Union Finance Minister Nirmala Sitharaman will present the 2023-24 Union Budget to all BJP lawmakers in Parliament on February 3. All BJP members from Lok Sabha and Rajya Sabha will reportedly attend the meeting.
The Finance Minister presented the Union Budget 2023-24 on February 1, ahead of the general elections scheduled for next year. This was the last full budget of the Narendra Modi government, and FM Sitharaman submitted it five times.
Earlier, on January 31, the 2023 Budget Session began after the President’s speech and the presentation of the Economic Study for 2022-23.
In the 2023 Budget, the government changed the tax structure and raised the amount that can be claimed as tax rebate to 7 lakhs, while keeping it at 5 lakhs under the previous tax system. In addition, the Minister of Finance made the announcement that this fiscal year, the new tax structure will be the default.
The amount that can be exempted from paying taxes has been raised from 2.5 lakhs to 3 lakhs in the new tax system. The government extended 87A benefits and the standard deduction to the new tax system and made changes to the structure and floor.
FM Sitharaman also announced a staggering capital expenditure of 10 lakh crore for FY23, in addition to implementing tax structure changes. This year, capex financing increased by 33 percent.
Finance Minister Nirmala Sitharaman has set the limit for the government’s fiscal deficit for fiscal year 23 at 5.9 percent of GDP. In addition, Indian Railways received an increase in funding from $2.4 lakh crores.
The formal process of preparing the 2023-2024 Annual Budget began on October 10 of last year.