BUDGET 2023

Kanpur Reported by: Udita Sharma

09September 2023 Reporter: Senior Finance Manager

The budget for the next financial year 2023 was presented by the Ministry of Finance in
yesterday's press conference. This is the first budget in AMRIT KAAL. The Union Budget of
India comes under Article 112 of the Constitution of India. It is presented on 1st February
every year and released on January 31st. This budget of 2023 gives a big boost for taxpayers
and the economy. Sitharaman announced major changes in tax slabs under the new tax
regime, as well as a significant hike in allocation for railways and capital expenditure.

The two most important things that affect our lives directly or indirectly are tax slabs and the
affordability of goods and services, from both the perspective of businessmen and the general
population, whether they are rich or poor. In this 2023 budget, the Government has imposed a
new tax regime for taxpayers, with no tax on income up to rupees 7.5 lakh per year. Subsidies
are also included in the 2023 budget. Items like TV, mobile phones, and others have become
cheaper, whereas products like cigarettes, jewellery, silver, imported items including bicycles
and cars have become costlier.

In this 2023 budget, the Government has paid attention to railways and education.
Additionally, this budget focuses on women empowerment. Bills are passed every year by the
finance minister. This 2023 budget includes various changes and promotes different sectors
like education and tourism. It is proactive in its approach, with a focus on women, youth, and
the elderly population of India. This budget of 2023 introduces new taxes and implements
several changes.