium-ion batteries
Raw articles for the EV industry
More expensive:
Cigarettes
Silver
Compounded rubber
Fake Jewellery
Goods made from gold bars
Imported bikes and playthings
Imported kitchen electric things
Imported luxury automobiles and EVs
Indirect Surcharges:
* 16% tax increase on some cigarettes
* New cooperatives that start producing in March 2024 to get a lower tax rate of 15%
* Essential customs duty on natural glycerine lowered to 2.5%.
* Import duty on silver bars soared to align it with gold, platinum
* Advance customs duty cut on imports of articles of mobile phones by one year
* To encourage TV manufacturing, customs duty on open cells of Television panels was lowered to 2.5%
* Relief on Customs Duty on import of certain features & inputs like a camera lens
* Concessional tax on lithium-ion cells for batteries raised for another year
* Number of primary custom duty rates on articles other than materials and agriculture was lowered from 21 to 13. As a result, there are little differences in surcharges on some things, toys, bikes, and cars.
