Budget 2023-24
The Union Budget 2023-24 PDF is presented by Finance Minister Nirmala Sitharaman in the parliament on 1st Feb 2023. Under this budget. The Finance Minister said that the efforts of the government since 2014 have improved the lives of all citizens.
The income tax rebate limit in the new regime has been increased from Rs 5 lakh to Rs 7 lakh. The new tax regime will now be the default tax regime. The FM also reduced the number of tax slabs in the new tax regime. Capital investment outlay has been increased by 33 per cent to Rs 10 lakh crore, which will account for 3.3 percent of the GDP. The 50-year interest-free loan to state governments will continue for a year more. Rs 2.40 lakh crore has been allocated for Indian Railways, which the FM said is the highest ever.
Union Budget 2023-24 Highlights
- The government announced an 11% hike in agriculture credit target to Rs 20 lakh crore for the next fiscal year.
- The government has also announced to provision of a 2% interest subsidy to ensure farmers get short-term loans of up to Rs 3 lakh at an effective rate of 7% per annum.
- The RBI has decided to raise the limit for collateral-free agriculture loans from the previous amount of Rs 1 lakh to Rs 1.6 lakh.
Budget 2023 Highlights New Budget Tax Slab
Under the new personal tax regime, Eight income slabs have been reduced to six. The government has also increased the tax exemption limits in some of these categories.
| Income | Tax |
| 0-3 lakh- | nil |
| 3-6 lakh – | 5% |
| 6-9 lakh – | 10% |
| 9-12 lakh- | 15% |
| 12-15 lakh – | 20% |
| Above 15 lakh – | 30% |
People who are earning an income of Rs 9 lakh a year will have to pay only Rs 45,000 a year as tax. That is 5% of their income or a reduction of 25 percent from the Rs 60,000 they were paying earlier.
- Digital payments rose 76% in the transaction and 91% in value terms in 2022
- 7,400 crore digital payments of Rs 126 lakh crore through UPI in 2022.
- Fiscal support for digital public infrastructure (DPI) will continue in 2023-2024
- The scope of documents available in DigiLocker for individuals will be expanded
- An entity DigiLocker will be set up for use by MSMEs and large businesses
- PM VIKAS scheme will now include access to digital payments and social security.
- Subsidy for UPI is expected to jump two-fold to Rs 2,137 crore in FY23 over the previous fiscal.
- Allocation for digital payments promotion remains stagnant at Rs 1500 crore for the last three years
You can download the Budget 2023-24 PDF using the link given below.
