Finance Minister Nirmala Sitharaman will present the Union Budget of 2023- 2024 in Parliament on 1st February at 11:00 am.
According to the experts, the budget will be focusing on enhancing disposable income of middle class households by noting out, what should be the key priorities for the government in the Budget.
It may be witnessed the country to get moving on Capex with major push on Gati Shakti and National Infrastructure Pipeline (NTP) Goals.
Also Read :-Budget 2023 – Only 5% Tax will be levied on Income, Check New Tax Regime
Expectation From this Year’s Budget
1. Address demand- side issues – According to experts the budget will address demand- side issues at the time when the countries will soon change views from taming inflation to hold recession aside.
2. Healthcare issues – This year’s budget will focus more on Healthcare facilities. Apollo Hospitals wants reforms in GST for the sector. At current situation GST is applicable on medicines and from July 2022, it is also available on hospitals rooms that expenses more than Rs 1,000 per day.
3. Push on EVs – We can expect a push for adopting Electric vehicles in India. The government probably will offer tax rebate on purchasing electric vehicles for the next two year.
4. For tax payers – In this year’s budget, taxpayers can witness a hike in the deduction limit of Rs 1.5 lakh/ year under section 80C. The Government can raise the limit to at least Rs 2 lakh per year.
Interesting Facts about the Union Budget
- R.K. Shanmukham Chetty presented the 1st Union Budget of the Country on 26th November’1947.
- For the first time in 1 st February’2021 Nirmala Sitharaman presented the paperless budget due to Covid.
- Morarji Desai presented a total of 10 budget and it was the highest.
- In 2017, the Rail Budget got merged with the Union Budget.
- Finance Minister Nirmala Sitharaman is the only minister who delivered the longest speech ever. She spoke for 2.42 hours in 2020 Budget.
- Till 2016, the Budget was presented on 28th February.
