Budget 2023 Live Updates: Not Forcing Anyone To Move To New Tax Regime, Nirmala Sitharaman Says

Track live updates on Budget 2023 and key highlights of FM Nirmala Sitharaman’s budget speech, here.

<div class="paragraphs"><p>Finance Minister Nirmala Sitharaman presents Union Budget 2023-24 in Parliament.</p></div>
Finance Minister Nirmala Sitharaman presents Union Budget 2023-24 in Parliament.
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Budget 2023: Income Tax, Capex Plan And Fiscal Glide Path

Finance Minister Nirmala Sitharaman has unveiled a budget that was big on capital expenditure and income tax revisions, while maintaining a fiscal glide path.

The Union Budget 2023-24 adopted "seven priorities" --- inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector --- to guide India through the "Amrit Kaal".

Here are the key highlights of her budget speech:

Budget 2023 Live: On Vehicle Scrapping Policy

The outlay for the vehicle scrapping policy has exceeded Rs 1,000 crore, Finance Secretary TV Somanathan says.

All central government vehicles beyond 15 years of age will be scrapped, money for this is provided for in different departmental budgets, because it’s not a macro number planned centrally.

For state governments, this is part of the scheme for state capex. States need to meet conditions under the National Scrapping Policy to avail this.


Budget 2023 Live: On Changes In Taxation For Online Gaming

Taxation will now be on net winnings, since the nature of online gaming is such that one plays several games in a series, Revenue Secretary Sanjay Malhotra says.

The tax deducted at source, or TDS, was previously calculated on every Rs 10,000 in winnings. "Some companies were then keeping the winning lower at Rs 10,000, so we’ve removed that now," he says.

Budget 2023 Live: On Borrowings And Interest Rates

If the economy continues to grow at the pace at which it is growing, we’re confident our borrowings and interest burden will continue to come down, Finance Secretary TV Somanathan says. The quality of public expenditure is increasing, he says.


Budget 2023 Live: On Private Capex

Private capital expenditure in India has been improving every year for the past three years, Chief Economic Adviser V. Anantha Nageswaran says. "Both in terms of intent and actual spend, private capital investment is showing clear signs of revival," he says.

Budget 2023 Live: FM On Managing Macroeconomics

This budget is aimed at robust management of macroeconomics, Finance Minister Nirmala Sitharaman says. Prudent ways of effective expenditure, without reducing committed expenditure, are ways in which one can make money mean more.

"For every rupee you spend, you get a better set of returns," she says.