Budget Live Updates
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Custom Duty on good to go down except Textile and Agri Reduce number of basic customs duty rates from 21% to 13% Tax exemption on capital goods and Lithium batteries
Revised estimate for 2022-23 fiscal deficit at 5.9% of GDP, says FM
100 labs for developing apps using 5G services will be set up in engineering institutions. To realise new range of opportunities, business models and employment potential, labs will cover among others, apps like Smart Classrooms, Precision Farming, Intelligent Transports Systems and Healthcare
Single window for registration of SEZ, GSTN, IFSC
Over the next 3 years, one crore farmers will get assistance to adopt natural farming. 10,000 bio input resource centres will be set up, says FM
All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode
Three centres of excellence for artificial intelligence to enable 'Make AI for India' and 'Make AI work for India', says FM
"More than 39,000 compliances have been reduced and more than 3,400 legal provisions have been de-criminalised to improve ease of doing business"
Capital investment outlay is being increased steeply for third year in a row to Rs 10 lakh crore. The increased capital outlay for infrastructure to crowd in private investment, says FM
50-year interest free loans will continue for states, announces Sitharaman in Budget speech
The government has enhanced capital expenditure (capex) outlay by 33% to Rs 10 lakh crore which would be 3.3% of GDP. The amount is almost 3 times the outlay that was made by the government in 2020, says finance minister.
Digital public Infra will be utilised as a farmer centric solutions
Sensex surges 600 points and tops 60,000 while Nifty is above 17,800
The government has not changed income tax rates this year.
Need parity between state and central government employees. Tax deduction on EPF for state government employees: Nirmala Sitharaman
New updated returns. Income Tax Department has made new roadmap. To correct errors by taxpayers, file updated returns within 2 years.
Capital expenditure raised by 35.40 per cent from ₹ 5.54 lakh crore to ₹ 7.50 lakh crore
68 per cent capital for procurement for defence will be for domestic industry.
PM Gati Shakti, inclusive development, energy transition and financing of investments.
All post offices to be linked with core banking solution to push financial inclusion.
Spectrum auction will be conducted to roll out 5G mobile services within 2022-23 by private firms.
One Class 1 TV channel to be launched to give supplementary education to children to make up for loss of formal education due to COVID-19.
Transliteration of land records in 8 languages will be rolled out
For urban capacity building, support will be provided to states - mass transit, planning help, etc.
E-passports using embedded chips and futuristic tech will be rolled out.
Digital payments have grown at rapid pace. Benefits of digital banking should reach every nook and corner. Taking forward this agenda, we will set up 75 digital banking units in 75 districts by scheduled commercial banks.
2 lakh Anganwadis to be upgraded with better facilities
Drone Shakti through various application centres for start-up that work on drone technology.
Credit guarantee trust for micro and small enterprises will be revamped with required infusion of funds. This will give ₹ 2 lakh crore more for MSMEs.
2,000 km under Kawach programme. 400 new generation Vande Bharat trains. 100 PM Gati Shakti cargo terminals
Rs 2.7 lakh crore direct payment of minimum support price for wheat and paddy
National Highways to be expanded by 25,000 km
PM Gati Shakti, inclusive development, productivity enhancement, energy transmission, climate action and financing of investment.
"We strive to provide necessary ecosystem for middle class. This Budget hopes to lay the foundation for Amrit Kal from India at 75 to India at 100," Ms Sitharaman said today.
"We are confident of withstanding challenges amid the COVID-19 pandemic": Nirmala Sitharaman
Finance Minister Nirmala Sitharaman has started the Budget speech.
Gross GST collection in January at record ₹ 1,40,986 crore, possible due to rapid economic recovery, says Finance Minister Nirmala Sitharaman.
- New Updated return - A new provision to allow taxpayers to file an updated return. Updated return can be filed within 2 years from the end of the relevant assessment year.
- Co-op Society - 15 % from 18%, reduction in surcharge too .
- Alternate minimum tax to be reduced to 15% for cooperative societies .
- Propose to increase tax deduction limit to 14% on employers contribution to NPS account of state govt employees .
- Tax incentives for startups to be incorporated until March 31, 2023 .
- Crypto tax at 30% - Tax on BITCOIN no set off on loss -Crypto profit give 30% to govt Loss you suffer fully no set off .
- Recipient to be taxed in case of gift of virtual digital asset: FM Sec 56 amended .
- Long term capital gains on listed equity share units subject to maximum surcharge at 15%. propose to cap transfer of long term capital gains at 15%.
- Corporate surcharge to be reduced from 12% to 7%.
Remarkable progress in GST but there were huge challenges, says Nirmala Sitharaman.
Surcharge on long-term capital gains capped at 15%
30% tax on digital asset transfer. Gifts of digital assets to be taxed as well. This includes any income from sale or acquisition of virtual and digital assets.
Tax rate for cooperative societies reduced to 15 per cent.
Digital currency will also lead to a more efficient and cheaper currency management system. It is therefore proposed to introduce digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022 and 2023
Effective capital expenditure of the government is estimated at Rs 10.68 lakh crores in 2022-23, about 4.1% of GDP
Optical fibre to be laid out in all villages by 2025
Implementation of Ken-Betwa rivers linking with estimated cost of ? 44, 605 crore to be taken up
PM development initiative for the northeast to fund infra and social development projects.
"For better farming, we will provide comprehensive package with state government coordination": Nirmala Sitharaman
Draft detailed project reports for five river water sharing projects have been finalized. Once consensus is reached among states, centre will support them for implementation.
Masterplan will encompass the seven engines of economic transformation PM Gatishakti masterplan for expressways will be formulated in next financial year Four multi-modal national parks contracts will be awarded in FY23.
Budget Live
Frequently Asked Questions on Budget
The Union 2023 budget will be presented on Wednesday, 1st Feb 2023.
The budget is a detailed planning allocation of the country's economic resources for the next financial year. As we have a huge impact on all sectors, the budget is adjusted according to the various services. Recommendations from all services are forwarded to the Treasury for their needs, which are also considered by the budget section.
The 2023 budget will be presented by the Honorable Finance Minister Nirmala Sitharaman before the Indian Parliament on 1 Feb 2023.
The interim budget is presented by the ruling government in the run-up to the financial year. Therefore, the current government cannot make strategic decisions in the full financial year when it may or may not have the power to govern. The final interim budget was introduced in 2019 by Finance Minister Piyush Goyal.