Union Budget simplified || Goa365

01 Feb 2023 06:46 PM

Finance Minister NirmalaSitharaman laid out the budget for 2023-2024. This is the last budget session for Modi’s administration before going in for elections next year.

This year’s budget has brought in several major changes, especially in the personal tax regime. Here are a few key highlights from this year’s budget.

 Budget this time around has followed seven priorities. Inclusive development, Reaching the last mile, Infrastructure and investment, Unleashing the potential, Green growth, Youth power and financial sector.

Inclusive development

Reaching the last mile

Infrastructure and investment

Unleashing the potential

Green growth

Youth power

Financial sector

VO: One of the most anticipated announcements from this year’s budget session was the reform in personal taxes. The new tax regime has reduced the number of tax slabs from 6 to 5. As per the changes, those earning an annual income of upto 3 lakhs will have to pay 0 income tax while the highest slab of 12-15 lakhs and above will be levied a 30% tax.

0-Rs 3 lakh: Nil;

Rs 3-6 lakh: 5% Income tax

Rs 6-9 lakh: 10% Income tax;

Rs 9-12 lakh: 15% Income tax;

Rs 12-15 lakh: 20% Income tax;

The budget has also tweaked indirect forms of tax collection. Cigarettes, which are one of the highest-taxed items,will seea furtherhike of 16%.  Cut on import duties of Mobile phone parts has also been extended by another year, which will essentially making phones cheaper.

TVs too will become cheaper with the import on TV panels cells cut to 2.5%. Camera lenses and lithium-ion batteries too will see an extension in their import cuts for another year. Apart from this, basic import duties on products other than textiles and agriculture will be reduced from 21% to 13%. Silver meanwhile will become costlier as import duties are being brought to par with Gold and Platinum. The duty on fully imported luxury cars and EVs hasalso been increased. 

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