Budget 2023: Know the key features of the first budget of ‘Amrit Kaal’
Budget 2023: Here are important features which will impact middle class
Union Budget 2023: The first budget of ‘Amrit Kaal’ has been tabled in the parliament. This was finance minister Nirmala Sitharaman’s first and last total budget ahead of 224 Lok Sabha polls. Experts said this is the most ambitious budget of Sitharaman in the last five years.
What is Amrit Kaal?
The Finance Minister mentioned Amrit Kaal while presenting Budget 2023. For the unversed, the PM said Amrit Kaal many times in his Independence Day speeches. But only some know what it actually means?
Amrit Kaal is a Vedic astrology term which signifies the perfect time to start a new venture. This is the time when more significance can be achieved with reasonable efforts. In his speeches, PM Modi kept emphasising the nation’s aspirational youth. He also stated how India’s youth always want to go for more during their lifetime and want to get better facilities and resources.
The PM urged the youth to dedicate the next 25 years to the nation’s development as the next silver years are crucial for the country’s 130 crore population.
He termed it as the beginning of the Amrit Kaal. The motive of repeatedly mentioning the term PM and FM signifies their faith in the younger generation and says they can achieve all the dreams that the nation has seen.
The government describes Amrit Kaal as the 25 years culminating in the centenary of India’s independence.
Seven priorities of the government
This budget reflects seven priorities of the government:
- Inclusive development
- Reaching the last mile,
- Infrastructure and investment,
- Unleashing the potential,
- Green growth,
- Youth power
- Financial sector
Income Tax slab rates 2023-24
The Finance Minister has reduced the number of tax slabs to 5 and increased the tax exemption limit to 3 lakhs. Here are Income Tax slab rates for the years 2023-24.
- Up to ₹3 lakh – 0% tax.
- Between ₹ 3 and 6 lakh – 5% tax.
- Between ₹ 6 and 9 lakh – 10% tax.
- Between ₹ 9 lakh and Rs 12 lakh – 15% tax.
- Between ₹ 12 lakh and Rs 15 lakh – 20% tax.
- Above ₹15 lakhs above – 30% tax.
- FM Sitharaman announced an increase in the income tax rebate limit from ₹5 lakhs to ₹7 lakhs stating that the new tax regime will now be the default tax regime.
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What becomes Costlier or Cheaper?
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Here are the things that have been costlier or cheaper after the introduction of Union Budget 2023.
Read More: Budget 2023 Live: Know the top highlights of the budget
- Basic customs duty on glycerin and crude oil was reduced to 2.5%.
- Import duty increased for silver bars affecting the price of platinum and gold as well.
- Extend customs duty cut on imported mobile phones parts by a year.
- Customs duty on open cells of TV panels was reduced to 2.5%.
- Government to reduce basic customs duty on seeds used to manufacture lab-grown diamonds.
- Customs duty on shrimp feed to promote exports was reduced.
- Cigarettes burn your pockets and become 16% costlier.
- Basic import duty on compounded rubber increased from 10% to 25 %.
- Customs duty on electric kitchen chimneys increased to 15 % from 7.5 %.
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