1st February 2023

Live telecast of Union Budget 2023 presented by Finance Minister Smt. Nirmala Sitharaman was arranged in SVIMS Campus.

The Students listened patiently to the Budget and following points were summarized by them:

• Digi locker to be implemented for all large businesses and MSME

• Scheme for poor prisoners who cannot afford money for their bail or penalties

• Announcement of 500 new ‘waste to wealth’ plants for promoting a circular economy with a total investment of Rs 10,000 crore under the GOBAR-Dhan scheme – support to the villages in safely managing their cattle waste, agriculture waste and organic waste in Rural areas

• Agro plantation wherever possible

• Vehicle Replacement – old polluting vehicles of central government to be scrapped and replaced.

• Tourism – At least 50 destinations will be selected through challenge mode. Physical connectivity and online connectivity will be taken up as an important aspect.

• Green mobility: Custom duty exemptions will be provided for the manufacturing of lithium-ion batteries, in a bid to promote green mobility.

• Startups: Enhancing the tax exemption limit from 7 to 10 years if the company is facing losses.

• Personal income tax: New tax regime to become the default tax regime. 

However, citizens can opt for the old tax regime. No tax on income up to Rs 7.5 lakh a year in new tax regime (with inclusion of standard deduction. Govt proposes to reduce highest surcharge rate from 37% to 25% in new tax regime