FM Nirmala Sitaraman to present the Union Budget for the Financial Year 2023-24 today

Before the 2024 Lok Sabha elections, Union Finance Minister Nirmala Sitharaman will deliver the last comprehensive Union Budget of the Modi administration today, February 1. The strategy is anticipated to increase funding for logistics, defence, and infrastructure, benefiting allied businesses. The first half of the Parliamentary Budget Session, which began on Tuesday, will end on February 13. For the second half of the Budget Session, which will end on April 6th, the Parliament will reconvene on March 12.

Expectations from Budget:

Individuals receive tax relief

Relief for individuals through reconfiguration of income slabs and tax rates under both the normal and concessional tax regimes is anticipated in light of the year’s substantial revenue collections.

Housing Loan Exemption

According to the consumer sentiment index, 32% of respondents want to review the house loan exemption limitations, and 44% want to reduce the GST. The survey showed that 26% of respondents thought personal income tax rates should be reduced by 5%. Furthermore, 25% want the exemption level to be increased above 2.5 lakh.

Will FM look into essentials being free from GST?

Approximately 73% of respondents think that the upcoming Union Budget of 2023 must address the “reduction in costs of basic commodities like soap, detergent, cooking oil, etc.,” while 54% think that it should consider the GST exemption of important items.

Will the FM revamp the new tax regime?

Less than 5 lakh tax savers out of the 7 crore people who file income tax returns have chosen the new regime, according to experts, who think the government should redesign the new system.