Union Budget 2023 Date & Time, New Schemes, How To Watch It Live. Union Budget 2023 and FY 2022 will be presented in the Parliament by our Finance Minister Nirmala Sitharaman. The date and time of Budget 2023 are 1st February 2023 and start at 11 am. Because this time it was right for the budget like last year. Hence, this year’s time will be the same as last consecutive year’s date and time.
The last budget was presented by our Finance Minister Nirmala Sitharaman. He introduced 2021-2022 at the time of the pandemic. Now let’s see the date and time of Budget 2023. What are Maas’s expectations from this year’s budget? We have also shared information related to income tax and new schemes.
Union Budget 2023 Date & Time
This year the date and time of Budget 2023 will be February 1 and will start at 11 am. This time last year, Finance Minister Nirmala Sitharaman followed suit. As you know, the government budget means the budget of the whole country. It is an annual statement showing an estimate of receipts and expenditures during a year. The budget for the financial year is going back one year to the date and time of 2023. The budget in India will be presented on such a day that the President can direct it to the Finance Minister.
The Economic Survey will be shared in Parliament on the performance of each sector to consider necessary steps before the budget. Presently major economies are facing recession and other problems. This has affected India’s exports. Let’s see how this year’s budget will affect our pocket.
Union Budget 2023 Overview
|Title||Budget 2023 date & time|
|Release by||Central government|
|Present by||Finance minister|
|Date and Time||1 February 2023 and 11 AM|
Gujarat Govt Budget 2022-23 Live Updates
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ગુજરાત બજેટ 2023
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- સમાવેશી વિકાસ
- વંચિતોને પ્રાધાન્ય
- ઇન્ફ્રાસ્ટ્રક્ચર અને રોકાણ
- ક્ષમતા વિસ્તરણ
- ગ્રીન ગ્રોથ
- નાણાકીય ક્ષેત્ર
The issue of taxation
Finance Minister Nirmala Sitharaman recently made a statement that she is well aware of the pressure on the middle class. Looking at the matter, it appears that there may be some relief for taxpayers. However, relief does not necessarily mean that it is completely free. Lower-income prevalence rates may be relaxed, compensated with an increase in cess/surcharges for upper-income limits.
Import duties on private jets, helicopters, high-end electronic items, and jewelry can be increased to boost domestic production.
India’s unemployment rate hit a 16-month high of 8.3 percent last month. Creating employment in the world’s most populous country is a major challenge. The government can increase spending on schemes including crop insurance, rural road infrastructure, and low-cost housing along with rural job guarantees.
According to Oxfarm India, the economic disparity between the rich and the poor is increasing in India. According to an estimate, the 21 richest have more wealth than over 70 crore Indians. Government small savings schemes for old age and girl children may be announced.
As India seeks to establish itself as an alternative to China in the global supply chain, there is likely to be more economic benefits from the government for manufacturers looking to set up factories in the country. Apart from this, the budget may introduce incentives related to products like shipping containers and toys.
The budget may also include these things
- Long-term capital gains tax can be extended to immovable property and unlisted shares.
- Compensation for oil retailers for selling fuel below market prices
- As announced in the last budget, tax on crypto assets may be reduced
- Keeping in mind the concern on the border, the defense budget may increase.
- A higher capital allocation may be required for banks to give them more freedom to raise funds.
Eight new flyovers and five iconic roads have been proposed in Ahmedabad’s budget. It is proposed to construct flyovers at Sattadhar Char Road, Naroda Patiya, Wadge Junction, Chandlodia Khodiarnagar Railway Line, Panchavati Junction, Mansi Junction, Visat Junction, and Panjarapol Junction. 578 crore rupees will be spent on the over-bridge. 1338 crore rupees have been allocated for the development of the Kharikat Canal.
The Surat Municipal Corporation has increased the taxes for residential and non-residential properties in the draft budget of Rs 7707 crore presented. After 12 years, new taxes worth Rs 307 crore have been levied on the citizens. The general tax rate of residential properties has been increased by Rs 4 per square meter and the general tax rate of non-residential properties has been increased by Rs 10. The general tax has been increased by approximately Rs 152.18 crore. While the estimated increase in user charges is Rs 148.66 crore, the water meter charges have also been increased by Rs 6 crore. Provision has been made in the budget to build three new overbridges in Surat city.
Rajkot Municipal Corporation has presented a draft budget of Rs 2586 crore for the year 2023-24. The budget has proposed a steep increase in all taxes, including water and sanitation. Property tax for residential buildings is proposed to be increased from Rs 11 to Rs 13 per square meter. While the non-residential property tax is proposed to be increased from Rs 22 to Rs 25. The annual water tax is proposed to be increased from Rs 840 to Rs 2400…Water tax in non-residential areas is proposed to be increased from Rs 1680 to Rs 4800. The budget proposes to increase the daily garbage collection charges from Rs 1 to Rs 2 in residential areas and to increase the daily garbage charges for commercial areas from Rs 2 to Rs 4.
Jamnagar Municipal Corporation has also increased taxes in its draft budget. A draft budget of 1079 crores has been presented for the year 2023-24. In the draft budget with an allocation of 141 crore rupees, an additional burden of 53 crores has been thrown on the urban people. The budget proposes to increase water and property taxes.
Municipal authorities blame inflation for the increase in taxes. However, for common citizens, the increase in taxes is also an increase in inflation. The increase in taxes will make living in Gujarat’s metros more expensive. Property owners and tenants will be burdened with taxes. However, now people’s expectations will increase before the Municipal Corporation. Municipalities have to fulfill the responsibility of providing sanitation, good roads, and clean water properly. Only then the purpose of an increase in taxes can be achieved.
Delhi | Finance Minister Nirmala Sitharaman reaches Rashtrapati Bhavan to call on President Murmu
FM will then attend the Union Cabinet meeting, and then present Union Budget 2023-24. pic.twitter.com/hHDSZU7g3j
— ANI (@ANI) February 1, 2023
Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2023-24. pic.twitter.com/S9GJiDG1aw
— ANI (@ANI) February 1, 2023
#WATCH | Delhi: Union Finance Minister Nirmala Sitharaman all set to present the #UnionBudget2023 at 11am today.
This is the BJP government’s last full Budget before the 2024 general elections. pic.twitter.com/8CFywfihvq
— ANI (@ANI) February 1, 2023
Union Budget 2023 Expectations
Every year people are expected to get some relief from rising prices. The FM will share the fifth budget before the 2024 general elections. The budget will be prepared by the Department of Economic Affairs after receiving inputs from all the departments.
The budget will pave way for foreign manufacturers. The health sector is likely to receive more funding due to the growing need. This will help prepare them for the type of threats they are looking for. MNREGA and others will get more funds to help the rural people.
The central government will work on capital expenditure. The previous budget was focused on recovery due to the pandemic. The FY24 budget is more inclined to work towards the growth of the economy and attract investors.
Union Budget 2023 Date Income Tax
The Income Tax date for Budget 2023 has not been released yet. Our Finance Minister Nirmala Sitharaman will present it in Parliament. The Union Budget 2023 will be presented in the Constitution on 1 February. Citizens of India are waiting for budget announcements regarding income tax slabs. After the announcement of the date of Budget 2023, income taxpayers will be able to decide according to their priority. Many industrialists are also waiting for the Budget 2023 Income Tax. There has been no change in the tax rate for individuals from the financial year 2017-18.
Union Budget 2023 New Schemes
In the Annual Financial Statement for 2023-24, the government is expected to introduce new schemes from areas of need. The government will take steps to bring more development through contemporary schemes.
They are also working on bringing new schemes related to health, tax, food, finance, transport, education, security, etc. The Finance Ministry will be tasked with bringing the plans to life and proper implementation of the plans.
Those who are interested to know more about the upcoming budget can visit the website of government. Budget information will also be given on TV.
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Union Budget 2023 Highlights
However, the highlights of Budget 2023 are yet to be decided. In the highlight of Budget 2023, people are expecting more in the industrial sector. Since recovering from the pandemic this year, there has been a sea change in development in many sectors. This area is not dependent on any area. Small businesses and start-ups can also be mentioned in the Budget 2023 highlights. Although the Prime Minister took measures for small businesses and startups, the growth numbers may go up this year.
When is the Union budget 2023 Date & time?
The Union budget 2023 date & time on 1 February and 11 am.
Who will decide the budget 2023 date & time?
The budget 2023 date & time is decided by our finance minister.