Budget 2023
]Govt to announce ₹40k crore towards PMAY in Union budget 2023: Report
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.
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.
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.
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.
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.
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
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.
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.
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.
Union budget: How govt prepares annual financial statement?
The ministry of finance prepares the budget in consultation with the Niti Aayog and concerned ministries.
Poll
]Quiz
][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.
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.
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
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.
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.
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
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.
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.
‘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
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.
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.
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.
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.
_1641276809614_1643768121611.jpg "Digital Banking units to come up in 75 districts.(Representative image)")
