BUDGET 2023

ALL YOU NEED TO KNOW

Published By Livemint | 02 Feb, 2023

Personal income tax

Tax rebate limit has been increased to ₹7 lakh under the new tax regime

Senior Citizens Savings Scheme

Amount of money that can be invested in SCSS has been increased from ₹15 lakh to ₹30 lakh

Increased taxation

Highest effective income tax has been reduced from 42.74% to 39%

Fiscal Deficit

Fiscal deficit for 2023-24 is expected to be at  ₹17.9 trillion or 5.9% of the GDP

Jobs

Govt. plans to launch Pradhan Mantri Kaushal Vikas Yojana 4.0 to skill lakhs of youth

Tourism

Govt. is planning promotion of tourism on mission mode

Interest on borrowing

Govt. will pay  ₹9.4 trillion interest on borrowings or around 22.5% of its expenditure in FY 23

Tax collection

In FY 2022-23, revised gross tax numbers stood at ₹30.4 trillion or  10% above budgeted figure