Union Budget 2023: The Big Numbers

New Delhi:

• No tax on income up to Rs 7 lakh a year in new tax regime, which will be the default from now onwards. Old tax regime scrapped
• Income tax slabs reduced to five. The new tax rates are 0 to Rs 3 lakhs – nil, Rs 3 to 6 lakhs – 5%, Rs 6 to 9 lakhs – 10%, Rs 9 to 12 lakhs – 15%, Rs 12 to 15 lakhs – 20% and above Rs 15 lakhs – 30%
• An individual with income of Rs 15 lakh will have to pay Rs 1.5 lakh tax, down from Rs 1.87 lakh under new tax structure
• Rs 2.4 lakh crore for railways, the highest ever
• Agricultural credit target increased to Rs 20 lakh crore
• Allocation for PM Awas Yojna increased by 66% to over Rs 79,000 crore
• Capital investment outlay to be raised by 33% to Rs 10 lakh crore, to be 3.3% of GDP in fiscal 2024
• Effective capital expenditure of centre to be Rs 13.7 lakh crore
• Fiscal deficit target for fiscal 2024 is 5.9%, aim to reduce it to 4.5% by 2025-26. Fiscal deficit for fiscal 23 in line with 6.4% target. To finance fiscal deficit in 2023-24, net market borrowing from dated securities estimated at Rs 11.8 lakh crore
• Tax receipts for next fiscal budgeted at Rs 23.3 lakh crore
• 157 new nursing colleges in core locations, mission to eliminate sickle cell anaemia by 2047
• Rs 15,000 crore over next three years for safe housing, sanitation, drinking water, and electricity for scheduled tribes
• All cities and towns will be enabled for 100 percent transition of sewers and septic tanks from manhole to machine hole mode
• 38,800 teachers will be hired for Ekalavya Model Residential Schools in next 3 years
• 3 centres for excellence for AI will be set up in top educational institutes with the goal “Make AI in India”, “Make AI Work For India”
• Computerisation of 63,000 credit societies with Rs 2,516 crore
• 100 labs to develop apps using 5g services to be set up in engineering institutions
• Green Hydrogen Mission for reduced dependence on fossil fuel: Rs 35,000 crore for energy transition to net-zero emission goals
• Battery energy storage systems of 4000 MWh will be supported
• For ease of doing business, 39,000 compliances reduced
• 30 Skill India international centres across different states will be set up
• 1 crore farmers will get assistance to adopt natural farming
• 100 critical transport projects — 50 additional airports, helipads, water aero drones, and advanced landing grounds will be revived to improve regional air connectivity
• For tourism, 50 destinations will be selected through challenge mode
• Mahila Samman Savings Certificate will be made available for two years, deposits of up to 2 lakh at 7.5% interest
• Senior citizens savings scheme cap increased from Rs 15 lakh to Rs 30 lakh
• Monthly Income Scheme limit doubled to Rs 9 lakh and Rs 15 lakh for joint accounts
• The revamped Credit Guarantee Scheme for MSME sector will take effect from April 1, 2023 with an infusion of Rs 9,000 crore
• Basic customs duty rates to be reduced from 21% to 13%
• Taxes on cigarettes hiked by 16 percent
• Basic import duty on compounded rubber increased to 25 percent from 10 percent 
• Customs duty on kitchen electric chimney increased to 15 percent from 7.5 percent
• Tax portal processed 6.5 crore returns, processing time cut; intend to strengthen grievance redressal mechanism
• Government proposes to increase limit for presumptive taxation for MSMEs and certain professionals to Rs 3 crore and Rs 75 lakh, respectively
• Rs 5,300 crore assistance for Upper Bhadra project in poll-bound Karnataka.
• New cooperatives that commence manufacturing activity till March 2024 to attract lower tax rate of 15 percent
• Government to provide higher limit of Rs 2 lakh per member for cash deposit and loans by Primary Agricultural Credit Societies
• Highest surcharge rate reduced from 37 percent to 25 percent in new tax regime
• Net tax revenue foregone because of changes in direct and indirect taxes is Rs 35,000 crore
• Government proposes to cap deductions from capital gains on investments in residential houses to Rs 10 crore