Budget 2023


Gujarat budget: From Fintech hub to sports complexes, 10 big announcement

Updated on Feb 24, 2023 05:17 PM IST

Finance minister Kanubhai Desai on Friday announced the state's first budget since the recently concluded assembly election. The major announcements also included some of the promises that the BJP made in its election manifesto before the 2022 election.

Gujarat Finance minister Kanubhai Desai presents the State Budget 2023-24 in the Assembly, in Gandhinagar, Friday.(PTI)
By | Edited by Aryan Prakash

UP Budget today: Focus likely on youth, women empowerment

As Lok Sabha elections are due early in 2024, the CM may use the opportunity to make certain announcements to woo different sections of society including, youths, women, farmers and deprived classes etc.

Uttar Pradesh CM Yogi Adityanath. On May 26 last year, the state government had presented an annual budget of <span class='webrupee'>₹</span>6.15 lakh crore.
Updated on Feb 22, 2023 08:45 AM IST

Hindutva in focus as Bommai unveils 3L cr budget in poll-bound Karnataka

For the first time, the Budget outlay in the state crossed the ₹3 lakh crore mark. According to the budget document, the outlay increased from ₹2,65,720 crore to ₹3,09,182 crore for 2023-24.

Karnataka Chief Minister Basavaraj Bommai shows the State Budget for the financial year 2023-24 prior to presenting it in the State Assembly, in Bengaluru on Friday. (ANI)
Updated on Feb 18, 2023 04:23 AM IST
By, Bengaluru

Nirmala Sitharaman's ‘jeejas, bhatijas’ dig at Congress over Budget 2023

Nirmala Sitharaman also hit at “an opposition leader” and the Congress for criticising the Union budget.

Union finance minister Nirmala Sitharaman speaks in the Lok Sabha during Budget Session of Parliament on Friday.(PTI)
Published on Feb 10, 2023 06:09 PM IST
By, New Delhi

'India still fastest-growing economy': Sitharaman on Budget 2023 in Lok Sabha

India is still the fastest-growing major economy and will continue to be so, said finance minister Nirmala Sitharaman in Lok Sabha on Friday.

Union Finance Minister Nirmala Sitharaman speaks in Parliament.(PTI file)
Updated on Feb 10, 2023 05:06 PM IST
By, New Delhi

Number theory: Understanding the Union Budget’s tax calculations

In 2017, India moved to the GST regime. This led to a sharp fall in share of union excise duties in the Centre’s GTR as most indirect taxes, except those on petroleum products, moved to GST.

Representational image.
Updated on Feb 07, 2023 03:21 PM IST
By, New Delhi

Budget: Hydrogen mission outlay shows India’s green commitment, says TERI chief

The Union Budget 2023-24 may help India not only to achieve its global climate commitments but shift all sectors to adopt energy transition and sustainable practices, said Vibha Dhawan, director general, TERI

Vibha Dhawan, director general, The Energy and Resources Institute (TERI) (HT Photo)
Updated on Feb 06, 2023 11:23 AM IST
ByJayashree Nandi

Finance Secretary defends higher investment limit in saving schemes, says…

Finance Secretary TV Somanathan said the ceilings under the Senior Citizen Savings Scheme have been unchanged for quite some time, and the decision to raise the ceiling is primarily a measure for the welfare of the middle class and senior citizens.

The government every quarter reviews and fixes the interest rate for small savings schemes
Published on Feb 05, 2023 10:44 AM IST
PTI | | Posted by Aryan Prakash

Mumbai should be liking the proposals: FM Sitharaman on Budget 2023

The budget proposals establish both fiscal consolidation and growth, especially inclusive growth, Sitharaman said during her maiden interaction with stakeholders outside the national capital since presenting the budget on February 1.

The finance minister said it was the
Published on Feb 04, 2023 01:11 PM IST
PTI | | Posted by Ritu Maria Johny

Budget 2023: What are the changes in new tax regime? Expert explains

Hindustan Times spoke to Abhishek Chandra Shukla, senior chartered accountant, to know his analysis of Budget 2023 regarding personal income tax.

Overall, the Union government has presented a forward-looking, progressive budget, say experts. The rationalised income tax slabs and other rebates will generate higher disposable income for tax-payers, they say. (Sameer Sehgal/HT)
Updated on Feb 03, 2023 11:06 PM IST

Budget Impact

  • Camera Lenses
  • Mobile Phones
  • TV Parts
  • Denatured Ethyl Alcohol
  • Acid Grade Fluorspar
  • Domestic Manufacture of Shrimp
  • Electric Kitchen Chimneys
  • Articles made from Gold, Platinum
  • Silver Doors and Bars
  • Copper
  • Compounded Rubber
  • Cigarettes
  • Clothes

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The union budget is an annual financial statement that lays out the government’s proposed expenditures and revenues for the upcoming fiscal year, which begins on April 1 and ends on March 31 of the following year. A comprehensive document that outlines the government’s economic and fiscal policies, it is presented by the Finance Minister of India in the Parliament.

According to the differences in revenue and expenditure, the budget is categorised into three main types - balanced, surplus and deficit.

1. A balanced budget is when the estimated government expenditure is the same as the expected revenue in a certain financial year.

2. A budget is considered surplus when the government revenue surpasses the expected expenses in a financial year

3. When the government’s expenses overshoot the revenue during a fiscal year, it is termed as a deficit budget.

The union budget can be classified into two: revenue budget and capital budget. The revenue budget is made up of revenue receipts - the amount of taxes and other levies the union government expects to collect and revenue expenditures. Revenue receipts. Revenue expenditure are the regular expenses associated with the government's regular operations and the variety of services provided to the general population.

Capital expenditures and capital receipts make up the capital budget, which has long-term components. Loans from taxpayers, the Reserve Bank of India (RBI), and foreign governments are some of the main sources of government revenue.

On the other side, capital expenditures include expenses for the creation and upkeep of tools, machinery, buildings, schools, and other infrastructure. A fiscal deficit happens when the amount of money the government spends exceeds the amount it brings in.

Current budget refers to the total approved estimates of the current expenses of a fiscal year in the Annual Budget Statement.

Total government spending is projected to increase by Rs. 1,750 billion to about Rs. 39,450 billion compared to FY 2022 mainly due to interest payments and capital expenditure loans to states.

The union budget is more technically referred to as the Annual Financial Statement in Article 112 of the Constitution of India

The ministry of finance prepares the budget in consultation with the Niti Aayog and concerned ministries.

An indirect tax is the one levied on goods and services rather than on income or profits. Sales tax, value-added tax (VAT), and excise taxes are examples of indirect taxes. Goods and Services Tax (GST) and Central Excise Duty are the two major indirect taxes.

A direct tax is the one that is levied on the income or wealth of an individual or organisation. Income tax, corporate tax, and property tax are all examples of direct taxes. The two major direct taxes are income tax and corporate tax

The Finance Bill is a part of the union budget and contains the fiscal proposals for the upcoming financial year. As per a Mint report, the government may bring in changes to GST law this year, withholding credit for taxes paid by businesses while taking the services rendered to the community as part of corporate social responsibility (CSR).

Union Budget: Disappointed by no increase in PM-Kisan payouts, say farmers

The agriculture sector, the country’s largest employer, has grown at an average annual growth rate of 4.6% in the last six years, according to data from the annual Economic Survey 2022-23.

The government has allocated a mere <span class='webrupee'>₹</span>1 lakh for MIS-PSS for 2023-24, down from <span class='webrupee'>₹</span>1,500 crore in 2022-23 (both Budget and revised estimates being equal).
Updated on Feb 03, 2023 12:32 AM IST

Union Budget 2023-24: Promotion of Indian languages receives impetus

Finance minister Niramala Sitharaman in the Union Budget 2023-24 has set aside ₹300.7 crore for the national institutions for the promotion of Indian languages, an increase of 20% from 2022-23

The allocation for the Indian Knowledge Systems (IKS) scheme has also increased to <span class='webrupee'>₹</span>20 crore from <span class='webrupee'>₹</span>10 crore (budget estimate) in 2022-23. (HT Archive)
Updated on Feb 03, 2023 12:19 AM IST

What's new about the new tax regime?

Presenting the Union Budget for FY 2023-24, Sitharaman said that the proposals regarding personal income tax will primarily benefit the country's “hard-working middle class”.

People watch the Union Budget being presented by Finance Minister Nirmala Sitharaman in the Parliament. (HT PHOTO)
Updated on Feb 03, 2023 02:14 PM IST

Bihar neglected, no roadmap for employment generation: CM Nitish on Budget 2023

Bihar chief minister Nitish Kumar alleged that the state's demands for special status and a package of ₹20,000 crore were neglected.

Bihar chief minister Nitish Kumar.(ANI)
Published on Feb 02, 2023 06:56 AM IST

Will the Budget nudge growth, spur consumption?

Finance Minister Nirmala Sitharaman said that the world has recognised the Indian economy as a 'bright star' which is expected to grow in the current year at seven per cent - the highest among all the major economies.

For 2021-22, the economy grew 8.7%, compared to a 6.6% contraction the previous year. Importantly, nominal GDP grew 19.5%. (REUTERS)
Updated on Feb 03, 2023 02:14 PM IST

Decoding the big numbers in Union Budget 2023-24

The highlights from the Budget that sought to emphasise the govt's commitment to fiscal consolidation while introducing new tax slabs.

The Union government has proposed to spend a record <span class='webrupee'>₹</span>22,138 crore on allocations aimed at MSMEs in the budget, giving a boost to employment in the country. (Hindustan Times)
Updated on Feb 03, 2023 02:13 PM IST

First budget of Amrit Kaal will build a strong foundation : PM Modi

In a televised speech soon after Union finance minister Nirmala Sitharaman presented the Budget in Parliament, Modi said the provisions prioritise the deprived sections, including craftspersons, who he dubbed as the creators of the nation.

Prime Minister Narendra Modi during the BJP Central Election Committee meeting for Nagaland Legislative Assembly elections, at the party Headquarters in New Delhi, on Wednesday. (PTI)
Updated on Feb 02, 2023 12:51 AM IST

Compliance burden down, PAN made common ID for ease of doing business

The Jan Vishwas (Amendment of Provisions) Bill, introduced in the Lok Sabha on December 22, 2022, aims to reduce the compliance burden for both people and businesses

Finance minister Nirmala Sitharaman says the Budget proposes a ‘series of measures to unleash the potential’ of the economy. (REUTERS)
Updated on Feb 02, 2023 01:12 AM IST
ByRajeev Jayaswal

Tax-Capex double engine in Union Budget 2023-24

India’s vision for Amrit Kaal “includes (a) technology-driven and knowledge-based economy with strong public finances and a robust financial sector”, Sitharaman said in her 87-minute-long speech

Nirmala Sitharaman, Union minister for finance and corporate affairs along with the ministers of state for finance, Pankaj Chaudhary and Dr. Bhagwat Kishanrao Karad and the senior officials arrived at Parliament ahead of presenting the Union Budget 2023-24 in New Delhi, India, on Tuesday. (Hindustan Times)
Updated on Feb 02, 2023 04:41 AM IST
By, New Delhi

Economy is showing signs of robust viability: Sitharaman

In an interview with Doordarshan, Union finance minister Nirmala Sitharaman talks about how the Union Budget 2023-24 will spur growth and push India towards self-reliance. Edited excerpts:

Union finance minister Nirmala Sitharaman during a post budget press conference, in New Delhi on Wednesday. (ANI)
Updated on Feb 02, 2023 02:18 AM IST
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