Page 13 - Union Budget

Union Budget 2023: Long-term capital gains tax likely to be rationalised

This tax was discontinued in 2005, but was reintroduced in 2018 in the Union Budget for that fiscal

Centre revises calendar, MoSPI to give GDP numbers post Budget in 2023

MoSPI to release first revised estimates of national income, consumption expenditure, saving, and capital formation of the previous fiscal year on the last day of February starting this year

Budget 2023: I belong to middle class, understand their pressures, says FM

Ahead of the Union Budget, Finance Minister Nirmala Sitharaman said on Sunday that she was aware of the pressures of the middle class but also recalled that the present government has not imposed any fresh taxes on them. Sitharaman will present Union Budget for 2023-24 in the Lok Sabha on February 1 amid expectations that the government will raise the income tax limit and provide relief to the middle class taxpayers, besides others. "I too belong to the middle class so I can understand the pressures of the middle class. I identify myself with the middle class so I know," she said while speaking at a function organised by the Panchjanya magazine, an RSS- associated weekly. In the same breath, the minister reminded the audience that the present Modi government has not imposed any fresh taxes on the middle class. Also, she added, income of up to Rs 5 lakh is exempt from the income tax. She said the government has taken various measures like developing the metro rail network in 27 cit

LIVE updates: 'Precious lives lost,' says PM Modi on Nepal plane crash

Catch all the latest news and updates from around the world here

Budget session: Govt likely to propose amendments to competition law

The government is expected to propose amendments to the competition law after taking into consideration various suggestions of a Parliamentary panel, in the upcoming Budget session of Parliament, according to a senior official. Besides, discussions are going on with respect to amendments to the Insolvency and Bankruptcy Code (IBC) as well as the Companies Act, 2013. The official also said that the corporate affairs ministry is examining a Parliamentary panel's suggestions on having a new digital competition law. The ministry is implementing the Competition Act, IBC and the Companies Act, and amendments to these laws are expected this year. A bill to amend the competition law was introduced in Parliament on August 5 last year and was later referred to the Parliamentary Standing Committee on Finance. The panel tabled its report on December 13 last year and the ministry will now be coming up with an amendment bill after taking into consideration various recommendations of the ...

PLI scheme to defence allocation, here's space industry's Budget wishlist

India's nascent private space sector has presented a wishlist of tax incentives and a production-linked incentive scheme in the upcoming Union Budget to boost local manufacturing and spur research and development. "In the 2023-24 Union Budget, we would like to request a space-based production linked incentive (PLI) scheme for space tech startups to help boost local manufacturing and encourage capability building within the country," Awais Ahmed, the co-founder and chief executive officer of Pixxel, a space startup based in Bengaluru, told PTI. Last year, Pixxel became the first Indian startup to launch its own hyperspectral imaging satellite, "Shakuntala", onboard SpaceX's rideshare rocket and followed it up with another similar satellite, "Anand", using the Indian Space Research Organisation's (ISRO) PSLV rocket. It plans to have a constellation of earth observation satellites soon. "In the Union Budget 2023-24, we request a further Rs 100 crore issuance as viability gap funding ..

PM Modi meets economists as govt gets ready to present Union Budget 2023

Economists who participated in the meeting, included Shankar Acharya, Ashok Gulati, and Shamika Ravi

Budget 2023-24: Scheme to settle export obligation defaults on cards

One-time opportunity to help 1,100 exporters

Rates are out of tune for higher-income levels, need revisions

India is somewhere in the middle when taxation for the upper-income bracket is considered, but leaving tax rates untouched can translate into a heavier tax burden on the population

PM Modi to hold pre-Budget meeting with economists, sectoral experts

Ahead of the Union Budget, Prime Minister Narendra Modi will meet economists and sectoral experts at NITI Aayog on Friday to discuss the state of the economy and measures to accelerate growth which is estimated to drop to 7 per cent, a senior government official said. The official further said that the meeting will also be attended by several Union ministers. Finance minister Nirmala Sitharaman will present the 2023-24 Budget in Parliament on February 1, 2023 Hit by weakening demand, the Indian economy is expected to grow at a slower rate of 7 per cent in the current fiscal ending March 2023, setting the stage for the country losing the fastest-growing major economy tag. The 7 per cent expansion projected in the first official estimate released by the statistics ministry compares with 8.7 per cent gross domestic product (GDP) growth in 2021-22. The projections are much lower than government's earlier forecast of 8-8.5 per cent growth but above the Reserve Bank's projection of 6.8

GST mop-up about Rs 1.5 trillion in Dec, third-highest ever: FinMin data

Surge of 15% on annual basis; might exceed BE by Rs 1.3-1.4 trillion

Jobs top agenda at PM Modi's meeting with chief secretaries on Jan 5

Conclave will focus on two broad pillars: Growth & Jobs, and Health, Gender & Climate, will also set agenda for the next meeting of Niti Aayog Governing Council

Budget primer: Understanding govt expenditure and its various types

Its importance is seen in its ability to hugely influence the nation's economy, as it reflects aggregate demand in addition to household consumption, business investment, and net exports

Ujjwala scheme: Rs 200 subsidy per cylinder to be extended one more year

The main motive of the extension is to improve the penetration in north-east India, a government official said

Dipam seeks to make dividends from PSUs part of disinvestment target

The government is half way against the disinvestment target of Rs 65,000 crore for the current fiscal year

Budget primer: Understanding govt expenditure and its various types

Its importance is seen in its ability to hugely influence the nation's economy, as it reflects aggregate demand in addition to household consumption, business investment, and net exports

Sustained recession in West, new Covid wave casts a shadow on Budget 2023

India a bright spot but strong headwinds may impact projections, officials say

Modi to chair second national conference of chief secretaries next month

Ahead of the Union Budget 2023-24, Prime Minister Narendra Modi will chair the 'second national conference of chief secretaries' in the national capital next month, a senior government official said. The second national conference of chief secretaries will be held in Delhi from January 5-January 7 and it will be a significant step towards further strengthening the partnership between the Centre and state governments, the official told PTI. Several officials, including young district collectors and magistrates, from states and Union Territories as well as several Union ministries are likely to attend the conference. Finance minister Nirmala Sitharaman will present the 2023-24 Budget in Parliament on February 1, 2023. In June this year, Modi chaired the first three-day national conference of chief secretaries at Dharamshala in Himachal Pradesh.

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