A hike of 2 lakhs in the erstwhile 5 lakhs tax rebate ceiling; taxpayers opting for the New scheme to enjoy 0 payable income tax upto 7 lacs
The announcement of the revised tax slabs, presented in the Union Budget 2023 by the Finance Minister, Nirmala Sitaraman on the 1st of February came with a New Scheme under which there will be no payable income tax for those under 7LPA of personal income.
The announcement of the revised tax slabs, presented in the Union Budget 2023 by the Finance Minister, Nirmala Sitaraman on the 1st of February came with a New Scheme under which there will be no payable income tax for those under 7LPA of personal income. Earlier the tax rebate ceiling was 5 LPA under the two concurrent taxation schemes, while now those who opt for the New Scheme will enjoy an additional roof of 2 lakhs. This new development indicates an increase in discretionary income, which in turn is expected to boost the commercial scene in the country due to the fact that the bottom end of the economy has more capital to dispense.
With the rise in discretionary income coupled with a host of growth-inducing measures, the Union Budget 2023, has been deemed by several experts as an overall positive, growth-oriented budget. The new budget has put much emphasis on capital expenditure, infrastructure development, and the expansion, nurturing, and growth of the manufacturing sector in the country, boosting the vision of Make In India. Moreover, the anticipated growth rate for the coming year is around 7 per cent, a significant figure in the context of comparative growth rates around the world. Among the leading long-term infrastructure growth plans that the government has announced in this budget, Rs 10,000 crore has been allocated on a yearly basis for building affordable housing in Tier II and Tier III cities. Attesting to the trust in infrastructure, the capital expenditure figure comes after a significant hike of 33 per cent and also constitutes 3.3 per cent of the GDP.
Additionally, the Pradhan Mantri Awas Yojana has been raised by 66 per cent, with the total amount clocking Rs 79,000 crore. Further, the government has envisioned a framework to involve private players in the roadmap of infrastructure development, signaling a potential area of growth in the real estate sector and allied industries such as EPC (Engineering, Procurement, and Construction) companies. Also, in conjunction with urban development in mid-tier cities, land prices are expected to appreciate, creating more value in the regions. In view of the advancement of the 'Make in India' initiative of the Indian Government, Ravi Agrawal, renowned Mumbai-based investor and the Chairman of the L7 Group of Companies, said, "Taking ahead the vision of "Make in India", the government plans to set up 3 AI centers that will carry out, in partnership with industry players, research and development work for tech-enabled solutions in key fields such as agriculture, health, and sustainable cities. Similarly, the budget promises the rolling out of 100 labs for 5G application development. Moreover, the government is looking at viability gap funding to unlock the potential of emergent areas. "
Highlighting the fact that the considerations of the budget are towards a holistic development, Agrawal further added, "Complementing the Make in India goals, the budget witnessed the onset of PM Kaushal Vikas Yojana 4.0, which aims to upskill citizens in emergent areas such as artificial intelligence (AI), robotics, mechatronics, and drones, etc. so that they can participate in and contribute more robustly towards the well-known $5 trillion target of the government. Similarly, with the aim to create better job opportunities and advanced economic activities, the establishment of a tech-powered Gift City has been proposed to offer digital continuity solutions across the world." The Mumbai-based business thinker also highlighted that the considerations of the budget are towards holistic development and said, "It is also worth noting that besides urban development, which often serves the middle class, the Union Budget 2023 has also provisioned for the growth and progress that is specifically targeted to benefit over 3.5 lakh members of tribal groups via the PM Primitive Vulnerable Tribe Group scheme. This initiative signals that there are both top-down and bottom-up approaches at work in the design of the latest budget."
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