Budget 2023 Simplified

Here A1 Intraday Tips has tried to simplified the Budget 2023 so that common people can know and take the benefits for their own benefits and country as a whole.

The Budget of the Central Government is not merely a statement of receipts and expenditure, its an snapshot summary of the economic vision of the Government and the major policy initiatives in the thrust areas of the economy for growth and welfare.

Honarable Finance Minister Smt. Nirmala Sitharaman Presented Union Budget in the Parliament on 1st Feb 2022 at 11 am IST

MAJOR ACHIVEMENTS OF LAST YEAR BUDGET 2022-2023

• EPFO membership has more than doubled to 27 crore, this show job growth in the economy.


• Insurance cover for 44.6 crore persons under PM Suraksha Bima and PM Jeevan Jyoti Yojana.


• India posted a 9.2% GDP growth, the highest among all economies.


• Corporate surcharge to be reduced from 12% to 7%.


• Customs duty on cut and polished diamonds, gems to be reduced to 5%.


• 220 crore covid vaccination of 102 crore persons.


• 47.8 crore PM Jan Dhan bank accounts.


• Centre to recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students over the next three years.


• Capital outlay of Rs. 2.40 lakh crore has been provided for the Railways, which is the highest ever outlay and about nine times the outlay made in 2013-14.


• 30 Skill India International Centres to be set up across different States to skill youth for international opportunities


• Sickle Cell Anaemia elimination mission to be launched.


• Rs. 10 lakh crore capital investment, a steep increase of 33% for third year in a row, to enhance growth potential and job creation, crowd-in private investments, and provide a cushion against global headwinds.


• The maximum deposit limit for Senior Citizen Savings Scheme to be enhanced from Rs 15 lakh to Rs 30 lakh.


• Pradhan Mantri Kaushal Vikas Yojana 4.0, to be launched to skill lakhs of youth within the next three years covering new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills


• PAN card will be used as the common identifier for all digital systems of specified government agencies to bring in Ease of Doing Business.


• Battery energy storage systems to be promoted to steer the economy on the sustainable development path


• At least 50 tourist destinations to be selected through challenge mode; to be developed as a complete package for domestic and foreign tourists.

HIGHLIGHTS OF THE UNION BUDGET 2023-24

• This budget is an fifth of consecutive budgets for India by the Finance minister Smt Nirmala Sitaraman.


• Total revenue estimates for current budget 2023 has been increased to Increase ₹42.3 trillion (US$530 billion)


• While Total expenditures too Increase to ₹45 trillion (US$560 billion) for the year 2023


• The projected Deficit for year 2023 has been decreased by 0.5% to 5.9% which is very Positive for economy also the govt plans to bring down the deficit to 4.5% by 2025-26.


• Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh from the current Rs. 5 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs. 7 lakh to not pay any tax.


• An next-generation Common IT Return Form for tax payer convenience, along with plans to strengthen the grievance redressal mechanism.


• Tax structure in new personal income tax regime, introduced in 2020 with six income slabs, to change by reducing the number of slabs to five and increasing the tax exemption limit to Rs. 3 lakh.


• Income Tax Department to improve Tax Payers Services by making compliance easy and smooth.


• Number of basic customs duty rates on goods, other than textiles and agriculture, reduced to 13 from 21


• Basic customs duty on electric kitchen chimney increased to 15 per cent from 7.5 per cent.


• Proposal to extend the benefit of standard deduction of Rs. 50,000 to salaried individual, and deduction from family pension up to Rs. 15,000, in the new tax regime.

Budget Day & its Effect on Nse listed Stocks

Market is extremely volatile on budget day because Common man, Brokers, Industrialist, Investors expect lots of thing from finance minister during budget in February month. On budget day Finance Minister is expected to give relief to some sectors like on reducing excise duty, reducing import duties for export oriented companies. Government is also likely to increase the excise duty on sophisticated items like Washing machines, Air conditioners, Car makers, Tyre makers, gold, LED TV, Heavy electronic components etc. In some cases Govt can also lower excise duty on some products like ventilators, medicine (made by indian pharma companies), pipe makers, solar equipment makers. This may impact the companies in the manufacturing of those products and sector as a whole in some days but this news will impact stock market on the same day.