Year Ender 2023: Finance Minister Nirmala Sitharaman had changed a lot in the budget this year. In the year 2023, the Central Government has made many changes in the Budget.
Year Ender 2023: Finance Minister Nirmala Sitharaman had changed a lot in the budget this year. In the year 2023, the Central Government has made many changes in the Budget. A lot has changed from Income Tax Slab to Railway Budget. Along with this, the government started many special schemes for farmers, women and senior citizens. This time the government made many announcements in the budget keeping all sections in mind. Let us tell you what were the 10 major changes of this time’s budget-
New tax regime defaulted
The central government had made this change in the tax system. The Finance Ministry had made the new tax regime the default for taxpayers.
Income up to Rs 7 lakh is tax free.
Apart from this, under the new tax regime for 2023-24, no tax was to be paid on income up to Rs 7 lakh.
New tax slab was released –
>> No tax will be applicable on income up to Rs 3 lakh.
>> 5 percent tax rate is applicable on earnings between Rs 3 lakh to Rs 6 lakh.
>> 10 percent tax rate applicable on annual income of Rs 6 lakh to Rs 9 lakh.
>> 15 percent tax rate applicable on income of Rs 9 lakh to Rs 12 lakh.
>> 30 percent tax rate applicable on annual income more than Rs 15 lakh.
Mahila Samman Savings Certificate
In this year’s budget, the government had started the Mahila Samman Savings Certificate Scheme. Along with this, the benefit of interest at the rate of 7 percent is available on this scheme.
What was the railway budget?
In this time’s budget, a budget of Rs 2.4 lakh crore was released for Railways. This amount is 9 times more than the amount provided in 2013-14 and is the highest amount till date. Rs 75 thousand crore for expansion of railway schemes.
Amount of Senior Citizen Savings Scheme increased:
Under the Senior Citizen Savings Scheme, the maximum deposit limit was increased from Rs 15 lakh to Rs 30 lakh. With this, the limit of Senior Citizen Account Scheme was increased from Rs 4.5 lakh to Rs 9 lakh.
Promotion of coarse grains:
In this year’s budget, the government had emphasized on increasing the production of coarse grains. Along with this, Global Hub for Millets, establishment of Indian Millets Institute, Shri Anna Yojana, increase in store capacity were also done.
Announcement to start Skill Development Scheme 4.0:
Pradhan Mantri Skill Development Scheme 4.0 will be started in the next three years to skill lakhs of youth. In this, courses related to Industry 4.0 like new generation Artificial Intelligence, Robotics, Mechatronics, IoT, 3D Printing, Drones and Soft Skills will be included.
This started for MSMEs.
Loan Guarantee Scheme for MSMEs was renewed. It was started from April 1, 2023 by adding Rs 9,000 crore to the corpus. Apart from this, guaranteed loan facility of Rs 2 lakh crore was also provided through this scheme.
PM Matsya Sampada Yojana launched
PM Matsya Sampada Yojana launched with an investment of Rs 6,000 crore, which aims to empower fish farmers, fish sellers and micro and small scale industries.
