Finance Minister Nirmala Sitharaman on 10th February said the new tax regime, that proffer rebate on yearly earnings of up to Rs 7 lakh, to leave higher disposable income in the hands of people.
While answering the discussion on Union Budget for the whole year in the Lok Sabha, the Budget for 2023- 24 judiciously balances the needs of development necessity within the limitations of Fiscal Judiciousness.
Finance Minister said the Budget aims on the middle class people, employment generation, Ministry of Micro, Small and Medium Enterprise (MSME), agriculture sector, rural population, health and green enhancement.
Finance Minister said the new introduced tax regime promulgated in the Budget is “very attractive” as the tax exemption limit has been increased to Rs 3 lakh, from Rs 2.5 lakh before time. Along with this, a standard deduction of 50,000 too has been permitted under scheme.
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Economy plunged by minus 23 due to Covid pandemic, the central government’s endeavors to regain the economy have been through the capital expenditure route.
Indian Government has saved farmers from rising fertilizer costs in international markets by rising the subsidy. Finance Minister also mentioned that “Fertilizers subsidy was increased to Rs 2.25 lakh crore for present- day Fiscal, from Budget estimate of Rs 1.5 lakh crore”.
Talking about the state, Finance Minister said in the Lok Sabha that al resources has been sent to the states, that is principal shares from taxes issues under centrally subsidized schemes put together is assessed to be at Rs 17.98 trillion. That makes it higher by Rs 1.55 trillion from the past year.
