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Budget 2023

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Govt to announce 40k crore towards PMAY in Union budget 2023: Report

Published on Jan 28, 2023 01:52 PM IST

In budget 2022, the government announced ₹48,000 crore towards the scheme, with ₹28,000 crore for houses in urban areas, and the remaining amount for structures in rural areas.

Representational Image
Representational Image
By, New Delhi

Budget 2023: How to check document online? Follow these steps

The upcoming budget will be presented in paperless mode, just like the previous two editions.

A screenshot of the indiabudget.gov.in website
A screenshot of the indiabudget.gov.in website
Published on Jan 27, 2023 10:16 AM IST
By, New Delhi

Ahead of Budget, ‘Halwa’ ceremony to be held tomorrow | All you need to know

After the ceremony, ministry officials and staff involved with the preparation of budget, enter a ‘lock-in’ period.

Finance minister Nirmala Sitharaman at an earlier halwa ceremony (PTI)
Finance minister Nirmala Sitharaman at an earlier halwa ceremony (PTI)
Updated on Jan 27, 2023 09:37 AM IST
By, New Delhi

The budget’s love-hate relationship with inflation

While inflation is seen as a bad for medium-term growth prospects, high inflation periods often bring a windfall gain in revenue as they also give a boost to nominal GDP numbers that serve as the base for tax collections.

Union finance minister Nirmala Sitharaman during Budget 2022.
Union finance minister Nirmala Sitharaman during Budget 2022.
Updated on Jan 25, 2023 06:16 PM IST

Budget 2023 to be in paperless form: All you need to know about Union Budget App

This will be the third budget to be tabled in digital mode, after the ones in 2021 and 2022.

The first paperless budget was presented on February 1, 2021 (Ajay Aggarwal / HT Photo)
The first paperless budget was presented on February 1, 2021 (Ajay Aggarwal / HT Photo)
Published on Jan 25, 2023 05:45 PM IST
By, New Delhi

Budget needs a road map for reducing fiscal deficit

High levels of public debt are a cause for concern. But this can be managed by announcing a deft debt management strategy in the upcoming budget

The path along which public debt may evolve is based on real Gross Domestic Product (GDP) growth, inflation, interest rate and the primary deficit. (Shutterstock)
The path along which public debt may evolve is based on real Gross Domestic Product (GDP) growth, inflation, interest rate and the primary deficit. (Shutterstock)
Updated on Jan 25, 2023 12:00 PM IST
ByC Rangarajan and M Suresh Babu

Budget 2023: What is Indirect Tax? Meaning and types

Indirect taxes are levied on businesses, who then pass the cost on to consumers. Goods and Services Tax (GST) and Central Excise Duty are the two major indirect taxes.

GST is a value-added tax levied on the purchase of goods and services. (MINT_PRINT)
GST is a value-added tax levied on the purchase of goods and services. (MINT_PRINT)
Updated on Jan 24, 2023 08:24 PM IST

Budget 2023: What is Direct Tax? Meaning, types and significance

Direct taxes play an important role in funding government spending and redistributing income in the economy. The term "direct" in Direct tax means that the tax liability falls on the person or entity earning the income or holding the wealth.

The two major direct taxes are income tax and corporate tax.
The two major direct taxes are income tax and corporate tax.
Published on Jan 24, 2023 07:36 PM IST

Budget 2023: What are different kinds of budget presented by Centre?

According to the differences in revenue and expenditure, the budget is categorised into three main types - balanced, surplus and deficit.

For the past five years, the government has released the union budget on February 1. (File)
For the past five years, the government has released the union budget on February 1. (File)
Updated on Jan 24, 2023 04:15 PM IST
By | Edited by Aryan Prakash

Union budget: How govt prepares annual financial statement?

The ministry of finance prepares the budget in consultation with the Niti Aayog and concerned ministries.

Union Finance Minister Nirmala Sitharaman along with the Ministers of State for Finance Pankaj Chaudhary and Bhagwat Karad arrives at Parliament ahead of the Union Budget 2022-23 presentation in Lok Sabha, in New Delhi on Tuesday. (Amlan Paliwal)
Union Finance Minister Nirmala Sitharaman along with the Ministers of State for Finance Pankaj Chaudhary and Bhagwat Karad arrives at Parliament ahead of the Union Budget 2022-23 presentation in Lok Sabha, in New Delhi on Tuesday. (Amlan Paliwal)
Published on Jan 24, 2023 02:56 PM IST
By, New Delhi
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[FAQs]

The union budget is an annual financial statement that lays out the government’s proposed expenditures and revenues for the upcoming fiscal year, which begins on April 1 and ends on March 31 of the following year. A comprehensive document that outlines the government’s economic and fiscal policies, it is presented by the Finance Minister of India in the Parliament.

According to the differences in revenue and expenditure, the budget is categorised into three main types - balanced, surplus and deficit.

1. A balanced budget is when the estimated government expenditure is the same as the expected revenue in a certain financial year.

2. A budget is considered surplus when the government revenue surpasses the expected expenses in a financial year

3. When the government’s expenses overshoot the revenue during a fiscal year, it is termed as a deficit budget.

The union budget can be classified into two: revenue budget and capital budget. The revenue budget is made up of revenue receipts - the amount of taxes and other levies the union government expects to collect and revenue expenditures. Revenue receipts. Revenue expenditure are the regular expenses associated with the government's regular operations and the variety of services provided to the general population.

Capital expenditures and capital receipts make up the capital budget, which has long-term components. Loans from taxpayers, the Reserve Bank of India (RBI), and foreign governments are some of the main sources of government revenue.

On the other side, capital expenditures include expenses for the creation and upkeep of tools, machinery, buildings, schools, and other infrastructure. A fiscal deficit happens when the amount of money the government spends exceeds the amount it brings in.

Current budget refers to the total approved estimates of the current expenses of a fiscal year in the Annual Budget Statement.

Total government spending is projected to increase by Rs. 1,750 billion to about Rs. 39,450 billion compared to FY 2022 mainly due to interest payments and capital expenditure loans to states.

The union budget is more technically referred to as the Annual Financial Statement in Article 112 of the Constitution of India

The ministry of finance prepares the budget in consultation with the Niti Aayog and concerned ministries.

An indirect tax is the one levied on goods and services rather than on income or profits. Sales tax, value-added tax (VAT), and excise taxes are examples of indirect taxes. Goods and Services Tax (GST) and Central Excise Duty are the two major indirect taxes.

A direct tax is the one that is levied on the income or wealth of an individual or organisation. Income tax, corporate tax, and property tax are all examples of direct taxes. The two major direct taxes are income tax and corporate tax

The Finance Bill is a part of the union budget and contains the fiscal proposals for the upcoming financial year. As per a Mint report, the government may bring in changes to GST law this year, withholding credit for taxes paid by businesses while taking the services rendered to the community as part of corporate social responsibility (CSR).

The budget’s love-hate relationship with inflation

While inflation is seen as a bad for medium-term growth prospects, high inflation periods often bring a windfall gain in revenue as they also give a boost to nominal GDP numbers that serve as the base for tax collections.

Union finance minister Nirmala Sitharaman during Budget 2022.
Union finance minister Nirmala Sitharaman during Budget 2022.
Updated on Jan 25, 2023 06:16 PM IST

What India Inc expects from Union Budget 2023| 10 things to know

Business leaders believe that the government should take advantage of the weakening of manufacturing economies. They advocate for competitive import tariffs.

Union Budget 2023 will be presented by Finance minister in the first week of February.
Union Budget 2023 will be presented by Finance minister in the first week of February.
Published on Jan 23, 2023 02:37 PM IST
By | Edited by Aryan Prakash

Reading the Union Budget with state govt spending statistics

Here are five charts that explain why the importance of the Union Budget in overall government spending has reduced over time

A vendor sells fruits next to a mural wall. (AFP)
A vendor sells fruits next to a mural wall. (AFP)
Updated on Jan 20, 2023 04:00 PM IST

Union Budget 2023: What are expectations of salaried professionals?

Union Budget 2023: The salaried class is seeking some major tax relief amidst mass layoffs and rising inflation.

According to the income tax department, around 50 per cent of the income tax returns (ITR) filed in 2022 were by salaried professionals. (File)
According to the income tax department, around 50 per cent of the income tax returns (ITR) filed in 2022 were by salaried professionals. (File)
Published on Jan 19, 2023 04:59 PM IST
By | Edited by Aryan Prakash

Explained: What is Union Budget, its constitutional provisions

The budget is presented by the Finance Minister of India in the Parliament. The budget is a comprehensive document that outlines the government’s economic and fiscal policies for the next fiscal year.

Finance Minister Nirmala Sitharaman during Budget 2022.
Finance Minister Nirmala Sitharaman during Budget 2022.
Updated on Jan 23, 2023 12:03 PM IST

What India may get from this budget

Despite the disruptions forced by the pandemic, the economy is in good shape. The budget may focus on improving the conditions for private investment, but will have to look at how to reduce the high-debt burden

The improvement in the tax-to-GDP ratio has helped in dealing with multiple shocks, ranging from welfare assistance to raising subsidies to managing food prices and increasing capital expenditure (Shutterstock)
The improvement in the tax-to-GDP ratio has helped in dealing with multiple shocks, ranging from welfare assistance to raising subsidies to managing food prices and increasing capital expenditure (Shutterstock)
Updated on Jan 19, 2023 08:10 AM IST
ByRahul Bajoria and Shreya Sodhani

Budget 2023: 'No new taxes for income till...', FM on middle class issues

Attending an event on Sunday, FM Sitharaman said she identifies herself as a middle class and that she understands the trouble faced by this section.

 Union finance minister Nirmala Sitharaman said she identifies herself as a middle class and that she understands the trouble faced by this section. (Twitter)
Union finance minister Nirmala Sitharaman said she identifies herself as a middle class and that she understands the trouble faced by this section. (Twitter)
Updated on Jan 23, 2023 01:49 PM IST
BySnehashish Roy, New Delhi

Stock investors bracing for challenging weeks ahead of Budget

History suggests India’s shares are likely to see muted trading ahead of the budget reading, usually held on Feb. 1, with data compiled by Bloomberg Intelligence showing an average drop of 1% since 2003 in the month before the budget.

The nation’s stocks outperformed most major markets during the last two years as individual investors piled in during the pandemic. (Reuters File)
The nation’s stocks outperformed most major markets during the last two years as individual investors piled in during the pandemic. (Reuters File)
Published on Jan 11, 2023 10:20 AM IST
Bloomberg |

‘Idea of Budget is to boost consumption’: DEA secretary Ajay Seth

The Budget has provided the clarity… All incomes are taxable, except those that are specifically exempted under the I-T Act, says Seth

Ajay Seth (HT Photo)
Ajay Seth (HT Photo)
Updated on Feb 03, 2022 01:57 AM IST
ByRaajeev Jayaswal, Hindustan Times, New Delhi

Budget for a modern, self-reliant nation: PM Modi

Union Budget 2022-23 pumped up capital expenditure massively to spur growth, raising its outlay by a record 35.4% to ₹7.5 lakh crore. It has taken a classic economic mantra, according to which investments begets growth.

Prime Minister Narendra Modi. (PTI)
Prime Minister Narendra Modi. (PTI)
Updated on Feb 03, 2022 07:41 AM IST
By, New Delhi

Next year's I-T return to have separate column for crypto income: Revenue secy

The 30 per cent plus applicable cesses and surcharge of 15 per cent on income above ₹50 lakh will have to be paid on income from cryptocurrencies, revenue secretary Tarun Bajaj said.

The launch of 'Digital Rupee' by RBI as well as a 30 per cent tax from April 1 on profits from digital asset transactions, including cryptocurrencies and non-fungible tokens (NFTs) was announced by finance minister Nirmala Sitharaman in her budget speech on Tuesday, February 1, 2022. (Getty Images/iStockphoto)
The launch of 'Digital Rupee' by RBI as well as a 30 per cent tax from April 1 on profits from digital asset transactions, including cryptocurrencies and non-fungible tokens (NFTs) was announced by finance minister Nirmala Sitharaman in her budget speech on Tuesday, February 1, 2022. (Getty Images/iStockphoto)
Published on Feb 02, 2022 06:23 PM IST
PTI | , New Delhi

Reaching new heights: Modi hails India's ‘success story’ in post-Budget address

The Union Budget has been appreciated across multiple quarters, said the Prime Minister, adding that the policies are aimed at expanding the central government's vision in the last seven years.

Prime Minister Narendra Modi addresses Bharatiya Janata Party (BJP) workers on Wednesday, February 2, 2022. (Photo via @PBNS_India on Twitter)
Prime Minister Narendra Modi addresses Bharatiya Janata Party (BJP) workers on Wednesday, February 2, 2022. (Photo via @PBNS_India on Twitter)
Updated on Feb 02, 2022 12:17 PM IST
Written by Joydeep Bose, Hindustan Times, New Delhi

Digital Banking units to come up in 75 districts by scheduled banks, says FM

To give a boost to the digital economy and as the country marks 75 years of its independence, it is proposed to set up 75 DBUs in 75 districts of the country by scheduled commercial banks, finance minister Nirmala Sitharaman said.

Digital Banking units to come up in 75 districts.(Representative image)
Digital Banking units to come up in 75 districts.(Representative image)
Published on Feb 02, 2022 07:47 AM IST
By, Hindustan Times, New Delhi
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