Lucknow: Finance Minister Nirmala Sitharaman presented the Union Budget, Uttar Pradesh will get Rs 2.43 lakh crore in the current financial year. It is Rs 7482 crore more than the interim budget. This budget includes the states’ share in central taxes and interest-free loans. It will give more speed to the development of the state.
In this budget, the government has made special provisions for farmers, women and youth as well as employment and industries. To increase employment, many announcements have been made for the micro, small and medium i.e. MSME sector which will take Uttar Pradesh on the path of development. This will create 72 lakh new entrepreneurs in the state. On the other hand, 15 crore people in the state will also continue to get free ration for the next five years.
In the interim budget presented in February before the Lok Sabha elections, UP was given an amount of Rs 218816.84 crore, which has now been increased to Rs 223737.23 crore in the general budget. Along with this, the interest-free loan received from the Centre for 50 years has also been increased to Rs 20,500 crore. This will open the doors of jobs and industries in the state.
– Natural farming is done in seven districts of eastern UP and Bundelkhand. This was also reiterated in the budget. This will benefit the farmers.
– The central government has announced to upgrade 1000 RTIs. 100 of UP can also be included in this, which will benefit 3.5 youth.
– Rakesh Sachan, a minister in the UP government, said that out of the 12 industrial parks announced in the budget, two parks will be set up in UP.
– There is an NPA of about 15,757 in the MSME sector of UP. They will benefit from the traders scheme in the budget and the scheme of building houses through PPP model will provide indirect employment to ten lakh people.
– The loan guarantee scheme in the budget will give a new lease of life to 20 lakh units of UP. 22 lakh new entrepreneurs will be created.
– In the Union Budget, provision has been made for internship of one crore youth in the top 500 companies of the country. Under this, two lakh youth of UP will also get benefit.
In the new tax regime, the limit of standard deduction has been increased from Rs 50,000 to Rs 75,000. The deduction on family pension for pensioners has been increased from Rs 15,000 to Rs 25,000.
Changes in tax slabs under the new tax regime: 5% on income between Rs 3-7 lakh, 10% for Rs 7-10 lakh, 15% for Rs 10-12 lakh. In the new tax regime, salaried employees will be able to save up to Rs 17,500 in income tax.
Three cancer drugs – trastuzumabdarextecan, osimertinib and durvalumab – have been completely exempted from customs duty.
Customs duty on mobile phones, mobile circuit board assembly and mobile chargers has been reduced to 15%. NPS Vatsalya scheme launched for children, parents will be able to deposit money. It will be converted into a regular NPS account when the child turns 18.
Customs duty on gold and silver has been reduced to 6% and on platinum to 6.4%. Securities transaction tax on futures and options deals of securities has been increased to 0.02 percent and 0.1 percent respectively.
Angel tax has been abolished for all categories of investors to promote startups. Proposal to reduce corporate tax rate on foreign companies from 40 to 35 percent.
The budget outlined nine priority sectors including manufacturing and services and next generation reforms to achieve the goal of developed India. The budget focused on employment, skill development, MSMEs, middle class. Rs 1.52 lakh crore allocated for agriculture and allied sectors.
Special financial assistance of Rs 15,000 crore to Andhra Pradesh through multilateral development agencies.
During this time, changes have been made in the tax imposed on many things. The prices of some things have come down due to tax exemption, while some things have also become expensive due to increase in tax.
What has become cheaper in the budget?
Basic customs duty (BCD) on smartphones and phone chargers has been reduced to 15%.
Customs duty on gold and silver has been reduced to 6 percent.
Customs duty on platinum has been reduced to 6.4 percent.
Reduction has been made in the prices of solar panels and materials used for its manufacture.
3 cancer medicines have also become cheaper. Customs duty has been removed from these.
What has become expensive in the budget?
Customs duty on ammonium nitrate increased by 10 percent.
Customs duty on non-biodegradable plastic increased by 25 percent.
Traveling by plane has been made expensive.
Cigarettes have also been made expensive.
Import duty on plastic goods has been increased.
PVC- There has been an increase of 10 percent to 25 percent to reduce imports.
Custom duty on telecom equipment has been increased to 15%.
During last year’s budget 2023-24, the rates of smartphones, TVs, lab-made diamonds, compressed gas etc. were reduced. At the same time, the price of air travel, cigarettes and textiles etc. was increased.
