The Union Budget 2023 evoked a generally positive reaction in Sangam city, especially from the vast middle class buoyed over the income tax relief provided in it.
Local chartered accountant, Navin C Agrawal, dubbed the Budget 2023 as highly appreciable as “its fruits will reach each and every class of the nation.”
The proposed amendments in Banking Regulation Act, 1949, for better bank governance and investors’ protection besides lower tax rate of 15% provided for new manufacturing company units, combined with change in tax slabs and higher exemption at 7 lakh provided under New Tax Regime are all welcome steps, he added.
Sushil Kharbanda, president of Prayagraj Automobile Association and president of Civil Lines Vyapar Mandal also welcomed the Budget. He said that lowering of custom duty on parts will result in automobile parts becoming cheaper and hence the prices will be lowered that will boost the automobile industry as a whole.
Also, with the introduction of the new tax structure, salaried persons will have more disposable income that will result in an increase of car sales in India. Further, he also hailed the government initiatives to develop infrastructure that will help the industry grow.
Silky Biswas, a housewife, was elated by the announcement of Mahila Samman saving certificate scheme, which will entitle her to make her own savings at a higher rate of interest of 7.5% for two years. However, she expressed displeasure at the proposed increase in duty on kitchen appliances that will hike prices of chimneys and other kitchen accessories.
{{/usCountry}}Silky Biswas, a housewife, was elated by the announcement of Mahila Samman saving certificate scheme, which will entitle her to make her own savings at a higher rate of interest of 7.5% for two years. However, she expressed displeasure at the proposed increase in duty on kitchen appliances that will hike prices of chimneys and other kitchen accessories.
{{/usCountry}}Further, she also expressed concern over the rise in prices of domestic commodities like cooking oil, LPG to name a few.
BJP MP Prof Rita Bahuguna Joshi said that the Budget 2023-24 is fully inclusive and extremely progressive which will make India self-reliant with the vision of development of all.
“Special care has been taken of women and old people by making income up to ₹7 lakh tax free to crores of middle class taxpayers of the country. Tax relief has been given to the taxpayer in each tax slab,” she said.
Taking cognizance of the concerns of start-ups, 95% of the security money will be returned for the incomplete work deposited by them during the Covid-19 period. This will increase self-employment among the youth. The plan for unprecedented development in the field of infrastructure will strengthen India’s economy, she maintained.