Budget 2023: The jewellery items are going to get costlier as customs duty on gold, silver and diamond has been increased in the Union Budget 2023. The prices for gold, platinum and imported silver to go up, which indicates that the gold, platinum and silver jewellery will get costlier.
Apart from these precious metals, custom duty was hiked for cigarettes and the kitchen chimneys as well. The government reduced the Basic Customs Duty on parts of open cells of TV panels to 2.5% while the customs duty on the import of certain parts like camera lenses has also been reduced. Finance Minister announced the reduction of customs duty on certain parts of mobile phones. This will aid the electronics manufacturing sector and will reduce the prices of TV and mobiles. The concessional duty on lithium-ion cells for batteries will continue for another year.
Kitchen Appliances to get costlier: Customs duty on kitchen electric chimney increased to 15 pc from 7.5 pc, said Nirmala Sitharaman
Cigarettes: Price of cigarettes will get costlier as the government has proposed a 16% hike in the duty.
Imported rubber: Basic import duty on compounded rubber increased to 25 pc from 10 pc
Gold Bars: Basic customs duty hiked on articles made from gold bars
Articles made of silver
Union Budget 2023: Key Takeaways
Income tax rebate extended on income up to Rs 7 lakhs in the new tax regime. This means no tax will be levied on income up to Rs 7 lakh under New Regime.
She also tweaked the concessional tax regime, which was originally introduced in 2020-21, by hiking the tax exemption limit by Rs 50,000 to Rs 3 lakh and reducing the number of slabs to five.
For the agriculture sector, the government has proposed to increase the credit target to Rs 20 lakh crore with a focus on animal husbandry, dairy and fisheries. The country’s agriculture sector has been growing at an average annual growth rate of 4.6 per cent in the last six years, Sitharaman told Parliament.
FM Sitharaman has proposed Mahila Samman Saving Certificate (MSSC) for a 2-year period. This will offer a deposit facility of Rs 2 lakh at 7.5% interest for two years with a partial withdrawal facility to women.
PAN will be used as common identifier for all digital systems of specified government agencies
Sitharaman announced that the Maximum Deposit Limit for Senior Citizen saving scheme will be increased from 15 to 30 lakhs.
For the salaried class and the pensioners including family pensioners, the Finance Minister proposed to extend the benefit of the standard deduction to the new tax regime. Each salaried person with an income of Rs 15.5 lakh or more will thus stand to benefit by Rs 52,500, she said.
States will be encouraged to set a ‘Unity Mall’ in State capital or the most popular tourist destination in the state for the promotion and sale of ‘One District, One product’ and GI products and other handicraft
All cities and towns will be enabled for 100% mechanical de-sludging of septics tanks & sewers to transition from manhole to machine hole mode
To improve the social-economic condition of the Particularly Tribal Groups, PMPBTG Development mission will be launched, to saturate PBTG habitations with basic facilities. Rs 15,000 cr to be made available to implement the scheme in next 3 years
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