Budget 2023-24: Big change in tax slab, TV-mobile phones and electric vehicles will be cheaper

Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2023-24. Many announcements have been made in this budget for women, youth and senior citizens. This time the biggest thing is that after nine years a change in the tax slab has been announced.

Union Finance Minister Nirmala Sitharaman has announced major changes in the tax slab. Giving relief, the Finance Minister announced that now no tax will have to be paid till the annual income of up to Rs 7 lakh. It is noteworthy that earlier this limit was five lakh rupees.

Union Finance Minister Nirmala Sitharaman said that micro industries with a turnover of Rs 3 crore will be given tax exemption.

Union Finance Minister Nirmala Sitharaman said that the incidental duty on cigarettes will be increased by 16%. This means that cigarettes will become costlier. The limit of Senior Citizen Account Scheme will be increased from 4.5 lakh to 9 lakh. Mobile and TV prices will be cheaper.

Union Finance Minister Nirmala Sitharaman said that Pradhan Mantri Kaushal Vikas Yojana 4.O will be launched. 30 Skill India International Centers will be set up in different states to skill the youth for international opportunities.

Union Finance Minister Nirmala Sitharaman said that 38,000 teachers and support staff will be recruited in the next 3 years for 740 Eklavya Model Residential Schools. Direct Benefit Transfer will be launched under a pan-India National Apprenticeship Scheme, to provide assistance to 47 lakh youth over three years.

Union Finance Minister Nirmala Sitharaman said that a capital outlay of Rs 2.40 lakh crore has been made for the Railways in the budget. This is the biggest allocation ever. This is nine times more than the allocation given in 2013-14. Special attention has been paid to food and port connectivity. 50 additional airports, helipads, water aerodromes will be renovated to boost regional connectivity.

Union Finance Minister Nirmala Sitharaman said that three institutes of excellence for Artificial Intelligence will be set up in India. These will be set up in three different premier institutions. Artificial intelligence will work there for agriculture, health and urban development.

Union Finance Minister Nirmala Sitharaman said that the revised fiscal deficit for 2022-2023 is 6.4% of GDP. The fiscal deficit for 2023-2024 is estimated to be 5.9% of GDP.