Budget 2023: Finance minister Nirmala Sitharaman is presenting the Union Budget for the year 2023-2024 in parliament today (February 1). From this budget presentation, many people have different expectations. In FY 2023, the government is poised to overshoot its appropriations. While many people are eagerly waiting with many expectations, the government has made some important changes to this budget. Finance minister Nirmala Sitharaman was expected to announce some changes in personal income tax. In that way, many new announcements have been released.
It has been announced in the budget that the import duty on bicycles and toys will be reduced.
- Lithium-ion raw materials used for electric vehicle batteries are exempt from duty.
- Import duty on certain mobile spare parts will be reduced.
- It has been announced that customs duty on tv panels will be reduced to 2.5%. This will reduce the price of the tv, cell phone, and bicycle.
- No more PAN Card Public Identity Card!
- Finance minister Nirmala Sitharaman announced the PAN card as a public identity card on Wednesday.
In parliament, Finance minister Nirmala Sitharaman is presenting the budget for 2023-24. Speaking then, the PAN card is now declared as a public identity card. Aadhaar, PAN, and DigiLocker systems will be popularized for personal use, she said. She also announced that the KYC procedure of banks will be simplified. With this, a PAN card can now be used as an identity card across the country. She informed that the PAN card will be used as a public identity card for all activities related to government finances.