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taxsystem. Sitharaman said that this fiscal year, the new tax structure will be the default one.
In the post-budget interaction with media, the finance minister said that the new taxation regime is now more attractive as it gives greater rebates. She noted that the country has been waiting for a direct tax regime which is simplified and easy in compliance.
New income tax slabs 2023-24:
Up to Rs 3 lakh income there is 0% or NIL tax
From Rs 3 lakh to Rs 6 lakh the tax rate is 5%
From Rs 6 lakh to Rs 9 lakh the tax rate is 10%
From Rs 9 lakh to Rs 12 lakh the tax rate is 15%
From Rs 12 lakh to Rs 15 lakh the tax rate is 20%
Above Rs 15 lakh the tax rate is 30%
This was the last full budget of the Narendra Modi government, and FM Sitharaman presented it for five times. Reflecting Modi government’s love for acronyms once again, the finance minister unveiled several more in her Union Budget 2023-24 speech.
These include PM PRANAM, which stands for PM Promotion of Alternate Nutrients for Agriculture Management Yojana, which will incentivise states to reduce the use of chemical fertilisers. Sitharaman also announced mangrove plantation along the coastline under a new MISHTI scheme.
Another was the Gobardhan Scheme “for promoting circular economy”. The acronym stands for the Galvanizing Organic Bio-Agro Resources Dhan Scheme, or GOBAR-DHAN, and is implemented under the Swachh Bharat Mission Gramin-Phase 2.
On the day of the budget, Sitharaman was spotted in maroon color saree. Reports stated it was an ‘Ilkal’ silk saree with traditional ‘Kasuti’ work that was hand-woven in Karnataka’s Dharwad region. Sitharaman is a Rajya Sabha member from Karnataka, where assembly elections will be held this year.
Kasuti is a traditional form of folk embroidery craft, with a geographical indication (GI) tag, said to be unique to the Dharwad region. The hand-made kasuti work generally includes embroidery work of chariots, elephants, temple ‘gopura’, peacocks, deer, and lotus. The one worn by the Finance Minister is said to have had works of chariots, peacocks, and lotus on it.
How Political Leaders Reacted
• Congress leader Rahul Gandhi slammed the Modi government, claiming that its ‘Mitr kaal’ budget has no vision to create jobs as well as no plan to tackle inflation, and proves that the Center has no roadmap to build India’s future.
• Goa CM Pramod Sawant hailed the Budget saying it covers the aspirations of different sections of society, including the salaried class, and conveys the message of development.
• Delhi Deputy CM Manish Sisodia called the Budget nothing but a ‘jumla’ and said it would only immerse the country in debt.
• Gujarat CM Bhupendra Patel said the Budget fulfills the hopes and expectations of the country’s poor, the deprived, and the middle class by giving them innovative opportunities for development.
• Congress president Mallikarjun Kharge termed the Budget “big on announcements and short on delivery” as he accused the BJP government of making the common man’s life difficult.
• Praising the Budget, UP chief minister Yogi Adityanath said the provisions and allocations would make villages, farmers, poor, scheduled castes and tribes, Dalits, backward, suppressed, deprived, physically challenged and middle class strong and capable. He also pointed out that how some of the initiatives taken by the state government are now being implemented at the national level.
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