- No tax on income up to Rs 7 lakh a year in new tax regime, which will be the default from now onwards. Old tax regime scrapped
- Income tax slabs reduced to five. The new tax rates are 0 to ₹ 3 lakhs – nil, ₹ 3 to 6 lakhs – 5%, ₹ 6 to 9 lakhs – 10%, ₹ 9 to 12 lakhs – 15%, ₹ 12 to 15 lakhs – 20% and above ₹ 15 lakhs – 30%
- An individual with income of ₹ 15 lakh will have to pay ₹ 1.5 lakh tax, down from ₹ 1.87 lakh under new tax structure
- Rs 2.4 lakh crore for railways, the highest ever
- Defence budget hiked to ₹ 6.2 lakh crore — over 16 percent hike from last year. This includes pensions that have gone up significantly.
- Agricultural credit target increased to ₹ 20 lakh crore
- Allocation for PM Awas Yojna increased by 66% to over ₹ 79,000 crore
- Capital investment outlay to be raised by 33% to ₹ 10 lakh crore, to be 3.3% of GDP in fiscal 2024
- Effective capital expenditure of centre to be ₹ 13.7 lakh crore
- Fiscal deficit target for fiscal 2024 is 5.9%, aim to reduce it to 4.5% by 2025-26. Fiscal deficit for fiscal 23 in line with 6.4% target. To finance fiscal deficit in 2023-24, net market borrowing from dated securities estimated at ₹ 11.8 lakh crore
- Tax receipts for next fiscal budgeted at ₹ 23.3 lakh crore
- 157 new nursing colleges in core locations, mission to eliminate sickle cell anaemia by 2047
- Rs 15,000 crore over next three years for safe housing, sanitation, drinking water, and electricity for scheduled tribes
- All cities and towns will be enabled for 100 percent transition of sewers and septic tanks from manhole to machine hole mode
- 38,800 teachers will be hired for Ekalavya Model Residential Schools in next 3 years
- 3 centres for excellence for AI will be set up in top educational institutes with the goal “Make AI in India”, “Make AI Work For India”
- Computerisation of 63,000 credit societies with ₹ 2,516 crore
- 100 labs to develop apps using 5g services to be set up in engineering institutions
- Green Hydrogen Mission for reduced dependence on fossil fuel: ₹ 35,000 crore for energy transition to net-zero emission goals
- Battery energy storage systems of 4000 MWh will be supported
- For ease of doing business, 39,000 compliances reduced
- 30 Skill India international centres across different states will be set up
- 1 crore farmers will get assistance to adopt natural farming
- 100 critical transport projects — 50 additional airports, helipads, water aero drones, and advanced landing grounds will be revived to improve regional air connectivity
- For tourism, 50 destinations will be selected through challenge mode
- Mahila Samman Savings Certificate will be made available for two years, deposits of up to 2 lakh at 7.5% interest
- Senior citizens savings scheme cap increased from ₹ 15 lakh to ₹ 30 lakh
- Monthly Income Scheme limit doubled to ₹ 9 lakh and ₹ 15 lakh for joint accounts
- The revamped Credit Guarantee Scheme for MSME sector will take effect from April 1, 2023 with an infusion of ₹ 9,000 crore
- Basic customs duty rates to be reduced from 21% to 13%
- Taxes on cigarettes hiked by 16 percent
- Basic import duty on compounded rubber increased to 25 percent from 10 percent
- Customs duty on kitchen electric chimney increased to 15 percent from 7.5 percent
- Tax portal processed 6.5 crore returns, processing time cut; intend to strengthen grievance redressal mechanism
- Government proposes to increase limit for presumptive taxation for MSMEs and certain professionals to ₹ 3 crore and ₹ 75 lakh, respectively
- Rs 5,300 crore assistance for Upper Bhadra project in poll-bound Karnataka.
- New cooperatives that commence manufacturing activity till March 2024 to attract lower tax rate of 15 percent
- Government to provide higher limit of ₹ 2 lakh per member for cash deposit and loans by Primary Agricultural Credit Societies
- Highest surcharge rate reduced from 37 percent to 25 percent in new tax regime
- Net tax revenue foregone because of changes in direct and indirect taxes is ₹ 35,000 crore
- Government proposes to cap deductions from capital gains on investments in residential houses to ₹ 10 crore
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