Finance Minister Nirmala Sitharaman declared five major announcements in the new tax regime including an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime.
Finance Minister Nirmala Sitharaman presented the Union Budget 2023 today in Lok Sabha. This was the third time in a row that the government presented the budget in a paperless form.
Shah congratulated the Prime Minister and Finance Minister Nirmala Sitharaman for tabling that budget, saying it lays a strong foundation for 'Amritkal'.
The Union Budget 2023 allocated Rs 7,000 crore for the launch of the third phase of the eCourts project, aimed at digitizing the justice system. The announcement was made by Union Finance Minister Nirmala Sitharaman while presenting her fifth consecutive Union Budget.
BJP national president JP Nadda praised Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman for delivering an inclusive, growth-oriented and visionary budget.
Bihar Industries Association president Arun Agarwal on Wednesday said that the income tax rebate announced by Finance Minister Nirmala Sitharaman is according to the expectations, however, there was no major announcement for Bihar which came as a disappointment.
Finance minister Nirmala Sitharaman, in her Budget for 2023-24 on Wednesday, announced that the government proposes to continue 50-year interest-free loans to state governments for one more year. and has significantly enhanced outlay to Rs 1.3 lakh crore.
To skill youth for international opportunities, 30 Skill India International Centres will be set up across different States, the Finance Minister said.
The Finance Minister announced that an Entity DigiLocker will be set up for use by MSMEs, large business and charitable trusts for storing and sharing documents online securely, whenever needed, with various authorities, regulators, banks and other business entities.
Union Finance Minister Nirmala Sitharaman started her speech in the Parliament on Wednesday wherein she termed the Budget the "first budget in Amrit Kaal".
Speaking on the Personal Income Tax rebate in the new tax regime, Sinha said, "Middle class will benefit most from this year's budget. Consumption will increase due to this move and the economy will further boost."