Prime Minister Narendra Modi on Wednesday described the Union Budget as the "first Budget of Amrit Kaal" (the 25-year period from 2022 till 2047, when the country will celebrate 100 years of Independence), which would lay a strong foundation for a developed India.
On BSE, LIC was down more than 8 per cent, HDFC Life was down more than 10 per cent, Max Financial was down more than 9 per cent, SBI Life Insurance was down more than 9 per cent while ICICI Prudential Life Insurance was down more than 10 per cent.
Nirani said that the announcement in the Union Budget to enhance the export competitiveness of marine products, particularly shrimps, by reducing duty on key inputs for domestic manufacture of shrimp feed will contribute to the growth of marine exports from Karnataka.
A one stop solution for reconciliation and updating of identity and address of individuals maintained by various government agencies, regulators and regulated entities will be established using DigiLocker service and Aadhaar as foundational identity, said the government.
According to the Budget presented by Finance Minister Nirmala Sitharaman on Wednesday, the budgetary estimate for 2023-24 is Rs 2,05,513 crore, which is 30 per cent less than the revised estimate of Rs 2,96,303 crore for 2022-23.
For better targeting of tax concessions and exemptions, Finance Minister Nirmala Sitharaman capped deduction from capital gains on investment in residential houses under sections 54 and 54F to Rs 10 crore.
The Centre will appoint 38,800 teachers and staff for 740 Eklavya Model Schools, Union Finance Minister Nirmala Sitharaman announced this while presenting the Union budget in Parliament on Wednesday.
Preeti Sharma, Partner, Tax and Regulatory Services, BDO India, said that Finance Minister Nirmala Sitharaman has made conscious efforts to make the NTR more attractive for the taxpayers.
As part of healthcare skill development, the Finance Minister proposed 157 new nursing colleges and novel skill development courses for medical equipment and device manufacturing and innovation.
In good news for online gamers, the government on Wednesday proposed to remove the minimum threshold for TDS and clarify taxability relating to online gaming.
"Overall, investment in resources and modern technology in these domains will surely contribute in the formation of long-term growth that will give greater results in the coming years," Soundararajan said.
It is the second straight cut in the scheme's budgetary allocation, as in the 2022-23 budget also, the MGNREGA's budgetary allocation had been cut by 25 per cent to Rs 73,000 crore from the revised estimate of Rs 98,000 crore.
While the Centre has given a digital boost for the gold sector, in terms of tax relief there is nothing for the sector, said an official of World Gold Council's Indian Chapter.
Navin M. Raheja, Chairman and Managing Director of Raheja Developers, said that the budget also nudges the states and cities to take up urban planning, and we expect this to lead to planned real estate development in the country.
Finance Minister Nirmala Sitharaman in her Union Budget 2023-24 speech said that the subsidies on EV batteries will be extended for one more year, hence making EVs cheaper in the country.
Giving significant boost to MSMEs, the Union Budget 2023-24 has proposed to continue the financial sector reforms and innovative use of technology which have led to ease of access to credit and participation in financial markets.
The Centre on Wednesday announced to extend the tax holiday scheme for startups till March 31, 2024, which means that startups incorporated till the latest date next year can avail tax benefits.
In her Budget 2023-24 speech in Parliament, the Minister also announced the roll-out direct benefit transfer under a pan-India National Apprenticeship Promotion Scheme to provide stipend support to 47 lakh youth in three years.
Union Finance Minister Nirmala Sitharaman during her Budget speech on Wednesday proposed to reduce the number of Basic Customs Duty (BCD) rates on goods other than textiles and agriculture from 21 per cent to 13 per cent.
Arihant Bardia, CIO and Co Founder, Valtrust said if premium paid on insurance policies (excl. ULIP) exceeds Rs 5 lakh in a year, then the proceeds from those policies will be taxable (except in case of death benefit).
With an aim of boosting tourism in the country, the Union Budget 2023-24, proposed by Finance Minister Nirmala Sitharaman on Wednesday, promises to award huge opportunities for jobs and entrepreneurship for youth.
The Union Budget for 2023-24 is a disappointing one for the Indian medical devices industry as the expectations and assurances given earlier have not been fulfilled, Association of Indian Medical Device Industry (AiMeD) Forum Coordinator Rajiv Nath said on Wednesday.
As per the Demand for Grants for 2023-24, the Department of Atomic Energy has been allocated a sum of Rs 25,078.49 crore as against the revised estimates (RE) of Rs 25,965.67 crore for 2022-23.
Moving forward on the urban transformation, the Union Budget 2023-24 is set to encourage states to undertake urban planning reforms and actions to transform cities into 'sustainable cities of tomorrow', and Urban Infrastructure Development Fund (UIDF) will be set up.
Nominal GDP is expected to grow at 15.4 per cent year-on-year in 2022-23 as against 19.5 per cent in 2021-22, while the real GDP is projected to grow by 7 per cent in the current fiscal year-on-year against 8.7 per cent in 2021-22, it said.
