Budget 2023 Live Updates: In Budget 2023, Big Infra Boost, Relief For Tax Payers In New Regime
Nirmala Sitharaman, the finance minister, delivered the Union Budget 2023 today, which announced one of the largest increases in capital spending in the last ten years and predicted that the budget deficit would decrease the next year.
In order to lead India through the “Amrit Kaal,” the budget adopted “seven priorities”: inclusive development, closing the gap, infrastructure and investment, unleashing potential, green growth, young power, and the financial sector.
The budget for this year is significant since it is the final complete budget before the general elections of 2024. Since 2019, the Finance Minister has presented the budget five times.
Since entering office in 2014, Prime Minister Narendra Modi has increased capital expenditures, such as those for roads and electricity, while luring investors with reduced tax rates and labour reforms and providing subsidies to low-income households to win their support politically.
Nirmala Sitharaman, the finance minister, revealed in her Budget speech that the PAN, also known as the 10-digit Permanent Account Number, will be utilised as a standard business identity. The income tax department assigns a PAN to a person, business, or other entity.
A system of “Unified Filing Process” will be established to address the requirement for separate submission of the same information to several government bodies, the Minister noted.According to Defence Minister Rajnath Singh on Wednesday, the Union Budget for 2023–24 is centred on welfare and growth with a premium on helping farmers, women, marginalised groups, and the middle class.
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