Union Budget 2023 - 8 Key Highlights  You Should Know

1.New Income Tax Slab for New Regime

– The tax exemption limit increased from Rs.2.5 lakh to Rs.3 lakh – Individuals with an income of up to Rs.7 lakh won't have to pay any tax – Taxpayers can claim a few deductions under the revised tax regime

2. Savings Scheme for Women and Senior Citizens

– A special savings scheme Mahila Samman Saving Certificate for women started with a maximum deposit of Rs.2 lakh with a 7.5% fixed interest rate – The Senior Citizen Savings Scheme (SCSS) increased to Rs.30 lakh from Rs.15 lakh. The scheme offers an assured interest of 8% per annum. The interest is paid quarterly

3. Pradhan Mantri Awas Yojana

The affordable housing scheme has been enhanced by 66% to over Rs.79,000 crore

4. Agriculture

– The RBI has decided to raise the limit for collateral-free agriculture loans from the previous amount of Rs.1 lakh to Rs.1.6 lakh – The government also announced to provide of a 2% interest subsidy to ensure farmers get short-term loans of up to Rs.3 lakh at effective rate of 7% per annum

– Highest ever railway outlay at Rs.2.4 lakh crore, boosting affordable regional connectivity & logistics cargo freights

5. Railways

6.  Health & Family  Welfare

– The Union health and family welfare ministry has been allocated Rs.89,155 crore in the Union budget – For the upcoming financial year, Rs.86,175 crore has been allocated to the department of health and family welfare while Rs.2,980 crore has been allocated to the department of health research.

7. Capital Expenditure

A total of Rs.1.62 lakh crore has been set aside for capital expenditure to revive growth in the aftermath of the Covid crisis

8. What has Gotten Cheaper and What has Gotten More Expensive

– Customs duty on kitchen electric chimneys increased to 15% from 7.5% – Fully imported cars, including electric vehicles to cost more now – Custom duty on cigarettes increased by 16% – Govt to reduce customs duty on shrimp feed to promote exports

But You Know What Remains Constant

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