Union Budget 2023: Salient Points

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New Tax regime a default; however it will have option to choose old regime
New income tax regime: Rs 3-6 lakh at 9% tax
New income tax regime: Rs 6-9 lakh at 10%
New income tax regime: Rs 9-12 lakh at 15% tax
New income tax regime: Rs 12-15 lakh at 20% tax
New income tax regime: Rs 15 lakh plus at 30% tax
Tax exemption upto 7lk/yr is under new tax regime
FM proposed increasing tax exemption upto Rs 7lk/yr from 5lk/yr
Deploy 100 joint commissioners for disposing of small appeals
Extend income tax benefit availing date for start-ups
Will allow benefits of Rs 10,000 cr for Sugar Co-operatives
16% increase in NCCD on certain cigarettes
Customs duty exemption on manufacturing of CRGO Steel, Ferrous scrap will continue
To reduce customs duty on open cells of TV panels to 2.5%
50 year interest free loans to states have to be spent on capex by 2024
Outlay of Rs 20,700 for renewable energy plan in Ladakh
Mahila Sanman Saving Certificate will be made available for 2 yrs
Mahila Sanman Saving Certificate will have deposit facility up to Rs 2 lakh at 7.5% fixed int rate
Will allow acquisitionn financing by foreign bank IFSC units
Will encourage 1 cr farmers to adopt natural farming
Battery energy storage W/400 MWh capacity will be supported w/viability gap funding
Coastal shipping will be promoted with VGF for people & freight movement
Replacing old polluting vehicles via scrapping a key policy
30 skill India International Centres will be set up
Rs 9000 cr corpus for revamped for credit guarantee scheme
Revamped Credit Guarantee Scheme will be effective April 1, 2023
New Skill India centres: 30 Skill India international centres will be set up across states
50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism
Will bring in National Data Governance policy
PAN will be used as a common identifier for all digital systems of specified Govt agencies
MSMEs to get 95% of forfeited amount for contract failure during Covid-19
Rs 7000 cr outlay for 3rd phase of e-courts
Will set up 100 labs to develop 5G applications
Lab grown diamonds production to be encouraged via grant to an IIT
Focus on green growth – Target to reach green hydrogen production of 5 MMT by 2030. Rs 35,000 crore allocated towards achieving net zero goal & energy transition
47.8 crore Jan Dhan accounts opened: FM
157 nursing colleges to be set up
9.6 cr LPG connections, 220 cr Covid vax for 102 cr people given, 47.8 cr JanDhan accounts opened
Govt to launch a Rs 2,200 crore Aatmanirbhar clean plan programme
Millets, artisans, agri credit, micro entrepreneurs, small farmers -focus areas of the budget speech so far.
Agriculture credit target expanded to Rs 20 lakh crore.
Decentralized storage capacity will be set up that will help farmers store their produce.
The outlay for PM Azaz Yojana is being increased by 66% to over Rs 79,000 crore
In next 3 years, government will employ 38,800 teachers and support staff for 740 Eklavya model schools supporting tribal students
National digital library for children and adolescents will be set up for facilitating quality books
Railways capex outlay of 2.40 lakh crore, highest ever; 9x of what was in 2013
PM Awas Yojana outlay hiked by 66 pc to Rs 79,000 cr
Govt to provide Rs 5,300 cr assistance to drought-prone central region of Karnataka
Three centres of excellence for artificial intelligence to enable ‘Make AI for India’ and ‘Make AI work for India’
National Data Governance policy will be introduced which will enable access to anonymised data
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

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