Page 14 - Budget 2023

Union Budget: Rs 28,138 cr allocated to meet requirements for OROP scheme

The Budget marked an increase in the allotment for Ex-Servicemen Contributory Health Scheme (ECHS) with Budget Estimates of Rs 5,431.56 crore in FY 2023-24 as against Rs 3,582.51 crore in FY 2022-23

Budget 2023-24: Civil Aviation Ministry's allocation dips to Rs 3,113.36 cr

The Budget allocated Rs 3,113.36 crore to the ministry, against Rs 10,667 crore in 2022-23, which was later revised to Rs 9,363.70 crore

Union Budget 2023-24 ready reckoner: A fiscally prudent approach

The Centre stuck with fiscal prudence, project­ing a decline in fiscal deficit to 5.9 per cent of GDP in FY24

Budget 2023 exudes elixir for the Amrit Kaal

Strap: On the tax front, the key development is making the concessional tax regime the default option

Budget: NPCIL gets Rs 9,410 cr as India seeks to ramp up nuclear capacity

NPCIL, India's sole nuclear power plant operator, on Wednesday received an allocation of Rs 9,410 crore in the Union Budget for 2023-24 as it sets out to ramp up atomic power generation capacity in the country. The allocation to the Nuclear Power Corporation of India Limited (NPCIL) was an increase of Rs 2,859 crore (more than 43 per cent) over the revised estimate of Rs 6,551 crore of the current fiscal. In addition to the budgetary allocation, the NPCIL will raise an additional Rs 12,863 crore through Internal and Extra Budgetary Resources, which constitutes the resources raised by the PSUs through profits, loans and equity. The Department of Atomic Energy has been allocated Rs 25,078.49 crore which is lower than Rs 25,965.67 crore it had received in the revised estimates in the 2022-23 fiscal. The other public sector companies under the Department of Atomic Energy - Indian Rare Earths Ltd will get Rs 120.30 crore, Uranium Corporation of India Ltd Rs 59.82 crore, and Electronics

ITC cannot be claimed on goods/services used for CSR activities: Budget

The Budget on Wednesday proposed certain amendments in GST Act and said that input tax credit cannot be claimed on goods/ services used or intended to be used for Corporate Social Responsibility (CSR) activities. The amendments in the Central GST Act has been brought through the Finance Bill, 2023. The amendments propose to decriminalise certain offences under the indirect tax law and double the threshold for launching prosecution under the tax law to Rs 2 crore. It, however, retained the limit at Rs 1 crore for fake invoicing cases. KPMG in India Partner, Indirect Tax, Abhishek Jain said the Finance Bill proposes to restrict input tax credit paid on goods and services used for CSR activities. "While this would be slightly disappointing for the industry, this change would clear the air on the issue which was ambiguous and was subject to contrary advance rulings," Jain said. AMRG & Associates Partner Priyanka Sachdeva said disallowance of input tax credit related to CSR activities

Union Budget 2023-24: Visions of sense and sensibility

In a very difficult global scenario, India needs to grow by 6-6.5 per cent in real terms in 2023-24

Budget 2023: Allocation for IPR ecosystem up by 15% to Rs 329 crore

Allocation in the Budget for the intellectual property ecosystem, including the copyright office and Controller General of Patents, Designs and Trade Marks, has been increased by about 15 per cent to Rs 328.981 crore. In the revised estimate (2022-23), the allocations stood at Rs 285.41 crore. The budgetary allocation for the copyright office and Controller General of Patents, Designs and Trade Marks has been hiked to Rs 281.60 crore as against Rs 232.65 crore in the revised estimate, according to the Budget documents. Similarly, enhanced funds have been allocated to strengthen the Intellectual Property Appellate Board (IPAB), Intellectual Policy Rights (IPR) policy management, and infrastructure development in Controller General of Patents, Designs and Trade Marks. The office of the Controller General of Patents, Designs and Trade Marks is responsible for the administration of laws relating to IPRs -- Patents Act, 1970; the Designs Act, 2000; the Trade Marks Act, 1999; Geographica

Good Budget but sports needed more, says AFI's Anju Bobby George

Anju Bobby George, Vice-president, the Athletics Federation of India, talks about Union Budget 2023-24

Budget 2023-24: Relief to middle class set to spur private consumption

The government plans to collect just over Rs 9 trillion via personal income tax in FY24

Tech firms welcome Budget, want focus on digitisation to continue

FM proposes three centres of excellence to build AI solutions and 100 labs to develop applications using 5G services

Budget 2023-24: India Inc to gain from Rs 10-trillion infra push

CEOs expect big orders from govt as private capex picks up in tandem

Up but not out of the woods: Pain points & what's on offer in Budget

There was a 7 per cent year-on-year decline in the January numbers reported by the country's largest manufacturer Tata Motors

Life insurance stocks tumble as govt proposes to tax high premium policies

Govt aims to curb misuse of Section 10(10D) of I-T Act with this proposal; new rule applicable on policies issued on or after April 1, 2023

Budget 2023 gives a big push for AI, continues focus on digitisation

Open-source platform for agriculture, anonymous datasets for innovation on the cards

Budget 2023: Capex push to safeguard growth from global headwinds

The centre has been able to spend 65.4 per cent of its capex allocation for FY23 during April-December period against 70.7 per cent during the same period in FY22

FM may address RBI board on Feb 11 to highlight key points of Budget 2023

Finance Minister Nirmala Sitharaman is likely to address the Reserve Bank of India's central board on February 11 and highlight key points of the Union Budget, including the fiscal consolidation roadmap and high capital expenditure plan. The post-budget meeting has been scheduled for February 11 where Sitharaman would be addressing the board members and talk about announcements made in the Budget 2023-24 to perk up growth in view of geopolitical tension and tightening interest environment by central banks across the world, sources said. It is customary for the finance minister to address the Reserve Bank of India board after the budget. "The revised estimate of the total receipts other than borrowings is Rs 24.3 lakh crore, of which the net tax receipts are Rs 20.9 lakh crore. The revised estimate of the total expenditure is Rs 41.9 lakh crore, of which the capital expenditure is about Rs 7.3 lakh crore," she said in her Budget speech on Wednesday. The fiscal deficit is estimated t

Union Budget 2023-24: Growth pragmatism over populism

The infrastructure sector got the lion's share of the capex bazooka, which will have a significant multiplier effect on economic growth

On a day of 'no negative surprises': Adani stock rout spoils party

Nifty fall over 2% from day's high to end in red

On the agenda: Budget focuses on quality and reach of healthcare in India

It is hoped there is both a short- and long-term vision to make India a leader in the pharmaceutical sector beyond generic drug manufacture