Before the 2024 Lok Sabha elections, Union Finance Minister Nirmala Sitharaman presented the Modi government's final full-fledged Union Budget on February 1, 2023. NO RISKS, JOINT PROFITS Businesses should see surpluses as a result of the proposal's anticipated increase in infrastructure, security, and logistical support funding. The Parliamentary Budget Session began on Tuesday and will end on February 13. The second quarter of the Cabinet Meeting, which begins on March 12 and concludes on April 6, will feature discussions of the status of the continuing resolution and other federal budget issues.
With the additional gain in tax benefits that are proposed in the Union Budget 2023, it is anticipated that problems with budgeting in the current economy will be avoided. The government also proposed changing shareholdings from seven to ten years after incorporation. FM Nirmala Sitharaman stated that the implementation date for startup income tax benefits would be moved up to March 31, 2024. Similar to sugar cooperatives, they can now claim payments made to sugarcane producers prior to 2016-17 as capital expenditures. A 15% tax subsidy is provided to communes that will begin business operations before March 2024, according to the federal budget reform.
India will report GDP growth of between 6.0% and 6.8% in 2023 and 2024, depending on the trajectory of economic and political developments worldwide. Highlights of the Union Budget for 2023 and 2024 to look out for:
Due to an increase in contact-intensive amenities like trade, lodging, and public transportation, consumer spending as a percentage of GDP was 58.4% in Q2 of FY2023, a new record for any year since 2013-14.
PROMOTE DOMESTIC MANUFACTURING AND EXPORTS
In order to put Production into action, Project Development Cells (PDCs) have been established as a systemic approach to expediting assets in all relevant Ministries and Departments of the State of India. A disbursement of has been declared in the Union Budget to improve India's industrial base and foreign exchange earnings in accordance with India's dream of becoming "Atmanirbhar."
Capital goods and lithium batteries are exempt from tax.
The government has decided to free up heavy machinery and fixed assets used to make lithium-ion cells for EV batteries in order to promote greener public transportation. With the exception of textile materials and agribusiness, the tariff rate on lithium-ion batteries has also been reduced from 21% to 13%. For an additional year, incentives for batteries for electric vehicles have been increased. The state's adoption of electric vehicles is anticipated to accelerate as a result.
The government has increased the import tariff on tobacco products in an effort to make vaping and gold, silver, and diamonds as well as cigarettes and imported rubber even more expensive. The demand for gold and silver jewelry is expected to rise alongside that of cigarettes. The basic tariff rates on seeds used to make lab-grown diamonds have been limited by the government. Gold-plated items no longer attract duties or taxes.
Highlights from the Union Budget for 2023–2024
1.The EPFO count increased to 27 crores
2. Agribusiness startup funding through an accelerator program Special plan to improve fisheries.
3. In the 3.5 lakh Eklavya tribal school, 38,800 teachers will be employed.
4. expenditure of Rs. 2.40 billion for the railways.
5. There will be 50 new airports and heliports built.
6. Rs. 10,000 crores annually for the urban infrastructure
7. Fund Rs. 75,000 crores for 100 infrastructure transportation projects
8. There will be three "Artificial Intelligence" Centers of Excellence established.
9. The KYC procedure will be streamlined. PAN will become a widely used business identifier.
10. Digi locker's scope will be expanded.
11. Reduced over 39,000 compliances. Bill Jan Vishwas to amend 42 laws.
12. Rs. 35000 crores for the transmission of energy
13. There will be 10,000 bio-input research centres set up.
14. 30 international Skill India centres will be opened.
15. For financial strategy, the National Financial Information Registry (NFIR) will be launched.
16. lowering the MSME Credit's cost by 1%. Rs. infusion. a corpus of 9,000 crores for MSME credit.
17. ‘ Women's Mahila Samman Bachat Scheme for Rs. 2,00,000 @ 7.5%
18. Increased from 15 lakhs to 30 lakhs in SCSS.
Taxes, both direct and indirect
1. Exports and domestic production should be encouraged.
2. Capital goods and lithium batteries are exempt from tax.
3. Mobile phones and camera lenses will get cheaper.
4. Cigarettes, imported rubber, and gold, silver, and diamonds will become more expensive.
5. 75 lakhs and a higher ceiling for presumptive taxation.
6. Higher RS TDS limit. 7 per cent for cooperatives
7. The new IT Return Form makes it easier to file.
8. A total of 100 joint commissioners will be appointed to handle minor appeals.
9. On EPF withdrawal 10, TDS was reduced.
10. To be amended are Sections 54 and 54F.
11. The new tax regime raised the rebate limit to 7 lakh.
12. The new tax system reduces the number of slabs from seven to five.
13. Only Rs. 5 per $1,000 in annual income is taxed on an individual. 45,000 as tax.
14. Class of the salaried and pensioner: The Standard Deduction increased.
15. The highest tax rate decreased by 42.74%
16. In the proposed new tax system, propose lowering the Higher surcharge rate from 37% to 25%.
17. Cashing out of Leave: Limit now stands at Rs. 3,00,000 to Rs. 25,00,000.
About Dr Pratik Mungekar
1) He is the first Indian to be appointed as the planetary Minister of Sustainable Development of Newly emerging The Kingdom of Atlantis (a Decentralized Sovereign Kingdom)
2) He is the first youngest Indian whose book Introduction to Sustainable Development Goals (Non-Academic) is now part of the Atlantean Education program.
3) He is the first youngest Indian to receive 300+ Honorary Doctorates from all over the world.
4)He is the first youngest Indian professor who taught more than 8000+ Students & Career guided 4000+ Students to date & the count is still on.
5) He is the first Indian who has 850+ International, National & State Awards 6 National Patents, 15 World Records at the age of 28 for his contribution in the field of Teaching & Research.
6) He is the first youngest Indian to receive 125+ Honorary High Degrees across the Globe.
7) He is the first Indian to be appointed by 45+ International organizations on various High-positions at the same time.
8) He is the first youngest Indian to be appointed as Ambassador by 46 organizations of many countries in almost all disciplines.
9) He is the first Indian youngest professor to start teaching at the age of sixteen, the age of twenty Seven He has completed twelve years of Teaching.
10) He is the first Youngest Indian to receive Royal &Prestigious Titles such as 1)Lecturus Magnificus (L.M.), 2) H.R.H. 5* Duke.
11) First Youngest Indian to receive Mendeleev’s Fellowship ( United Kingdom’s Highest Academic Honour).
12)First Indian to receive the distinguished title “Professor Wisdom” from Institución Cultural Colombiana Casa Poética Magia y Plumas, Colombia South America.
13) Visting faculty in many National & Foreign Universities.
14) Director of Research & Innovation
OXFAA University, Lighthouse Leadership University.
15) Vice Chancellor
Unified Theological Seminary USA
University of Kingdom of Atlantis
Today, the name of Prof. Dr. Pratik Rajan Mungekar is no longer common but is emerging as a distinguished Scientist, Professor, World Educationist, Published Writer, Counsellor, Social Worker, and an International Speaker