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Union Budget 2023-24: Hello Friends, we are here to let you know that our Financial minister Nirmala Sitharaman has announced this financial year’s Budget in the parliament of India. This is the fifth union Budget of Nirmala Sitharaman. In this 2023 Financial budget, customs duty has increased many things and decreased a few things. And we can know which has become overpriced and which has become cheap. In the new Tax Government, the highest rate of charge has been decreased from 37% to 25%. We have given the Key features of Budget 2023-2024.
Union Budget of 2023 Financial Year: What became costly?
- Articles that are made of gold bars custom duty have been increased
- Kitchen electric fireplace custom duty increased from 7.5% to 15%
- Custom duty has been increased on various things like umbrellas, liquor, gold, imported silver items, platinum, and X-ray machine.
- 16% increase in the cigarette tax
- Compound rubber tax increased from 10% to 25%
Union Budget of 2023 Financial Year: Which became cheaper?
- The Indian government reduced customs duty on mobile camera lenses, electric vehicles, clothes, mobile phones, toys, diamond jewelry, biogas-related items, lithium cells, and cycles.
- On open cell parts TV panels customs duty is reduced to 2.5 percent
- To reduce customs duty on the import of certain inputs for mobile phone manufacturing Government has proposed
- To reduce basic customs duty on seeds used to manufacture lab-grown hero
Union Budget Key Highlights 2023
- Green Growth
- Financial Sector
- Inclusive Development
- Digital infrastructure to aid the agriculture Sector
- Infrastructure & Investment
- Youth Power
- Unleashing potential
Indian Union Budget 2023 Key Numbers
- For high-value horticulture: Rs 2200 crore
- Capital expenditure: Rs 10 lk cr for FY24, up to 33%
- Panning to increase PM Housing outlay: Rs 79000 crore
- Planning to spend vulnerable tribal group: Rs 15000 cr over 3 years
- 7% growth estimated FY23
- High-value horticulture: Rs 2200 crore for
- Rs 20 lk cr increased for Agri credit target
Finally, we are believing that the above information regarding the Union budget 2023-24 which has been announced by our financial minister Nirmala Sitharaman has useful for you. For more details like this keep visiting our website portal @ freshersnow. Thank You for making us the Best.