Budget 2023 Summary: Simplified For Everyone

The Finance Minister, Nirmala Sitharaman, unveiled the Union Budget 2023 on 1st February 2023.

Citizens anticipated various populist measures from this Budget and measures that would support India's $5 trillion economy goal. With enhanced Capex, infrastructure upgrades and incentives for key sectors, it is no longer a lofty goal but an actionable plan ready for deployment.

This budget aims to address the ongoing challenges and fortify the nation for the next few decades. Various measures were included to boost consumption in the economy, ease compliance burden, benefit MSMEs and the middle-class and simplify and streamline the tax system.

The Budget mentioned: Inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power, financial sector as its seven priorities. Let’s decode Budget 2023.

Budget 2023 Highlights: Direct Tax

Changes in New Tax Regime

The new tax regime is now the default tax regime. The government has taken 5 key measures to make the new tax regime more attractive. However, taxpayers have the option to choose the old tax regime.

Co-operative Societies:

Some of the proposals announced for cooperative Societies are:

Other Direct tax updates

Budget 2023 Highlights: Indirect Tax

Customs Duty Changes

The indirect tax proposals made in Budget 2023 promote exports, encourage domestic manufacturing, enhance domestic value addition, and boost green energy and mobility.

The customs duties were revised on the following list of items-

GST Changes

Budget 2023 Highlights: Inclusive Development

The government's "Sabka Saath Sabka Vikas" policy has benefited various sections of society, including women, SCs, STs, OBCs, and other underprivileged groups. The budget will continue to build on those efforts.

Budget 2023 Highlights: Reaching the last mile

Budget 2023 Highlights: Infrastructure and investment

Budget 2023 Highlights: Unleashing the potential

Budget 2023 Highlights: "Green Growth"

The government included "Green Growth" among the seven focus areas of this year's Budget to achieve net zero carbon emissions in India by 2070. To support this following announcement were made:

Budget 2023 Highlights: Youth power

Budget 2023 Highlights: Financial sector

Budget 2023 Highlights: What’s Cheaper And What’s Costlier?

Budget 2023 Highlights: Key Numbers and Budget Allocation

FY23 GDP growth is estimated at 7%. To spend Rs 2,200 crore on high-value horticulture crops as part of the Atmanirbhar Clean Plant Programme to enhance the supply of superior, disease-free planting material.

The agricultural credit target will be increased to Rs 20 lakh crore.