Before the Lok Sabha Elections 2024, the Modi Government’s 5th Budget i.e. Union Budget 2023 is all set to be presented by the Union Finance Minister Nirmala Sitharama today at 11:00 AM IST. The Middle Class may be the focus of this year’s Budget. The expectations are high that this budget shall increase the funds for infrastructure, defense and logistics. It is also expected to see the reduction in the fiscal deficit and generous relief on the Income Tax for the common man. Get all the live updates and news of Budget 2023 with Ebizfiling.

[At 12:35 pm]- Finance Minister Nirmala Sitharaman concludes her Budget 2023 speech

[At 12:35 pm]- Finance minister announces major relief for middle class and lower income class: Introduces new tax rates for the new tax regime as follows-

• 0-3 lac Income Tax Rate nil
• 3 lacs-6 Lacs Income Tax Rate 5%
• 6 lacs – 9 lakhs Income Tax Rate 10%
• 9 lacs to 12 lacs Income Tax Rate 15%
• 12 lacs – 15 lacs Income Tax Rate 20%
• Above 15 lacs Income Tax Rate @ 30%
• New tax regime will be by default
• Average processing time for ITRs reduced from 93 days to 16 days

[At 12:27 pm]- Union Finance Minister Nirmala Sitharaman proposes a new tax regime, under which the limit for income tax rebate has been increased from ₹5 lacs to ₹7 lacs. As Finance Minister quotes- “I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from ₹2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit from 2.5 lacs to ₹3 lacs.”

[At 12:25 pm]- Most awaited Income Tax Slabs Announced:

• 0-3 lac Income Tax Rate nil
• 3-6 Lacs Income Tax Rate 5%
• 6-9 Lacs Income Tax Rate 10%
• 9-12 Lacs Income Tax Rate 15%
• 12-15 Lacs Income Tax Rate 20%
• above 15 Lacs Income Tax Rate 30%

[At 12:16 pm]- FM on Direct Tax Proposals- says “Average processing time for Income Tax Returns reduced from 93 days to 16 days”

[At 12:13 pm]- Reduction in custom duty rates announced:

• For the manufacturing of lithium-ion batteries, Custom duty exemptions shall be provided.
• Except for Textiles, basic custom duty rates to be reduced from 21 to 13.
• Big push to ‘Make In India’ as FM announces custom rebates for lithium-ion battery, mobile, tv, chimney manufacturing.

[At 12:06 pm]- Finance Year 2024 fiscal deficit target at 5.9% of GDP: says Finance Minister, Fiscal Deficit target below 6.5% by 2025-26.

[At 11:58 am]- National Financial Information Registry will promote credit, facilitate inclusion. NFIR to be designed in consultation with RBI.

[At 11:57 am]- From 1st April, 2023 a credit guarantee for MSMe and  revamped scheme with infusion of ₹9,000 crore corpus. Cost of Credit tp be reduced by 1%.

[At 11:55 am]- Digital ecosystem for skilling to be further expanded.

[At 11:54 am]- To empower our youth, realized their dreams we have formulated the national education policy.

[At 11:53 am]- Centre to support states to scrap old vehicles.

[At 11:51 am]- We have set an outlay of INR 35000 Crores for energy transition investment.

[At 11:50 am]- Over next 3 years, we facilitate 1 crore farmers to adopt natural farming

[At 11:49 am]- Introduced PM PRANAM to incentivize state/ UTs to promote balance use of fertilizers

[At 11:49 am]- Introduced GOBARDAN Yojna to promote circular economy. 200 biogas plants will include at investment of ₹10,000 crores

[At 11:48 am]- Around 100 labs for 5G applications to be set up in engineering institutes.

[At 11:47 am]- Via grant to an IIT, Lab grown diamonds production to be encouraged

[At 11:47 am]- Green growth: 35000 crores for priority capital investment for Energy transition

[At 11:40 am]- Big relief to the MSMes as FM announces that “If the MSMes fail, 95% of forfeited amount will be returned to them by government”.

[At 11:33 am]- “Compliance reduced”- says Finance Minister. She adds- “more than 39,000 compliances reduced and more than 3,000 legal provision decriminalized”

[At 11:27 am]- “Capital outlay for Railways of ₹2.40 lakh crore. this is 9 times the outlay made in 2013″- FM

[At 11:22 am]- FM says- “PM Awas Yojana is being enhanced by 66% to over 79000 crores”

[At 11:19 am]- New Programs to promote the Research and Development in Pharma sector will be launched. Budget for setting up National Digital Library for Children and adolscents, for health education and skilling the youth shall be provided.

• 157 nursing colleges will be established
• 57 medical colleges established since 2014

: says Finance Minister

[At 11:16 am]- “We are all set to bring modern technologies to the Indian Farms. An agriculture accelerator fund to be set up to support Agri-tech startups in rural areas. This is meant to bring modern technologies to Indian farms”

[At 11:13 am]- This years budget prioritizes inclusive development, digital public infrastructure for agriculture, infrastructure, investment, unleashing potential, green growth, financial sector- says Finance Minister.

[At 11:12 am]- “This Budget hopes to build on foundation laid in previous Budget. Envision a prosperous, inclusive India in which the fruits of development reach all sections. We have adopted a People Centric Agenda to combat global challenges” FM says

[At 11:11 am]- Talking about Indian Economy Finance Minister says: “Indian economy increased in size from 10th biggest to 5th biggest in 9 years.”

[At 11:08 am]- We have made a significant progress in many sustainable development goals. Economy has become formalized: FM. Further she adds “We have provided 11.7 crores household toilets under swachh bharat mission and 9.6 crores of LPG under ujjwala yojana”.

[At 11:05 am]- “We are implementing a scheme that will supply free food grain at the expense of 2 crore Lacs Rupees”- says Finance Minister

[At 11:02 am]- “In the 75th year of Independence, the world has recognized the Indian Economy as the bright start”- Nirmala Sitharaman.

[At 11:01 am]- Nirmala Sitharaman Starts presenting Budget 2023 by saying “This is the first budget of the Amrit-Kal’

[At 11:00 am]- Nirmala Sitharaman Starts Budget Presentation.

[At 10:50 am]- The cabinet meeting is concluded and the Union Budget 2023 is approved by the Union Cabinet. FM Nirmala Sitharaman is all set to present the budget in next 10 minutes.

[At 10:45 am]- 15 minutes to go for Budget 2023

[At 10:25 am]- All the eyes are on the Union Budget 2023. Expectations are high to see a change in the numbers of:

• Funds for Infrastructure, defense and logistics
• GDP
• Income Tax Rates
• Capital Expenditure
• NREGA, health and education sectors
• Disinvestment/Privatization
• Fiscal Deficit

[At 10:16 am]- Honorable Prime Minister Mr. Narendra Modi arrives at the parliament ahead of the Budget 2023 presentation.

[At 10:14 am]- Cabinet Ministers Mr. Amit Shah along with Mr. Rajnath Singh arrive at the Parliament for the Union Cabinet Meeting to approve the Budget 2023.

[At 10:06 am]- Honorable Union Finance Minister Nirmala Sitharaman reaches at the Parliament right before the Union Budget 2023 Speech which is set to happen at 11:00 AM Today.