2.5 India Budget 2023

Note: Official government data is presented in this topic

The Vision for ‘Amrit Kaal’ articulated in the Union Budget for FY 2023-24 is centred around:

• Opportunities for Citizens with focus on youth
• Growth & Job creation
• Strong & Stable Macroeconomic Environment

The Union Budget for FY 2023-24 this year aims to further strengthen India’s economic status. In the 75th Year of India’s Independence, the World has recognized the Indian Economy as a ‘bright star’ with its Economic Growth estimated at 7 per cent, which is the highest among all major economies.

Aim of Budget 2023:

1. Facilitating ample opportunities for citizens, especially youth
2. Providing strong impetus to growth and job creation
3. Strengthening macro-economic stability
4. To aim for the empowerment of women in Budget 2023
5. To enable women self-help groups to reach next stage of economic empowerment
6. To help self-help groups with raw material supply, branding, marketing of products
7. There has also been a continued focus on Jammu and Kashmir and the Union Territories of Ladakh and the Northeast Region (NER).

Priority 1: Inclusive Development

The Government’s philosophy of Sabka Saath Sabka Vikas has facilitated inclusive development covering in specific, farmers, women, youth, OBCs, Scheduled Castes, Scheduled Tribes, divyangjan and economically weaker sections, and overall priority for the underprivileged (vanchiton ko variyata). There has also been a sustained focus on Jammu & Kashmir, Ladakh and the North-East. This Budget builds on those efforts.

A.Agriculture and Cooperation

i.Digital Public Infrastructure for Agriculture

The Finance Minister said that the Digital Public infrastructure for agriculture will be built as an open source, open standard and interoperable public good.

• Inclusive farmer-centric solutions
• Relevant information services for crop planning/health
• Better access to farm inputs, credit, and insurance
• Growth-support of the agri-tech industry and start-ups

ii.Agriculture Accelerator Fund 

The FM announces that an Agriculture Accelerator Fund will be set-up to encourage agri-startups by young entrepreneurs in rural areas, which will aim at bringing innovative and affordable solutions for challenges faced by farmers. It will also bring in modern technologies to transform agricultural practices, increase productivity and profitability.

iii.Agri-Credit: Agriculture credit target to be increased to Rs 20 lakh crore with focus on animal husbandry, dairy and fisheries.

A new sub-scheme of PM Matsya Sampada Yojana with targeted investment of Rs 6,000 crore to be launched for fishermen, fish vendors and MSMEs.

iv.Enhancing productivity of cotton crop  

To enhance the productivity of extra-long staple cotton, Government will adopt a cluster-based and value chain approach through Public Private Partnerships (PPP). This will mean collaboration between farmers, state and industry for input supplies, extension services, and market linkages.

v.Atma Nirbhar Horticulture Clean Plant Programme

 Atmanirbhar Clean Plant Programme will be launched to boost availability of disease-free, quality planting material for high value horticultural crops at an outlay of Rs 2,200 crore.

vi.Global Hub for Millets: ‘Shree Anna’

 To make India a global hub for ‘Shree Anna’ (Millets), the Indian Institute of Millet Research, Hyderabad will be supported as the Centre of Excellence for sharing best practices, research and technologies at the international level.

vii.Agri-Cooperatives: For farmers, especially small and marginal farmers, and other marginalized sections, the government is promoting cooperative-based economic development models. A new Ministry of Cooperation was formed with a mandate to realize the vision of ‘Sahakar Se Samriddhi’. To realise this vision, the government has already initiated computerization of 63,000 Primary Agricultural Credit Societies (PACS) with an investment of Rs 2,516 crore.

To fulfil the vision of “Sahakar Se Samriddhi”, the Government plans to establish decentralized storage capacity and set up multiple cooperative societies in uncovered villages over the next 5 years.

1. Education and Skilling:

i.Digital Library for Children, Adolescents Will Be Set Up:

• National Digital library will be set up for children and adolescents
• National Book Trust, Children’s Book Trust to replenish non-curricular titles in regional languages, English to digital libraries.
• States to be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources

ii.Education and Skilling:

• Three centres of excellence for artificial intelligence to be set up in top educational institutions.
• 157 new nursing colleges will be established in colocation with the existing 157 medical colleges established since 2014.
• Eklavya Model Residential Schools to be set up in the next 3 years. The Centre will recruit 38,800 teachers and support staff for 740 schools serving 3.5 lakh tribal students.
• National Data Governance Policy to be brought out to unleash innovation and research by start-ups and academia.
• Grant for University Grants Commission (UGC) has been increased by Rs 459 crores (9.37 pc).
• Central Universities have been increased by 17.66%, Deemed University by 27%, support to IITs have been increased by 14%, and to NITs by 10.5% as compared to BE 2022-23.

1. Health:

• Health sector has been allocated Rs 89,155 crore in the Union Budget
• Mission to eliminate sickle cell anaemia by 2047
• A new programme for research in pharmaceuticals will be formulated and the industry will be encouraged to invest in research.
• Out of Rs 89,155 crore, Rs 86,175 crore has been allocated to the Department of Health and Family Welfare, while Rs 2,980 crore to the Department of Health Research.
• budget allocation for the Pradhan Mantri Swasthya Suraksha Yojana for 2023-2024 is Rs 3,365 crore.
• Among these central sector schemes, the budget allocation for the National Health Mission has been increased from Rs 28,974.29 crore.
• Budget allocation for the AYUSH ministry has been increased from Rs 2,845.75 crore.
• The allocation for the National Digital Health Mission – NHM has been increased from Rs 140 crore to Rs 341.02 crore.
• The budget allocation for autonomous bodies goes up from Rs 10,348.17 crore in 2022-23 to Rs 17,322.55 crore in 2023-24.
• The allocation for ICMR has been increased from Rs 2,116.73 crore to Rs 2,359.58 crore.

D.Housing:

Outlay for PM Awaas Yojana enhanced 66% to over Rs 79,000 crore

i.Interest-free loan to states to continue

Centre to continue 50-year interest-free loan to state governments for one more year

ii.Tribal Welfare:

• Pradhan Mantri Primitive Vulnerable Tribal Group (PMPVTGS) mission is been launched to improve socio-economic condition on PMPVTGS
• Tribals to get Rs 15,000 crore over next three years for safe housing, sanitation, drinking water, and electricity.

E.Space

• Rs 12,544 crore allocated to the Department of Space.
• IN-Space receives Rs 95 crore allocation against Rs 21 crore in the Revised Estimate. A large portion of the allocation, Rs 53 crore, has been earmarked for capital expenditure for INSPACe.
• Physical Research Laboratory has received an allocation of Rs 408.69 crore.

F.Sports:

• Sports gets an allocation of Rs 3,397.32 crore, an increase of Rs 723.97 crore.
• The Rs 3,397.32 crore is the highest sports budget allocation ever in the country.
• ‘Khelo India’ has been allotted Rs 1,045 crore.
• Sports Authority of India gets Rs 785.52 crore for 2023-24.
• National Sports Federations receives a hike of Rs 325 crore.

G.Tourism:

• Promotion of tourism will be taken up on mission mode with active participation of states, the convergence of Govt programs & public-private partnerships.
• 50 tourist destinations will be selected through challenge mode to be developed as a whole package for domestic and international tourism.
• 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
• The country offers immense attraction for domestic as well as foreign tourists. There is a large potential to be tapped in tourism. The sector holds huge opportunities for jobs and entrepreneurship for youth in particular.
• Tourism infrastructure and amenities to be facilitated in border villages through the Vibrant Villages Programme.

Priority 2: Reaching the Last Mile

i.New ‘Aspirational Blocks Programme’:

• Building on the success of the Aspirational Districts Programme, the Aspirational Blocks Programme was recently launched covering 500 blocks.
• It is aimed at improving the performance of areas across multiple domains such as health, nutrition, education, agriculture, water resources, financial inclusion, skill development, and basic infrastructure.

ii.PM PVTG Development Mission:

• To improve socio-economic conditions of the Particularly Vulnerable Tribal Groups (PVTGs), Pradhan Mantri PVTG Development Mission will be launched.
• An amount of Rs 15,000 crore will be made available to implement the Mission in the next 3 years under the Development Action Plan for the Scheduled Tribes.
• The Centre will also recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students.

iii.Water for Drought Prone Region:

In the drought prone central region of Karnataka, central assistance of Rs 5,300 crore will be given to the Upper Bhadra Project to provide sustainable micro irrigation and filling up of surface tanks for drinking water.

iv.Other Initiatives:

The outlay for PM Awas Yojana is being enhanced by 66% to over Rs 79,000 crore.

A ‘Bharat Shared Repository of Inscriptions (Bharat SHRI)’ will be set up in a digital epigraphy museum, with digitization of 1 lakh ancient inscriptions in the first stage.

Priority 3: Infrastructure and Investment

i.Increase in Capex for Infra:

Capital investment outlay increased for the third consecutive year – by 33% to Rs 10 lakh crore making it 3.3% of GDP.

The ‘Effective Capital Expenditure’ is budgeted at Rs 13.7 lakh crore – 4.5% of GDP.

ii.Support to State Govts for Cap-Investment:

The Government has decided to continue the 50-year interest free loan to state governments for one more year to spur investment in infrastructure and to incentivize them for complementary policy actions.

The enhanced outlay for this is Rs 1.3 lakh crore.

iii.Railways:

A capital outlay of Rs 2.40 lakh crore has been provided for the Railways – the highest ever outlay and about 9 times the outlay made in 2013- 14.

iv.Aviation:

50 additional airports, heliports, water aerodromes and advanced landing grounds will be revived for improving regional air connectivity.

v.Other Transportation Projects:

100 critical transport infrastructure projects, for last and first mile connectivity for ports, coal, steel, fertiliser, and food grains sectors have been identified and will be taken up on priority with investment of Rs 75,000 crore, including Rs 15,000 crore from private sources.

An Urban Infrastructure Development Fund (UIDF) will be established through use of priority sector lending shortfall.

UIDF will be managed by the National Housing Bank, and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities.

Rs 10,000 crore on a yearly basis will be allocated for this purpose.

Priority 4: Unleashing the Potential

i.Reduced Compliances and Jan Vishwas Bill:

To enhance ease of doing business, more than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalised under the amendments to the Companies Act 2013.

To further the trust-based governance, the Government introduced the Jan Vishwas Bill to amend 42 Central Acts.

ii.Centres of Excellence for AI:

To realise the vision of “Make AI in India and Make AI work for India”, three centres of excellence for Artificial Intelligence will be set-up in top educational institutions.

iii.National Data Governance Policy:

To facilitate innovation and research by start-ups and academia, a National Data Governance Policy will be brought out, which will enable access to anonymized data.

iv.Digilocker for Data Sharing:

An Entity DigiLocker will be set up for use by MSMEs, large business and charitable trusts for storing and sharing documents online securely, whenever needed, with various authorities, regulators, banks and other business entities.

v.Resolving Disputes:

Vivad se Vishwas: Less stringent contract execution for MSMEs (being provided as a relief to the MSMEs affected during the Covid period).

Easier and standardised settlement scheme enabling faster settlement of contractual disputes of Govt and Govt undertakings.

e-Courts: Phase III of e-courts will be launched for effective administration of justice.

vi.5G Technology:

100 labs for developing applications using 5G services will be set up in engineering institutions to realise a new range of opportunities, business models, and employment potential.

The labs will cover, among others, applications such as smart classrooms, precision farming, intelligent transport systems, and healthcare apps.

Priority 5: Green Growth

i.National Green Hydrogen Mission:

An outlay of Rs 19,700 crores has been allocated to the National Green Hydrogen Mission to facilitate transition of the economy to low carbon intensity, reduce dependence on fossil fuel imports, and make the country assume technology and market leadership in this sunrise sector.

The target is to reach an annual production of 5 MMT by 2030.

ii.GOBARdhan Scheme:

• 500 new ‘waste to wealth’ plants under GOBARdhan scheme will be established to promote Circular Economy (200 compressed biogas (CBG) plants and 300 community/cluster-based plants). Total Investment – Rs 10,000 crore.
• In due course, a 5% CBG mandate will be introduced for all organizations marketing natural and biogas.

iii.Bhartiya Prakritik Kheti Bio-Input Resource Centres:

Over the next 3 years, the Centre will facilitate 1 crore farmers to adopt natural farming by setting up 10,000 Bio-Input Resource Centres, creating a national-level distributed micro-fertilizer and pesticide manufacturing network.

v.Other Investments in Green Energy:

• Rs. 35,000 crore for priority capital investments towards energy transition and net zero objectives, and energy security (Ministry of Petroleum & Natural Gas).
• Battery Energy Storage Systems with capacity of 4,000 MWH to be supported with Viability Gap Funding.
• Rs 20,700 crore (central support – Rs 8,300 crore) for inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh.

Priority 6: Youth Power

• The Finance Minister said that to empower the youth and help the ‘Amrit Peedhi’ realize their dreams, Government has formulated the National Education Policy, focused on skilling, adopted economic policies that facilitate job creation at scale, and have supported business opportunities.
• She also announced that Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth within the next three years. On-job training, industry partnership, and alignment of courses with needs of industry will be emphasized. The scheme will also cover new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills.
• She also announced that to skill youth for international opportunities, 30 Skill India International Centres will be set up across different States.

i.National Apprenticeship Promotion Scheme 

Smt. Nirmala Sitharaman said that to provide stipend support to 47 lakh youth in three years, Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme will be rolled out

ii.Unity Mall

The FM said that States will be encouraged to set up a Unity Mall in their state capital or most prominent tourism centre or the financial capital for promotion and sale of their own ODOPs (one district, one product), GI products and other handicraft products, and for providing space for such products of all other States.

Priority 7: Financial Sector

i.Credit Guarantee for MSMEs:

• In 2022, the credit guarantee scheme for MSMEs was revamped and will take effect from 1st April 2023 through infusion of Rs 9,000 crore in the corpus.
• This will enable additional collateral-free guaranteed credit of Rs 2 lakh crore.
• The cost of the credit will be reduced by about 1%.

ii.Financial Information Registry:

• A National Financial Information Registry will be set up to serve as the central repository of financial and ancillary information.
• This will facilitate efficient flow of credit, promote financial inclusion, and foster financial stability.
• A new legislative framework, designed in consultation with the RBI, will govern this credit public infrastructure.

iii.Small Savings Schemes:

• To commemorate Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025.
• This will offer deposit facility upto Rs 2 lakh in the name of women or girls (fixed interest rate of 7.5%) with partial withdrawal option.
• The maximum deposit limit for the Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh (for single account) and from Rs 9 lakh to Rs 15 lakh (for joint account).

iv.Senior Citizens

The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh.

Utilisation of Funds for Capital Expenditure:

• The Indian Finance Minister stated that all states must utilise their fifty-year loan for capital expenses by the end of 2023-24.
• Most of this will be at the discretion of states, but a part will be conditional on states designated for specific purposes, such as:
• Replacing outdated government vehicles
• Improving urban planning
• Making urban local bodies eligible for obtaining municipal bonds
• Building housing for police officers
• Constructing Unity Malls
• Creating libraries and digital infrastructure for children and adolescents
• Contributing to the capital expenses of central schemes.

Fiscal Deficit Allowed to States:

• States are allowed to have a deficit of 3.5% of their Gross State Domestic Product (GSDP), with 0.5% of this amount specifically designated for power sector reforms.
• Revised Estimates 2022-23:
• Total receipts, (excluding borrowings): Rs 24.3 lakh crore
• Net tax receipt: Rs 20.9 lakh crore.
• Total expenditure: Rs 41.9 lakh crore
• Capital expenditure: Rs 7.3 lakh crore.
• Fiscal deficit : 6.4% of GDP.
• Budget Estimates 2023-24:
• Total estimated receipts (excluding borrowings): Rs 27.2 lakh crore,
• Total estimated expenditure: Rs 45 lakh crore.
• Net tax receipts: Rs 23.3 lakh crore.
• Fiscal deficit: 5.9% of GDP.
• To finance the fiscal deficit in 2023-24, the net market borrowings from dated securities are estimated at Rs 11.8 lakh crore.
• The gross market borrowings are estimated at Rs 15.4 lakh crore.
• Also, the government is committed to sticking to this plan to reduce the fiscal deficit to below 4.5% by 2025-26.

 Budget Estimates 2023-24

• The total receipts other than borrowings are estimated at Rs 27.2 lakh crore and the total expenditure is estimated at Rs 45 lakh crore.
• The net tax receipts are estimated at Rs 23.3 lakh crore.
• The fiscal deficit is estimated to be 5.9 per cent of GDP.
• To finance the fiscal deficit in 2023-24, the net market borrowings from dated securities are estimated at Rs 11.8 lakh crore.
• The gross market borrowings are estimated at Rs 15.4 lakh crore.

Revised Estimates 2022-23:

• The total receipts other than borrowings is Rs 24.3 lakh crore, of which the net tax receipts are Rs 20.9 lakh crore.
• The total expenditure is Rs 41.9 lakh crore, of which the capital expenditure is about Rs 7.3 lakh crore.
• The fiscal deficit is 6.4 per cent of GDP, adhering to the Budget Estimate.

Direct Tax

• Direct Tax proposals aim to maintain the continuity and stability of taxation, further simplify and rationalise various provisions to reduce the compliance burden, promote the entrepreneurial spirit and provide tax relief to citizens.
• The constant endeavour of the Income Tax Department to improve Tax Payers Services by making compliance easy and smooth.
• To further improve taxpayer services, a proposal to roll out a next-generation Common IT Return Form for taxpayer convenience, along with plans to strengthen the grievance redressal mechanism.
• The rebate limit of Personal Income Tax is to be increased to Rs. 7 lakh from the current Rs. 5 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs. 7 lakh do not pay any tax.
• Tax structure in the new personal income tax regime, introduced in 2020 with six income slabs, to change by reducing the number of slabs to five and increasing the tax exemption limit to Rs. 3 lakh. Change to provide major relief to all taxpayers in the new regime.

Change in Tax Rates

• Proposal to extend the benefit of standard deduction of Rs. 50,000 to salaried individuals, and deduction from family pensions up to Rs. 15,000, in the new tax regime.
• The highest surcharge rate is to reduce from 37 per cent to 25 per cent in the new tax regime. This to further result in a reduction of the maximum personal income tax rate to 39 per cent.
• The limit for tax exemption on leave encashment on the retirement of non-government salaried employees is to increase to Rs. 25 lakh.
• The new income tax regime is to be made the default tax regime. However, citizens will continue to have the option to avail the benefit of the old tax regime.
• Enhanced limits for micro-enterprises and certain professionals for availing the benefit of presumptive taxation were proposed. Increased limit to apply only in case the amount or aggregate of the amounts received during the year, in cash, does not exceed five per cent of the total gross receipts/turnover.
• Deduction for expenditure incurred on payments made to MSMEs is to be allowed only when payment is actually made in order to support MSMEs in the timely receipt of payments.
• New co-operatives that commence manufacturing activities till 31.3.2024 to get the benefit of a lower tax rate of 15 per cent, as presently available to new manufacturing companies.
• The opportunity provided to sugar co-operatives to claim payments made to sugarcane farmers for the period prior to the assessment year 2016-17 as an expenditure. This is expected to provide them relief of almost Rs. 10,000 crores.
• Provision of a higher limit of Rs. 2 lakh per member for cash deposits to and loans in cash by Primary Agricultural Co-operative Societies (PACS) and Primary Co-operative Agriculture and Rural Development Banks (PCARDBs).
• A higher limit of Rs. 3 crores for TDS on cash withdrawal is to be provided to cooperative societies.
• The date of incorporation for income tax benefits to start-ups is to be extended from 31.03.23 to 31.3.24.
• Proposal to provide the benefit of carrying forward losses on change of shareholding of start-ups from seven years of incorporation to ten years.
• Deduction from capital gains on investment in residential houses under sections 54 and 54F is to be capped at Rs. 10 crores for better targeting of tax concessions and exemptions.
• Proposal to limit income tax exemption from proceeds of insurance policies with very high value. Where aggregate premium for life insurance policies (other than ULIP) issued on or after 1st April 2023 is above Rs. 5 lakh, income from only those policies with aggregate premiums up to Rs. 5 lakh shall be exempt.
• Income of authorities, boards and commissions set up by statutes of the Union or State for the purpose of housing, development of cities, towns and villages, and regulating, or regulating and developing an activity or matter, proposed to be exempted from income tax.
• A minimum threshold of Rs. 10,000/- for TDS to be removed and taxability relating to online gaming to be clarified. Proposal to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of the financial year.
• Conversion of gold into the electronic gold receipt and vice versa is not to be treated as a capital gain.
• TDS rate to be reduced from 30 per cent to 20 per cent on the taxable portion of EPF withdrawal in non-PAN cases.
• Income from Market Linked Debentures to be taxed.
• Deploying about 100 Joint Commissioners for disposal of small appeals to reduce the pendency of appeals at the Commissioner level.
• Increased selectivity in taking up appeal cases for scrutiny of returns already received this year.
• Period of tax benefits to funds relocating to IFSC, GIFT City extended till 31.03.2025.
• Certain acts of omission of liquidators under section 276A of the Income Tax Act will be decriminalised from 1st April 2023.
• Carry forward of losses on strategic disinvestment including that of IDBI Bank to be allowed.
• Agniveer Fund to be provided EEE status. The payment received from the Agniveer Corpus Fund by the Agniveers enrolled in Agnipath Scheme, 2022 proposed to be exempt from taxes. Deduction in the computation of total income is proposed to be allowed to the Agniveer on the contribution made by him or the Central Government to his Seva Nidhi account.

Indirect Taxes

• The number of basic customs duty rates on goods, other than textiles and agriculture, reduced to 13 from 21.
• Minor changes in the basic customs duties, cesses and surcharges on some items including toys, bicycles, automobiles and naphtha.
• Excise duty is exempted on GST-paid compressed biogas contained in blended compressed natural gas.
• Customs Duty on specified capital goods/machinery for the manufacture of the lithium-ion cells for use in batteries of electrically operated vehicles (EVs) extended to 31.03.2024
• Customs duty exempted on vehicles, specified automobile parts/components, sub-systems and tyres when imported by notified testing agencies, for the purpose of testing and certification, subject to conditions.
• Customs duty on the camera lens and its inputs/parts for use in the manufacture of the camera module of cellular mobile phones was reduced to zero and concessional duty on lithium-ion cells for batteries was extended for another year.
• Basic customs duty reduced on parts of open cells of TV panels to 2.5 per cent.
• Basic customs duty on electric kitchen chimneys increased to 15 per cent from 7.5 per cent.
• Essential customs duty on heat coil for the manufacture of electric kitchen chimneys was reduced to 15 per cent from 20 per cent.
• Denatured ethyl alcohol used in the chemical industry is exempted from essential customs duty.
• Basic customs duty reduced on acid grade fluorspar (containing by weight more than 97 per cent of calcium fluoride) to 2.5 per cent from 5 per cent.
• Basic customs duty on crude glycerin for use in the manufacture of epichlorohydrin reduced to 2.5 per cent from 7.5 per cent.
• Duty reduced on key inputs for domestic manufacture of shrimp feed.
• Basic customs duty is reduced on seeds used in the manufacture of lab-grown diamonds.
• Duties on articles made from dore and bars of gold and platinum increased.
• Import duty on silver dore, bars and articles increased.
• Basic Customs Duty exemption on raw materials for the manufacture of CRGO Steel, ferrous scrap and nickel cathode continued.
• Concessional BCD of 2.5 per cent on copper scrap is continued.
• The basic customs duty rate on compounded rubber increased to 25 per cent from 10 per cent or 30 per kg whichever is lower.
• National Calamity Contingent Duty (NCCD) on specified cigarettes was revised upwards by about 16 per cent.

Changes in Custom Laws

• Customs Act, 1962 to be amended to specify a time limit of nine months from the date of filing an application for passing final order by the Settlement Commission.
• Customs Tariff Act is to be amended to clarify the intent and scope of provisions relating to Anti-Dumping Duty (ADD), Countervailing Duty (CVD), and Safeguard Measures.
• CGST Act to be amended
• to raise the minimum threshold of tax amount for launching prosecution under GST from one crore to two crores;
• to reduce the compounding amount from the present range of 50 to 150 per cent of the tax amount to the range of 25 to 100 per cent;
• decriminalise certain offences;
• to restrict the filing of returns/statements to a maximum period of three years from the due date of filing of the relevant return/statement; and
• to enable unregistered suppliers and composition taxpayers to make the intra-state supply of goods through E-Commerce Operators (ECOs)

Budget at a Glance

Note: Official government data is presented in this topic

Note: Official government data is presented in this topic

Note: Official government data is presented in this topic

Note: Official government data is presented in this topic

Note: Official government data is presented in this topic

Note: Official government data is presented in this topic