Budget 2023

 Union Finance Minister Nirmala Sitharaman has presented the General Budget. The biggest announcement in this general budget is the reduction in tax slabs. The government abolished the old tax system. Meanwhile, the Finance Minister also said that which items are getting cheaper and which items are getting expensive.

Our estimated total expenditure in this budget is around ₹45 lace crore.And the estimated political food consumption is 5.9%. Total estimated revenue excluding is ₹27.2 lac crore.Estimated total tax revenue is ₹23.3 lace crore.

Where will the rupee come from?

• According to information provided by the government, the government earns 15% from income tax. Similarly, the government gets 34 percent from loans and other liabilities. The government earns seven percent from central excise duty. According to the budget document, the government gets 15 percent of its revenue from corporation tax. The government gets 17 percent from goods and services tax and other taxes. The government earns 4 percent from customs duty. Similarly, the government earns two percent of non- debt capital receipts and six percent of tax- free receipts.

   Where will the rupee go?

  

  The government has said that 20 percent of the amount is spent on interest payments. Similarly, the government spends nine percent on centrally sponsored schemes. The government spends seven percent of the amount on subsidy. The government spends eight percent on the defense sector. The government spends 17 percent of the funds on central sector schemes. Similarly, government expenditure on finance commission and other transfer items is 9 percent. The government spends 18 percent of the amount distributed to the states in taxes and duties. Government expenditure on the head of other expenditure is eight per cent.

Budget 2023: What will be expensive, what will be cheap

Budget 2023 - What will be cheaper

• Customs duty on import of certain inputs for mobile phone manufacturing Government's proposal to reduce

• Government on seeds used in lab grown diamond production Basic customs duty will be reduced.

• Government to reduce customs duty on shrimp feed to promote exports.

• Customs duty on toys has been reduced to 13 percent, meaning that toys will now be cheaper. Apart from this, bicycles have also been made cheaper. Customs duty has been relaxed on lithium ion batteries.

• Apart from this, bicycles have also been made cheaper. on lithium ion batteries Customs duty has been relaxed.

Budget 2023- What will be expensive?

•Tax on cigarettes increased by 16 percent.

• Basic import duty on compound rubber increased from 10 percent to 25 percent.Basic customs duty on goods made of gold bars has been increased.

 • Custom duty on kitchen electric chimney increased from 7.5 percent to 15 percent.

 New slabs of ITR income tax slabs of income in this chart in previous years and current position tax levels.