Important details of the 2023 Modi Budget

Thinks which matter for general public from Budget 2023

Important details of the 2023 Modi Budget

Full Budget 2023 - 2024 Speech here | Budget at a Glance

The Modi government's goals in the coming fiscal year are clearly the construction of roads, motorways, and railway lines, as this year's budget continues to place a premium on increasing capital expenditures. In order to encourage those in the middle class to switch to the new income tax system, the government has made several concessions to the system. Following the Budget's fiscal deficit road map with a target of 5.9% in FY 24 and maintaining the current year's aim, the FM stayed on course.

Which is becoming cheaper?

  • Transportation by aeroplanes and other flying machines; 
  • Unworked, semi-manufactured, or powdered gold (including gold plated with platinum); 
  • Silver or copper with a gold plating that hasn't been refined any farther than plating; 
  • Tires made of rubber that utilise pneumatic technology and are either brand new or retreaded for use on aircraft; 
  • Platinum in its raw, intermediate, or powdered state; 
  • Several aquaculture inputs; precious metal or precious metal-clad scrap; 
  • There are a few cameras and TVs in here.

The most expensive imported goods include

  • automobile (including hybrids and plug-in hybrids); 
  • Items such as silver dore, naphtha, styrene, vinyl chloride monomer, compound rubber, imitation jewellery, 
  • an electric kitchen chimney, bicycles, toys, and parts of toys are not allowed (other than parts of electronic toys)

The Key Features of the 2023 Budget: A New Tax Rate

The new personal tax system has a total of six income brackets, down from the previous seven. The deductible amounts for some of these categories have also been raised by the government.

  • zero to three million to zero
  • 3-6 lakh -5%
  • 6-9 lakh - 10%
  • 9-12 lakh-15%
  • 12-15 lakh -20%
  • Over $15,000,000: 30%

A taxpayer with an annual salary of Rs 9 lakh will pay just Rs 45,000. That's a drop of 25% from their previous payment of Rs 60,000, which is equivalent to 5% of their income.