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Budget 2023 LIVE Updates - Union Budget 2023-24 LIVE News Updates

Team AckoNov 7, 2024

Here is a list of exciting highlights from the Budget 2023 reveal.

12:31 pm : The highest effective tax rate has been lowered to 39% from 42.7 percent 12:30 pm : Personal Tax in Direct Taxes : Tax slabs

In the new regime, the standard deduction for salaries and pensions is Rs. 52,500 for income over Rs. 15.5 lakhs.

12:28 pm : Personal Tax in Direct Taxes : Tax slabs

About 35k crore revenue will be forgone due to new tax regime

12:25 pm : Personal Tax in Direct Taxes : Tax slabs

Reduce highest surcharge from 35 to 25%

12:24 pm : Personal Tax in Direct Taxes : Tax slabs

Increasing the tax exemption limit to 7 lakhs in New regime

12:22 pm : Personal Tax in Direct Taxes

Increasing the tax exemption limit to 5 lakhs

12:22 pm: : Rebate Personal Tax in Direct Taxes

Rebate: Those with income upto 5 lakhs do not pay any tax in both old and new regimes. The limit will go upto 7 lakhs.

12:18 pm: Startups: Direct Taxes

Proposes to provide the benefit of carry-forward of losses from 7 years to ten years from incorporation.

12:18 pm: Startups: Direct Taxes

Proposes to provide the benefit of carry-forward of losses from 7 years to ten years from incorporation.

12:17 pm: Corporations Sector: Direct Taxes

Lower tax rate of 15% to new manufacturing companies

12:16 pm: Corporations Sector: Direct Taxes

Common ITR forms to be rolled out soon

12:15 pm: Marine : Corporations Sector: Direct Taxes

enhanced limits of 3 cr for tax payers whose tax receipts are no more than 5%

12:15 pm: Marine : Direct Taxes

enhanced limits of 3 cr for tax payers whose tax receipts are no more than 5%

12:14 pm: Marine : Direct Taxes

Focus on simplifying and reduce compliance burden and provide tax relief to citizens

12:12 pm: Marine : Direct Taxes

Simplify and reduce compliance burden and provide tax relief to citizens

12:12 pm: Marine : In-direct Taxes

In order to boost the export of marine products like shrimp feed, customs duties on essential inputs will be reduced.

12:11 pm: Electronics : In-direct Taxes

In India, mobile phone production has surged from 5.8 million to 31 million units. As a result, Custom Duty relief is extended for another year for the import of specific parts such as camera lenses and lithium ion batteries.

12:11 pm: Electronics : In-direct Taxes

Encourage manufacture of electric kitchen chimneys, custom duty is being increased

12:09 pm: Electronics : In-direct Taxes

Reduce customer duty on tv panels.

12:09 pm: In-direct Taxes : Electronics

Reduce customer duty on tv panels.

12:09 pm: In-direct Taxes

Except for textiles, customs duty rates will be decreased from 21% to 13% on several commodities.

12:09 pm: In-direct Taxes

Custom duty exemption on import of capital good required to manufacture lithium-ion batteries

Heath Insurance

12:08 pm: In-direct Taxes

Finance minister now moves to presenting Part-B Tax-Related Changes!

12:08 pm:

A simplified tax structure helps

12:08 pm:

Fiscal deficit is 6.4% of GDP

12:07 pm:

Mahila Samman Savings Certificate - Rs 2 lakh deposit at 7.5% - will be available for two years, until March 2025.

12:05 pm: Banking

The deposit of the senior citizens savings scheme has been increased from 15 to 30 lakhs, and from Rs. 7 to 9 lakhs for single account.

12:03 pm: Banking

Senior citizens savings scheme deposits increased to 30 lakhs from 15 lakhs.

12:03 pm: Banking

A Central Processing Centre (CPC) will be established to provide enterprises with speedier responses under the Companies Act.

12:02 pm: Banking

FM mentions that digital payments are up 76% in transactions and 96% up in value!

12:02 pm: Banking

SEBI will be enabled for development and skill enhancement in the securities industry through capacity building.

12:01 pm: Banking

Existing Regulations to be reviewed to ease compliance
Single window for registration of SEZ, GSTN, IFSC

11:57 am: Finance

Credit Guarantee for MSME will invest Rs 9,000 crore beginning April 1, 2023. Cost of credit to be decreased by 1%.

11:57 am:

States will be encouraged to setup a Unity Mall in their capital/financial district to promote the sale of handicrafts, one district one product and products of their state and other states

11:56 am:

States will be encouraged to setup a Unity Mall in their capital/financial district to promote the sale of handicrafts, one district one product and products of their state and other states

11:55 am: Tourism : Dekho Apna Desh initiative to promote domestic tourism

50 destinations will be selected through challenge mode - physical connectivity, digital connectivity, high standards for food streets, tourist safety to all be available on app

11:55 am: Education

PM Kaushal Vikas Yojana to be launched to skill lakhs of youth in the next 3 years in line with the needs of industry. Will include coding, robotics, AI, drones, 3D printing and other soft skills

11:54 am: PM Kaushal Vikas Yojana

PM Kaushal Vikas Yojana to be launched to skill lakhs of youth in the next 3 years in line with the needs of industry. Will include coding, robotics, AI, drones, 3D printing and other soft skills

11:54 am: Transport

Coastal shipping will be encouraged as a low-cost mode of transportation for both business and passenger transit.

11:52 am: Scraping the old vehicles

Old vehicles and state owned ambulance will be replaced

11:51 am: Agriculture

In the next three years, one crore farmers would be encouraged to practise natural farming.

11:51 am: Agriculture

PM Pranam program will be launched to promote alternative fertilisers and the responsible use of chemical fertilisers.

11:46 am: Energy

Rs.20,700 crores for inter-state renewable energy transmission and gridding.

11:46 am: Diamond Industry

Customs duties on lab-grown diamonds will be reduced. A 5-year R&D funding to be given IITs.

11:46 am: Energy

35k crores towards energy transition and security.

11:46 am: Technology

One hundred lakh rupees will be allotted for developing 5G apps to various institutes.

11:45 am: Fintech To enable fintech innovation, the scope of documents available in digilocker will be expanded

11:43 am: Financing of select schemes will move to a result based system on a pilot basis

11:42 am: Vivad se Vishwaas, relief for MSMEs - In the event of non-performance, the government will return 95% of the contract fee to provide relief to them.

11:40 am: One stop solution for updating identity and address across entities in India, using Digilocker and Aadhar as foundational identities. PAN to be used as common identifier for the Digisytem.

11:40 am: KYC KYC process to be simplified, to meet the needs of Digital India

11:40 am: Skill development Make AI in India and Make AI Work in India - 3 Centres of Excellence to be set up

11:40 am: Skill development Launch of Mission Karmayogi program, an online training for government employees to improve their skills.

11:39 am: Jan Vishwas Bill to amend 42 Central Acts to improve ease of doing business and trust based regulations

11:38 am: 3.4K legal provisions have been decriminalised

11:38 am: Over 39,000 compliances have been reduced

11:37 am: Under the National Housing Board, the government plans to improve urban infrastructure in Tier II and III cities.

11:35 am: Manhole to Machine-hole: All cities will be enabled for mechanical cleaning of sewage drains

11:34 am: To boost regional air connectivity, 50 new airports, heliports, and water aero drones will be built.

11:33 am:

Cities will be incentivised to improve their creditworthiness to municipal bonds
100 key infa projects have been identified and will be prioritised with a budget of Rs.75 thousand crores.

11:33 am: Railways

Capital outlay of 2.045 lakh crore has been provided for the railways, 9X the outlay made in 2013-14

11:32 am:

Infrastructure Capital investments Outlay will be increased by 33% to Rs.10 lakh Crores

11:32 am:

Interest Free loan to state governments will continue for another year

11:30 am:

Support for poor prisoners via financial help for legal costs

11:27 am: Primitive Vulnerable Tribal Groups (PVTG)

Union FM: Primitive Vulnerable Tribal Groups (PVTG) initiative to be launched improve their socio-economic status. 15,000 Crores will be available for this initiative

11:25 am: Healthcare

To make up for pandemic time learning loss, National Book Trust & other sources will be encouraged to provide non-curriculum titles in regional languages and english to the Digital Libraries

11:22 am: Healthcare

The sector will be urged to invest in research in the priority areas through the New Pharma Programme.

11:22 am: Healthcare

National Digital Library for Children and Adolescents to be set up, with device agnostic availability.

11:22 am: Healthcare

157 nursing colleges in several locations

11:21 am: Healthcare

Indian economy has increased to 5th largest from 10th largest in last nine years

11:24 am: Agriculture

FM: The vision for "Amrit Kaal" is a technology-driven and knowledge-based economy, with a strong financial sector. To achieve this, 'sabka saath, sabka prayaas' is necessary

11:15 am: Agriculture

FM says FY23 growth is estimated to be 7%

11:14 am: Agriculture

This year's budget focuses on Technological development, infrastructure, Green Growth, Youth Power, and more.

11:14 am: Agriculture

Inclusive Development: Improved access to farms

11:11 am: The Centre will provide free food grains to all priority households until December 2023. Centre will take on entire expenditure of Rs 2 lakh crore.

11:11 am: the blueprint has been drawn for India@100.

11:09 am: Economy to grow at 7% in the current year - the highest among major economies.

11:07 am: Nirmala Sitharaman: World has recognised that Indian economy is as a bright as a star

11:05 am: Economy on track: Focus on Youth Women, & OBCs

11:01 am: First Budget in AmritKaal Says Nirmala Sitharaman

11:00 am: The Budget 2023 begins!

10:46 am: CBIC refers to Budget 2023 for this year as the "#AmritKaalBudget"

Here is the Budget 2023 team at the Parliament with the Union FM.

Image credit: CBIC

10:39 am: Budget 2023 copies are delivered to Parliament.

10:36 am: FM Nirmala Sitharaman will introduce the Budget 2023 to Parliament after it has been approved by the Union Cabinet.

10:29 am: Beginning at Parliament, PM Narendra Modi will preside over the Union cabinet meeting.

10:26 am: The Union Budget 2023–24 will be approved by the Union Cabinet, led by Prime Minister Narendra Modi, prior to the formal presentation.

10:16 am: Union Finance Minister Smt Nirmala Sitharaman, MoS Shri Pankaj Chaudhary, MoS Dr Bhagwat Kishanrao Karad, and senior Ministry of Finance officials met with Indian President Droupadi Murmu before presenting the Union Budget 2023-24 today at Rashtrapati Bhavan

Image credit: CBIC

10:10 am: FM Nirmala Sitharaman has arrived in Parliament, and the budget will be with you shortly.

10:01 am: Union budget 2023

Union Finance Minister Nirmala Sitharaman will present the Modi government's final full-fledged Union Budget before the 2024 Lok Sabha elections today at 11 a.m

IPO : 17 hours ago 🟢

So far, fund mobilisation through initial public offerings (IPOs) has been lacklustre in FY23, but the number of small and medium enterprises (SME) flocking to D-Street has been encouraging.

19 hours hours ago 🟢

According to CEA, if the global economy recovers, India's potential growth rate will rise to 8%.

Contents

The following table lists a few details of the upcoming Union Budget 2023.

The following table lists a few details of the upcoming Union Budget 2023.

Details	Description
Budget 2023 date	1st February 2023
Budget 2023 presenter	Finance Minister: Nirmala Sitharaman
Union budget 2023-24 expected time	11.00 AM
Location of budget 2023 presentation	The Parliament House in New Delhi