Circular No. ES/CIR/121/2022-23 1st February 2023
To: Members of the Council
Sub: Union Budget for 2023-24
Dear Member,
The Hon’ble Union Minister of Finance, Smt Nirmala Sitharaman has announced the Union Budget for 2023-24 today in the Parliament.
Some of the salient features of the Budget are as follows:
1. Expanded corpus under the revamped Credit Guarantee scheme to enable additional collateral free guaranteed credit of Rs.2 Lakh crore for MSMEs.
2. Extension of the date of incorporation for income tax benefits to start-ups from 31.03.23 to 31.03.24.
3. Capital investment outlay is being increased steeply for the third year in a row by 33 per cent to Rs.10 lakh crore, which would be 3.3 per cent of GDP. This will be almost three times the outlay in 2019-20.
4. For encouraging behavioural change, a Green Credit Programme will be notified under the Environment (Protection) Act. This will incentivize environmentally sustainable and responsive actions by companies, individuals and local bodies, and help mobilize additional resources for such activities.
5. The digital ecosystem for skilling will be further expanded with the launch of a unified Skill India Digital platform for:
· enabling demand-based formal skilling,
· linking with employers including MSMEs, and
· facilitating access to entrepreneurship schemes.
6. Filing of returns/statements restricted to a maximum period of three years from the due date of filing of the relevant return/statement.
7. Input tax credit shall not be available in respect of goods or services, or both received by a taxable person, which are used or intended to be used for activities relating to his obligations under corporate social responsibility referred to in section 135 of the Companies Act, 2013.
8. Customs duty on Naphtha increased from 1% to 2.5%.
9. Budget outlay for RoDTEP scheme increased from Rs.13,699 crore in 2022-23 to Rs. 15,069 crore in 2023-24.
10. Budget outlay for RoSCTL scheme increased from Rs.7,641 crore to 2022-23 to Rs.8,405 crore in 2023-24.
11. Budget Outlay for Amended Technology Upgradation Fund Scheme [ATUFS) increased from Rs.650 crore in 2022-23 to Rs.900 crore in 2023-24.
Enclosed please find the Budget Highlights (click to download) and the Hon’ble Finance Minister’s speech (click to download).
You are requested to please take a note of the above and also to send us your suggestions, if any, on the email ID es@srtepc.in, so that we can take it up with the Government.
Thanking you,
A. Ravi Kumar
Executive Director
