FUTURISTIC BUDGET 2023, writes Nirmalendu Kar Purakayastha

//Nirmalendu Kar Purakayastha//

Honourable Finance Minister Nirmala Sitharaman announced union budget 2023 with fiscal deficit target at 5.9% of GDP. It is prepared by the ministry of finance in consultation with Niti Aayog and other concerned ministries.

Budget 2023 has thee visions of Amritkaal.
First is the focus on the youth, Second is Growth & job creation and third is strong and stable macro- economic.
If we look at SAPTARSHI: Seven priorities of the budget as mentioned :
1. Infrastructure and investments
2. Inclusive development
3. Unleashing of potential …Trust base Governance
4. Green Growth
5. Reaching the last mile
6. Youth power and
7. Financial sector.
Thrust on Budget allocation on sectors like Agriculture, Infrastructure, Health, Education, Manufacturing, Social services, Science & Technology, Digital India and Environment .

Looking into Tax proposal

Direct tax

Income limit for rebate of income tax raised from 5 lakh to 7 lakh in the new regime. It is an effort to shift more people and taxpayers to new tax regime. Further simplifying tax benefits for personal income tax and industry.
Indirect tax is also simplified to ensure higher exports ,domestic manufacturers, value addition in economy and green energy and mobility.

Let’s have a look into budget proposals How the rupee comes from ;

15% from individual Tax & 15% from Corporation tax, 4% from custom Duties, 7% from Union Excise Duties & 17% from GST and other tax. Non tax receipts 6% & non debt capital receipts 2%
Balance 34 % from borrowing & other liabilities.

How rupee goes to:

pensioner 4%
State share of Tax and duties 18%
Finance commission and other transfer 9%
Central Sector schemes 17%
Defence 8%
Subsidies 7%
Central sponsored schemes 9%
Other expenditures 8%
Interest payments 20%

Budget 2023 take way :
It contains long Wishlist which can be attainable through efficiencies and effective approaches. It can be concluded that if everything goes smoothly and according to plan outlined in the budget 2023 we wish will have prosperous years ahead.

(Nirmalendu Kat Purkayastha is renowned Cost Accountant.)