The Union Finance Minister Nirmala Sitharaman will present the Union Budget 2023-24 to all BJP lawmakers in Parliament on 3 February. As per reports, all BJP members of the Lok Sabha and Rajya Sabha will attend the meeting.
The Finance Minister presented the Union Budget 2023–24 on 1 February, ahead of the scheduled general elections next year. This was was the last full budget of the Narendra Modi government, and FM Sitharaman presented it for five times.
Earlier on 31 January, the Budget Session 2023 began after President’s address and the presentation of the Economic Survey for 2022-23.
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In the Budget 2023, the government altered the tax structure and raised the amount that can be claimed as a tax rebate to 7 lakh, while kept it at 5 lakh under the previous tax system. In addition, the Finance Minister made the announcement that this fiscal year, the new tax structure will be the default one.
The amount that can be exempted from paying taxes was raised from 2.5 lakh to 3 lakh in the new tax system. The government extended 87A benefits and the standard deduction to the new tax system and made changes to the structure and minimum limit.
FM Sitharaman also announced a staggering 10 lakh crore in capital expenditure for FY23 in addition to the implementation of tax structure changes. This year, the capex funding was increased by 33 percent.
Finance Minister Nirmala Sitharaman set the limit for the government’s fiscal deficit for FY23 at 5.9 percent of GDP. In addition, Indian Railways received an increase in funding of ₹2.4 lakh crore.
The formal process of preparing the annual Budget for 2023-2024 began on October 10 of last year.
With ANI inputs.
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