Page 73 - Union Budget

Budget this year to follow spirit of earlier ones, says FM Sitharaman

Finance Minister Nirmala Sithataman on Friday indicated that her forthcoming Budget will continue to push growth on the back of public spending as she said it will "follow the spirit" of earlier Budgets. Sitharaman, scheduled to present her fifth straight Budget on February 1 for the fiscal starting April, had unveiled a massive public spending programme to support the economy, emerging out of the COVID-19 pandemic. In the Budget, the finance minister had raised capital expenditure by 35.4 per cent for the financial year 2022-23 to Rs 7.5 lakh crore to boost demand, while the capex last year stood at Rs 5.5 lakh crore. "It is very inspiring and motivating for me, especially at a time when we are readying the next budget for the country, a budget which will follow the spirit of the earlier Budgets. We are going to set the template, which was set to earlier but follow it and take it further for India's next 25 years...," she said at an event here. The GDP growth has slowed in recent

Centre likely to announce measures to curb Chinese imports in Budget 2023

The imports of finished goods entering India from China directly or indirectly via a third country will most likely be restricted

Enhance budget for PLI scheme and widen its coverage: Assocham

The government's PLI scheme, introduced in 2021, had an outlay of around Rs 2 trillion for 13 sectors

Agri budget rises to Rs 6.22 trn under Modi govt, says Prahlad Patel

Union Minister Prahlad Singh Patel on Wednesday said the Centre has taken several steps for the growth of the farm sector and to boost farmers' income and highlighted that nearly Rs 6.22 lakh crore has been allocated in the Budget for agriculture sector during 2014-22. Minister of State for Food Processing Industries Prahlad Patel listed several steps taken by the Modi government in the interest of the farmers. According to a statement issued by the ministry, Patel informed that the agriculture budget stood at Rs 1,48,162.16 crore during the 2006-14 period while the budget allocation for the agri sector during 2014-22 reached Rs 6,21,940.92 crore. Under the PM Kisan Samman Nidhi (PM-KISAN) scheme, he said the Centre has provided Rs 2.16 lakh crore amount directly into bank accounts of eligible farmers. The Centre provides Rs 6,000 per year in three equal instalments under this scheme. Patel said that "reports released by various institutions clearly show that the total ...

Budget 2023: How technology may help achieve the impossible trinity

Experts have requested FM Sitharaman for a cut in income tax rates, increase in expenditure, and fiscal consolidation

TMS Ep323: Budget impact on taxes, Cyber attacks, Markets, Share buyback

How will Budget 2023 affect your taxes and investments? How can you protect your bank account from cyberattacks? Will 2023 belong to the Bulls or the Bears? What is a share buyback? All answers here

How will Budget 2023 affect your taxes and investments?

The next Budget will be the last full-year Budget ahead of the General Elections. How are your taxes likely to be affected amid calls from the industry to extend tax benefits to the common man?

Direct tax collection up 24% to Rs 8.77 trn; nears 62% of Budget estimates

The net direct tax collection grew 24 per cent to Rs 8.77 lakh crore in the April-November of the current fiscal, the Finance Ministry said on Monday. This represents 61.79 per cent of the full-year Budget Estimates (BE) of direct tax collection for 2022-23 (April-March). "Direct tax collection net of refund stands at Rs 8.77 lakh crore as of November 30, which is 24.26 per cent higher than the net collection for the corresponding period last year," the ministry tweeted. The collection accounts for 61.79 per cent of Budget Estimates for FY 2022-23. The Budget estimated direct tax collection at Rs 14.20 lakh crore this fiscal, higher than Rs 14.10 lakh crore collected last fiscal (2021-22). Tax on corporate and individual income makes up for direct taxes. Tax collection is an indicator of economic activity in any country. The collection from the levy of tax on goods and services sold (GST) has flattened to around Rs 1.45-1.50 lakh crore per month. Refunds amounting to Rs 2.15 lak

Budget 2023-24: Govt mulls basic Customs duty cut to align with FTA

Finance Minister Nirmala Sitharaman will be presenting the Union Budget on February 1, 2023, in Parliament, outlining her tax and expenditure plans for 2023-24

Union Budget 2023 may announce sops for domestic EVs and storage solutions

Custom duty exemptions being provided for lithium-ion cells for making phone battery packs could be extended to EV batteries and energy storage solutions as well

Capex by CPSEs accelerates to 60% of annual target during Apr-Nov period

CPSEs are likely to achieve their target as they tend to rush up their spending in March quarter

Waiting for private sector to take the lead on capex: CEA Nageswaran

'Not necessary or healthy for public sector to keep expanding capital investment,' he says

Finance ministry likely to target fiscal deficit of 5.5-6% in FY24 Budget

This means the government will stick to its fiscal consolidation road map, which envisages a deficit of 4.5 per cent of GDP by FY26

Union Budget: Understanding the GDP, GVA and the difference between the two

While GDP measures the total value of products and services a country manufactures or delivers, GVA measures the value added to product in order to enhance their worth

Local medical device makers seek trade margin rationalisation in Budget 23

Group wants basic custom duty on import of medical devices increased to 10-15%

RSS leaders urge Centre to restore old pension scheme, raise import duty

The demand was made during Union Finance Minister Nirmala Sitharaman's meeting with RSS leaders that took place between Nov 21 and Nov 29

Indian crypto industry group writes to govt for 'strong regulations'

Bharat Web3 Association says collapse of USA's FTX highlights 'lacunae in corporate governance'

Alstom, Medha, Siemens in race for Rs 26,000-crore Vande Bharat order

At least 4 of the five bidders have formed JVs for the Rs 26,000-crore order

Budget 2023: How the finance ministry can kill many birds with one stone

The govt should shift all welfare spending into the capital spending account and call it an investment in social capital

Budget may not be right time to restructure capital gains tax: Revenue secy

There's no need for having so many buckets under the capital gains tax structure or so many different permutations and combinations, says Tarun Bajaj