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Budget 2023


Gujarat budget: From Fintech hub to sports complexes, 10 big announcement

Updated on Feb 24, 2023 05:17 PM IST
Gujarat Finance minister Kanubhai Desai presents the State Budget 2023-24 in the Assembly, in Gandhinagar, Friday.

UP Budget today: Focus likely on youth, women empowerment

Uttar Pradesh CM Yogi Adityanath. On May 26 last year, the state government had presented an annual budget of 6.15 lakh crore.
Updated on Feb 22, 2023 08:45 AM IST

Hindutva in focus as Bommai unveils 3L cr budget in poll-bound Karnataka

Karnataka Chief Minister Basavaraj Bommai shows the State Budget for the financial year 2023-24 prior to presenting it in the State Assembly, in Bengaluru on Friday. (ANI)
Updated on Feb 18, 2023 04:23 AM IST

Nirmala Sitharaman's ‘jeejas, bhatijas’ dig at Congress over Budget 2023

Union finance minister Nirmala Sitharaman speaks in the Lok Sabha during Budget Session of Parliament on Friday.
Published on Feb 10, 2023 06:09 PM IST

'India still fastest-growing economy': Sitharaman on Budget 2023 in Lok Sabha

Union Finance Minister Nirmala Sitharaman speaks in Parliament.
Updated on Feb 10, 2023 05:06 PM IST

Number theory: Understanding the Union Budget’s tax calculations

Representational image.
Updated on Feb 07, 2023 03:21 PM IST

Budget: Hydrogen mission outlay shows India’s green commitment, says TERI chief

Vibha Dhawan, director general, The Energy and Resources Institute (TERI) (HT Photo)
Updated on Feb 06, 2023 11:23 AM IST

Finance Secretary defends higher investment limit in saving schemes, says…

The government every quarter reviews and fixes the interest rate for small savings schemes
Published on Feb 05, 2023 10:44 AM IST

Mumbai should be liking the proposals: FM Sitharaman on Budget 2023

The finance minister said it was the "express desire" of Prime Minister Narendra Modi to continue with the elevated public capital expenditure. (File)
Published on Feb 04, 2023 01:11 PM IST

Budget 2023: What are the changes in new tax regime? Expert explains

Overall, the Union government has presented a forward-looking, progressive budget, say experts. The rationalised income tax slabs and other rebates will generate higher disposable income for tax-payers, they say. (Sameer Sehgal/HT)
Updated on Feb 03, 2023 11:06 PM IST

Budget Impact

  • Camera Lenses
  • Mobile Phones
  • TV Parts
  • Denatured Ethyl Alcohol
  • Acid Grade Fluorspar
  • Domestic Manufacture of Shrimp
  • Electric Kitchen Chimneys
  • Articles made from Gold, Platinum
  • Silver Doors and Bars
  • Copper
  • Compounded Rubber
  • Cigarettes
  • Clothes

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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).

Union Budget: Disappointed by no increase in PM-Kisan payouts, say farmers

Updated on Feb 03, 2023 12:32 AM IST
The government has allocated a mere 1 lakh for MIS-PSS for 2023-24, down from 1,500 crore in 2022-23 (both Budget and revised estimates being equal).

Union Budget 2023-24: Promotion of Indian languages receives impetus

The allocation for the Indian Knowledge Systems (IKS) scheme has also increased to 20 crore from 10 crore (budget estimate) in 2022-23. (HT Archive)
Updated on Feb 03, 2023 12:19 AM IST

What's new about the new tax regime?

People watch the Union Budget being presented by Finance Minister Nirmala Sitharaman in the Parliament. (HT PHOTO)
Updated on Feb 03, 2023 02:14 PM IST

Bihar neglected, no roadmap for employment generation: CM Nitish on Budget 2023

Bihar chief minister Nitish Kumar.
Published on Feb 02, 2023 06:57 AM IST

Will the Budget nudge growth, spur consumption?

For 2021-22, the economy grew 8.7%, compared to a 6.6% contraction the previous year. Importantly, nominal GDP grew 19.5%. (REUTERS)
Updated on Feb 03, 2023 02:14 PM IST

Decoding the big numbers in Union Budget 2023-24

The Union government has proposed to spend a record 22,138 crore on allocations aimed at MSMEs in the budget, giving a boost to employment in the country. (Hindustan Times)
Updated on Feb 03, 2023 02:13 PM IST

First budget of Amrit Kaal will build a strong foundation : PM Modi

Prime Minister Narendra Modi during the BJP Central Election Committee meeting for Nagaland Legislative Assembly elections, at the party Headquarters in New Delhi, on Wednesday. (PTI)
Updated on Feb 02, 2023 12:51 AM IST

Compliance burden down, PAN made common ID for ease of doing business

Finance minister Nirmala Sitharaman says the Budget proposes a ‘series of measures to unleash the potential’ of the economy. (REUTERS)
Updated on Feb 02, 2023 01:12 AM IST

Tax-Capex double engine in Union Budget 2023-24

Nirmala Sitharaman, Union minister for finance and corporate affairs along with the ministers of state for finance, Pankaj Chaudhary and Dr. Bhagwat Kishanrao Karad and the senior officials arrived at Parliament ahead of presenting the Union Budget 2023-24 in New Delhi, India, on Tuesday. (Hindustan Times)
Updated on Feb 02, 2023 04:41 AM IST

Economy is showing signs of robust viability: Sitharaman

Union finance minister Nirmala Sitharaman during a post budget press conference, in New Delhi on Wednesday. (ANI)
Updated on Feb 02, 2023 02:18 AM IST
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