2023 Union budget of India
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| Submitted by | Minister of Finance |
|---|---|
| Submitted to | Parliament of India |
| Presented | 1 February 2023 |
| Country | India |
| Parliament | 17th (Lok Sabha) |
| Party | Bharatiya Janata Party |
| Finance minister | Nirmala Sitharaman |
| Total revenue |  ₹35.02 trillion (US$410 billion) (in 2023) |
| Total expenditures | ₹45.03 trillion (US$530 billion) (in 2023) |
| Tax cuts | None |
| Deficit | 5.9%  (0.5%) (in 2023) |
| Website | www |
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‹ 2022 | |
The 2023 Union Budget of India was presented by the Minister of Finance of India on February 1, 2023. This was the fourth budget of Narendra Modi-led NDA government's second term, starting from 2020. The Economic Survey for 2022–2023 was released on January 31, 2023 before the budget.
New tax slab
The Union Budget is the annual financial report of India; an estimate of income and expenditure of the government on a periodical basis. As per Article 112 of the Indian Constitution, it is a compulsory task of the government. The first budget of India was presented on April 7 1860 by Scotsman James Wilson. The first Union Budget of Independent India was presented by RK Shanmukham Chetty on 26 November 1947.[1]
While presenting the 2023 Union Budget, Finance Minister Nirmala Sitharaman said in her speech: "This Budget lays a futuristic 'Amrit Kaal' for women, youth and marginalised communities, big public investment for infrastructure guided by PM Gati Shakti, productivity enhancement, energy transition and climate action and financing of investments."[2]
New slabs under New Tax Regimes for individual
- ₹0-3 lakh : Nil
- ₹3-6 lakhs: 5%
- ₹6-9 lakhs: 10%
- ₹9-12 lakhs: 15%
- ₹12-15 lakhs: 20%
- Over ₹15 lakhs: 30%