Strong foundation for building developed India, says PM Modi

First India Bureau

New Delhi: Prime Minister Narendra Modi on Wednesday hailed the “first budget of Amrit Kaal” and said that it would lay a strong foundation for building a developed India.

The Prime Minister said that the budget gives priority to the deprived and will fulfill the dreams of the aspirational society, the farmers and middle class. “The first budget of Amrit Kaal will build a strong foundation for building a developed India. It gives priority to the deprived. This budget will fulfil the dreams of an aspirational society including poor people, middle-class people, and farmers. I congratulate

Prime Minister Narendra Modi during his address, after tabling of the Union Budget 2023-24, via video conferencing on Wednesday.

Nirmala Sitharaman and his team for this historic budget,” PM Narendra Modi said in a televised address.

VISHVAKARMA KAUSHAL SAMMAN

Noting that PM Vishvakarma

Kaushal Samman will bring a huge change in the lives of ‘Vishvakarmas’, the Prime Minister said that for the first time schemes relating to their support has been incorporated into the budget.

STEPS TAKEN FOR WOMEN

IN RURAL, URBAN EASY: PM

The govt has taken several steps to make the lives of women, in rural and urban areas, easy. Women’s self-help groups will further enhance them. Special savings scheme will be started empowering women in households, said PM Modi. “This year’s Budget infuses new energy to India’s devp trajectory”, he added.

Tax Returns: The average processing time for income tax returns has been reduced from 93 days to 16 days.

Common IT Return Forms: The government

Simplified Income Tax Regime For People

z The collection through personal income tax is estimated at ₹`8.15 lakh crore for fiscal year 2022-23 and are projected to rise by 10.4% next year and reach `9 lakh crore z The fiscal deficit target of 6.4% will be retained in the revised estimate for the current fiscal. For the next fiscal 2023-2024, it will be cut down to 5.9% of the GDP z A system of ‘Unified Filing Process’ will be set-up to streamline the current process of duplication for multiple departments for ease of business seeks to roll out next-gen common Income Tax Return forms and strengthen grievance redressal mechanisms for taxpayers to help them resolve issues of income tax payments.

The first budget of ‘Amrit Kaal’ reflects the vision of Prime Minister Narendra Modi and his visionary leadership. It is a budget to empower poor farmers, tribals, Dalits, backward, deprived, economically backward and middle class... Emphasis is on middle class earnings and the well-being of the elderly.

Jagat

Prakash Nadda, BJP National President

The Union Budget for the Financial Year 202324 envisages a total outlay of Rs. 45,03,097 Crore. Of this, Ministry of Defence has been allocated a total Budget of Rs 5,93,537.64 Crore, which is 13.18 % of the total GoI Budget. The best budget for India’s growth in ‘Amrit Kaal’. Rajnath Singh, Union Defence Minister

INDIRECT TAXES DIRECT TAXES l Tax exemption on Capital Goods and lithium Batteries for Electric vehicles l GST EXEMPTION ON BLENDED CNG l Custom Duty reduced from 21% to 13% l MOBILES CAMERAS LENSES TO GET CHEAPER l Gold Silver Diamonds to get expensive l CLOTHES TO BECOME MORE EXPENSIVE l Customs duty on parts of open cells of TV panels cut l MSME with turnover upto 2cr and 50 lakhs can avail presumptive taxation l TAX RELIEF TO 3.7 LAKHS FOR CUSTOMERS WHOSE CASH RECEIPTS IS 5% l New IT return form for easing Filing returns l HIGHER TDS LIMIT OF 3CR FOR COOPERATIVES l Lower Taxes on Higher Digital Payments l 100 JOINT COMMISIONER TO DISPOSE SMALL TAX DISPUTES l TDS cut on EPF withdrawal

Key announcements such as setting up the National Financial Information Registry, establishing a Central Data Processing Centre, targeting fiscal deficit to be below 4.5% by 2025-26, etc. are all indicative of the Govt’s commitment towards taking the country to newer heights.

Manish Gupta, ICSI President