Union Budget 2023: Key Announcements

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  1. The government made a cash transfer of INR 2.2 lakh crore under the PM-KISAN scheme.
  2. The focus of the government is on achieving a knowledge-driven economy.
  3. The price of cigarettes will increase.
  4. Customs on kitchen chimneys will decrease.
  5. A Center of Excellence for Millets will be established to increase the share of gross sown area under millets.
  6. The allocation for the Pradhan Mantri Awaas Yojana has risen 66% to INR 79,000 crore.
  7. Adequate funding has been provided for scrapping old government vehicles and ambulances.
  8. The income tax rebate limit has been increased up to INR 7 lakh.
  9. The processing period for income tax returns has been reduced by 16 days.
  10. New income tax return forms have been introduced for easier filing.
  11. New cooperative societies will benefit from a lower tax rate of 15%.
  12. There will be no tax on incomes up to INR 3 lakh and a 5% tax rate on incomes between INR 3-6 lakh.
  13. A 30% tax rate will be applied to incomes above INR 15 lakh, as announced by FM Nirmala Sitharaman.
  14. The stock markets have responded positively to the budget, with the BSE Sensex rising over 1,000 points and the NSE Nifty up 258 points.
  15. The highest surcharge rate has been reduced from 37% to 25%.