139
Projections The government's total receipts,
excluding borrowings, for 2023-24 are estimated at Rs 27.2 lakh crore. Meanwhile, the estimated total expenditure for the year is Rs 45 lakh crore. The net tax receipts are forecasted to be Rs 23.3 lakh crore.
The fiscal deficit, which is the difference between total receipts and total expenditure, is estimated to be 5.9% of the Gross Domestic Product (GDP.
To finance this deficit, the government plans to borrow Rs 11.8 lakh crore through net market borrowings from dated securities, with a gross market borrowing estimate of Rs 15.4 lakh crore.
Personal Income Tax Restructuring The government is proposing to implement anew Common IT Return Form and has plans to increase the grievance redressal mechanism as part of its efforts to enhance the services and convenience for taxpayers. Additionally, the Personal Income Tax rebate maximum has been raised from the previous Rs. 5 lakh to Rs. 7 lakh, meaning that individuals subject to the new tax system who earn up to Rs. 7 lakh would not be required to pay any tax. The tax structure in the
new personal income tax regime, which was implemented in 2020 with six income slabs, will change by cutting the number of slabs to five and raising the tax exemption cap to Rs. 3 lakh, offering a significant relief for all taxpayers in the new system.
Share with your friends: