Daily Current Capsules
03 February 2023

SUMMARY OF THE UNION BUDGET 2023-24

The highlights of the Budget are as follows:

• Per capita income has more than doubled to ₹1.97 lakh in around nine years.
• Indian economy has increased in size from being 10th to 5th largest in the world in the past nine years.
• EPFO membership has more than doubled to 27 crore.
• 7,400 crore digital payments of ₹126 lakh crore has taken place through UPI in 2022.
• 11.7 crore household toilets constructed under Swachh Bharat Mission.
• 9.6 crore LPG connections provided under Ujjwala.
• 220 crore covid vaccination of 102 crore persons.
• 47.8 crore PM Jan Dhan bank accounts.
• Insurance cover for 44.6 crore persons under PM Suraksha Bima and PM Jeevan Jyoti Yojana.
• Cash transfer of ₹2.2 lakh crore to over 11.4 crore farmers under PM Kisan Samman Nidhi.
• Seven priorities of the budget ‘Saptarishi' are inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector.
• Atmanirbhar Clean Plant Program with an outlay of ₹2200 crore to be launched to boost availability of disease-free, quality planting material for high value horticultural crops.
• 157 new nursing colleges to be established in co-location with the existing 157 medical colleges established since 2014.
• Centre to recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students over the next three years.
• Outlay for PM Awas Yojana is being enhanced by 66% to over Rs. 79,000 crore.
• Capital outlay of Rs. 2.40 lakh crore has been provided for the Railways, which is the highest ever outlay and about nine times the outlay made in 2013-14.
• Urban Infrastructure Development Fund (UIDF) will be established through use of priority Sector Lending shortfall, which will be managed by the national Housing Bank, and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities.
• Entity DigiLocker to be setup for use by MSMEs, large business and charitable trusts to store and share documents online securely.
• 100 labs to be setup for 5G services based application development to realize a new range of opportunities, business models, and employment potential.
• 500 new ‘waste to wealth' plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme to be established for promoting circular economy at total investment of Rs 10,000 crore. 5 per cent compressed biogas mandate to be introduced for all organizations marketing natural and bio gas.
• Centre to facilitate one crore farmers to adopt natural farming over the next three years. For this, 10,000 Bio-Input Resource Centres to be set-up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network.
• Pradhan Mantri Kaushal Vikas Yojana 4.0, to be launched to skill lakhs of youth within the next three years covering new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills.
• 30 Skill India International Centres to be set up across different States to skill youth for international opportunities.
• Revamped credit guarantee scheme for MSMEs to take effect from 1st April 2023 through infusion of Rs 9,000 crore in the corpus. This scheme would enable additional collateral-free guaranteed credit of Rs 2 lakh crore and also reduce the cost of the credit by about 1 per cent.
• Central Processing Centre to be setup for faster response to companies through centralized handling of various forms filed with field offices under the Companies Act.
• The maximum deposit limit for Senior Citizen Savings Scheme to be enhanced from Rs 15 lakh to Rs 30 lakh.
• Targeted Fiscal Deficit to be below 4.5% by 2025-26.
• Agriculture Accelerator Fund to be set-up to encourage agri-startups by young entrepreneurs in rural areas.
• To make India a global hub for 'Shree Anna', the Indian Institute of Millet Research, Hyderabad will be supported as the Centre of Excellence for sharing best practices, research and technologies at the international level.
• ₹20 lakh crore agricultural credit targeted at animal husbandry, dairy and fisheries
• A new sub-scheme of PM Matsya Sampada Yojana with targeted investment of ₹6,000 crore to be launched to further enable activities of fishermen, fish vendors, and micro & small enterprises, improve value chain efficiencies, and expand the market.
• Digital public infrastructure for agriculture to be built as an open source, open standard and inter operable public good to enable inclusive farmer centric solutions and support for growth of agri-tech industry and start-ups.
• Computerisation of 63,000 Primary Agricultural Credit Societies (PACS) with an investment of ₹2,516 crore initiated.
• Massive decentralised storage capacity to be set up to help farmers store their produce and realize remunerative prices through sale at appropriate times.
• Sickle Cell Anaemia elimination mission to be launched.
• Joint public and Private Medical research to be encouraged via select ICMR labs for encouraging collaborative research and innovation.
• New Programme to promote research in Pharmaceuticals to be launched.
• Rs. 10 lakh crore capital investment, a steep increase of 33% for third year in a row, to enhance growth potential and job creation, crowd-in private investments, and provide a cushion against global headwinds.
• Aspirational Blocks Programme covering 500 blocks launched for saturation of essential government services across multiple domains such as health, nutrition, education, agriculture, water resources, financial inclusion, skill development, and basic infrastructure.
• Rs. 15,000 crore for implementation of Pradhan Mantri PVTG Development Mission over the next three years under the Development Action Plan for the Scheduled Tribes.
• Investment of Rs. 75,000 crore, including Rs. 15,000 crore from private sources, for one hundred critical transport infrastructure projects, for last and first mile connectivity for ports, coal, steel, fertilizer, and food grains sectors.
• New Infrastructure Finance Secretariat established to enhance opportunities for private investment in infrastructure.
• District Institutes of Education and Training to be developed as vibrant institutes of excellence for Teachers' Training.
• A National Digital Library for Children and Adolescents to be set-up for facilitating availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility.
• Rs. 5,300 crore to be given as central assistance to Upper Bhadra Project to provide sustainable micro irrigation and filling up of surface tanks for drinking water.
• ‘Bharat Shared Repository of Inscriptions' to be set up in a digital epigraphy museum, with digitization of one lakh ancient inscriptions in the first stage.
• ‘Effective Capital Expenditure' of Centre to be Rs. 13.7 lakh crore.
• Continuation of 50-year interest free loan to state governments for one more year to spur investment in infrastructure and to incentivize them for complementary policy actions.
• Encouragement to states and cities to undertake urban planning reforms and actions to transform our cities into ‘sustainable cities of tomorrow'.
• Transition from manhole to machine-hole mode by enabling all cities and towns to undertake 100 percent mechanical desludging of septic tanks and sewers.
• iGOT Karmayogi, an integrated online training platform, launched to provide continuous learning opportunities for lakhs of government employees to upgrade their skills and facilitate people-centric approach.
• More than 39,000 compliances reduced and more than 3,400 legal provisions decriminalized to enhance Ease Of Doing Business.
• Jan Vishwas Bill to amend 42 Central Acts have been introduced to further trust-based governance.
• Three centres of excellence for Artificial Intelligence to be set-up in top educational institutions to realise the vision of "Make AI in India and Make AI work for India".
• National Data Governance Policy to be brought out to unleash innovation and research by start-ups and academia.
• One stop solution for reconciliation and updation of identity and address of individuals to be established using DigiLocker service and Aadhaar as foundational identity.
• PAN will be used as the common identifier for all digital systems of specified government agencies to bring in Ease of Doing Business.
• 95 per cent of the forfeited amount relating to bid or performance security, will be returned to MSME's by government and government undertakings in cases the MSME's failed to execute contracts during Covid period.
• Result Based Financing to better allocate scarce resources for competing development needs.
• Phase-3 of the E-Courts project to be launched with an outlay of Rs. 7,000 crore for efficient administration of justice.

 

 

• R & D grant for Lab Grown Diamonds (LGD) sector to encourage indigenous production of LGD seeds and machines and to reduce import dependency.
• Annual production of 5 MMT under Green Hydrogen Mission to be targeted by 2030 to facilitate transition of the economy to low carbon intensity and to reduce dependence on fossil fuel imports.
• ₹35000 crore outlay for energy security, energy transition and net zero objectives.
• Battery energy storage systems to be promoted to steer the economy on the sustainable development path.
• 20,700 crore outlay provided for renewable energy grid integration and evacuation from Ladakh.
• PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth" (PM-PRANAM) to be launched to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers.
• Mangrove Initiative for Shoreline Habitats & Tangible Incomes', MISHTI, to be taken up for mangrove plantation along the coastline and on salt pan lands, through convergence between MGNREGS, CAMPA Fund and other sources.
• Green Credit Programme to be notified under the Environment (Protection) Act to incentivize and mobilize additional resources for environmentally sustainable and responsive actions.
• Amrit Dharohar scheme to be implemented over the next three years to encourage optimal use of wetlands, enhance bio-diversity, carbon stock, eco-tourism opportunities and income generation for local communities.
• A unified Skill India Digital platform to be launched for enabling demand-based formal skilling, linking with employers including MSMEs, and facilitating access to entrepreneurship schemes.
• Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme to be rolled out to provide stipend support to 47 lakh youth in three years
• At least 50 tourist destinations to be selected through challenge mode; to be developed as a complete package for domestic and foreign tourists.
• Sector specific skilling and entrepreneurship development to be dovetailed to achieve the objectives of the ‘Dekho Apna Desh' initiative.
• Tourism infrastructure and amenities to be facilitated in border villages through the Vibrant Villages Programme.
• States to be encouraged to set up a Unity Mall for promotion and sale of their own and also all others states' ODOPs (One District, One Product), GI products and handicrafts
• National Financial Information Registry to be set up to serve as the central repository of financial and ancillary information for facilitating efficient flow of credit, promoting financial inclusion, and fostering financial stability. A new legislative framework to be designed in consultation with RBI to govern this credit public infrastructure.
• A one-time new small savings scheme, Mahila Samman Savings Certificate to be launched. It will offer deposit facility upto Rs 2 lakh in the name of women or girls for tenure of 2 years (up to March 2025) at fixed interest rate of 7.5 per cent with partial withdrawal option.

Revised Estimates 2022-23:

• The total receipts other than borrowings is Rs 24.3 lakh crore, of which the net tax receipts are Rs 20.9 lakh crore.
• The total expenditure is Rs 41.9 lakh crore, of which the capital expenditure is about Rs 7.3 lakh crore.
• The fiscal deficit is 6.4 per cent of GDP, adhering to the Budget Estimate.

Budget Estimates 2023-24:

• The total receipts other than borrowings is estimated at Rs 27.2 lakh crore and the total expenditure is estimated at Rs 45 lakh crore.
• The net tax receipts are estimated at Rs 23.3 lakh crore.
• The fiscal deficit is estimated to be 5.9 per cent of GDP.
• To finance the fiscal deficit in 2023-24, the net market borrowings from dated securities are estimated at Rs 11.8 lakh crore.
• The gross market borrowings are estimated at Rs 15.4 lakh crore.

 

Budget in Detail - Seven priorities of the Union Budget

Resilience amidst multiple crises

• India's rising global profile is due to several accomplishments like unique World Class Digital Public Infrastructure namely, Aadhaar, Co-Win and UPI; COVID-19 vaccination drive in unparalleled scale and speed; proactive role in frontier areas such as achieving the climate related goals, mission LiFE, and National Hydrogen Mission.

 

G20 Presidency: Steering the global agenda through challenges

• The G20 Presidency gives India a unique opportunity to strengthen its role in the world economic order.

Achievements since 2014: Leaving no one behind

 

Vision for Amrit Kaal - an empowered and inclusive economy

The following four opportunities can be transformative during Amrit Kaal-

1. Economic Empowerment of Women
2. PM VIshwakarma KAushal Samman (PM VIKAS)
3. Tourism
4. Green Growth

Priorities of this Budget

• Seven priorities of the Union Budget
• They are as follows: 1) Inclusive Development 2) Reaching the Last Mile 3) Infrastructure and Investment 4) Unleashing the Potential 5) Green Growth 6) Youth Power 7) Financial Sector

Priority 1: Inclusive Development

 

Agriculture and Cooperation

 

Digital Public Infrastructure for Agriculture

• Digital Public infrastructure for agriculture will be built as an open source, open standard and inter operable public good.
• This will enable inclusive, farmer-centric solutions through relevant information services for crop planning and health, improved access to farm inputs, credit, and insurance, help for crop estimation, market intelligence, and support for growth of agri-tech industry and start-ups.

Agriculture Accelerator Fund

 

 

• An Agriculture Accelerator Fund will be set-up to encourage agri-startups by young entrepreneurs in rural areas, which will aim at bringing innovative and affordable solutions for challenges faced by farmers.
• It will also bring in modern technologies to transform agricultural practices, increase productivity and profitability.

Enhancing productivity of cotton crop

• To enhance the productivity of extra-long staple cotton, Government will adopt a cluster-based and value chain approach through Public Private Partnerships (PPP).
• This will mean collaboration between farmers, state and industry for input supplies, extension services, and market linkages.

Atmanirbhar Horticulture Clean Plant Programme

• The Government will launch an Atmanirbhar Clean Plant Programme to boost availability of disease-free, quality planting material for high value horticultural crops at an outlay of Rs 2,200 crore.

Global Hub for Millets: ‘Shree Anna'

• India is at the forefront of popularizing Millets, whose consumption furthers nutrition, food security and welfare of farmers
• India is the largest producer and second largest exporter of ‘Shree Anna' in the world as it grows several types of 'Shree Anna' such as jowar, ragi, bajra, kuttu, ramdana, kangni, kutki, kodo, cheena, and sama.
• To make India a global hub for 'Shree Anna', the Indian Institute of Millet Research, Hyderabad will be supported as the Centre of Excellence for sharing best practices, research and technologies at the international level.

Agriculture Credit

• The agriculture credit target will be increased to Rs 20 lakh crore with focus on animal husbandry, dairy and fisheries.
• The Government will launch a new sub-scheme of PM Matsya Sampada Yojana with targeted investment of Rs 6,000 crore to further enable activities of fishermen, fish vendors, and micro & small enterprises, improve value chain efficiencies, and expand the market.

Cooperation

• For farmers, especially small and marginal farmers, and other marginalized sections, the government is promoting cooperative-based economic development model.
• A new Ministry of Cooperation was formed with a mandate to realize the vision of ‘Sahakar Se Samriddhi'.
• The Government will implement a plan to set up massive decentralized storage capacity, which will help farmers store their produce and realize remunerative prices through sale at appropriate times.
• The government will also facilitate setting up of a large number of multipurpose cooperative societies, primary fishery societies and dairy cooperative societies in uncovered panchayats and villages in the next 5 years.

Health, Education and Skilling

Medical & Nursing Colleges

• One hundred and fifty-seven new nursing colleges will be established in co-location with the existing 157 medical colleges established since 2014.
• A Mission to eliminate Sickle Cell Anaemia by 2047 will be launched

Teachers' Training

• Teachers' training will be re-envisioned through innovative pedagogy, curriculum transaction, continuous professional development, dipstick surveys, and ICT implementation. The District Institutes of Education and Training will be developed as vibrant institutes of excellence for this purpose.
• A National Digital Library for Children and Adolescents will be set-up for facilitating availability of quality books across geographies, languages, genres and levels, and device agnostic accessibility.

 

Priority 2: Reaching the Last Mile

Aspirational Districts and Blocks Programme

• Building on the success of the Aspirational Districts Programme, the Government has recently launched the Aspirational Blocks Programme covering 500 blocks for saturation of essential government services across multiple domains such as health, nutrition, education, agriculture, water resources, financial inclusion, skill development, and basic infrastructure.

Pradhan Mantri PVTG Development Mission

• To improve socio-economic conditions of the particularly vulnerable tribal groups (PVTGs), Pradhan Mantri PVTG Development Mission will be launched.
• This will saturate PVTG families and habitations with basic facilities such as safe housing, clean drinking water and sanitation, improved access to education, health and nutrition, road and telecom connectivity, and sustainable livelihood opportunities.
• An amount of Rs 15,000 crore will be made available to implement the Mission in the next three years under the Development Action Plan for the Scheduled Tribes.
• In the next three years, centre will recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students.

Water for Drought Prone Region

• In the drought prone central region of Karnataka, central assistance of Rs 5,300 crore will be given to Upper Bhadra Project to provide sustainable micro irrigation and filling up of surface tanks for drinking water.

PM Awas Yojana

• The outlay for PM Awas Yojana is being enhanced by 66 per cent to over Rs 79,000 crore.
• ‘Bharat Shared Repository of Inscriptions' will be set up in a digital epigraphy museum, with digitization of one lakh ancient inscriptions in the first stage.

 

Priority 3: Infrastructure & Investment

 

Support to State Governments for Capital Investment

• The Government has decided to continue the 50-year interest free loan to state governments for one more year to spur investment in infrastructure and to incentivize them for complementary policy actions, with a significantly enhanced outlay of Rs 1.3 lakh crore.

Railways

• A capital outlay of Rs 2.40 lakh crore has been provided for the Railways, which is the highest ever outlay and about 9 times the outlay made in 2013- 14.

Urban Infrastructure Development Fund (UIDF)

• An Urban Infrastructure Development Fund (UIDF) will be established through use of priority sector lending shortfall, which will be managed by the National Housing Bank, and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities.
• States will be encouraged to leverage resources from the grants of the 15th Finance Commission, as well as existing schemes, to adopt appropriate user charges while accessing the UIDF.

 

Priority 4: Unleashing the Potential

• For enhancing ease of doing business, more than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalized.
• The trust based governance, Government has introduced the Jan Vishwas Bill to amend 42 Central Acts.

Centres of Excellence for Artificial Intelligence

• For realizing the vision of "Make A-I in India and Make A-I work for India", three centers of excellence for Artificial Intelligence will be set-up in top educational institutions.

National Data Governance Policy

• To unleash innovation and research by start-ups and academia, a National Data Governance Policy will be brought out, which will enable access to anonymized data.
• An Entity DigiLocker will be set up for use by MSMEs, large business and charitable trusts for storing and sharing documents online securely, whenever needed, with various authorities, regulators, banks and other business entities.

 

Priority 5: Green Growth

• Prime Minister has given a vision for "LiFE", or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle.
• India is moving forward firmly for the ‘panchamrit' and net-zero carbon emission by 2070 to usher in green industrial and economic transition.
• The recently launched National Green Hydrogen Mission, with an outlay of Rs 19,700 crores, will facilitate transition of the economy to low carbon intensity
• The target is to reach an annual production of 5 MMT by 2030.
• The Budget also provides Rs35,000 crore for priority capital investments towards energy transition and net zero objectives, and energy security by Ministry of Petroleum & Natural Gas.

GOBARdhan scheme

• 500 new ‘waste to wealth' plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established for promoting circular economy.
• These will include 200 compressed biogas (CBG) plants, including 75 plants in urban areas, and 300 community or cluster-based plants at total investment of Rs 10,000 crore.
• A 5 per cent CBG mandate will be introduced for all organizations marketing natural and bio gas and for collection of bio-mass and distribution of bio-manure, appropriate fiscal support will be provided.

Bhartiya Prakritik Kheti Bio-Input Resource Centres

• Over the next 3 years, the Centre will facilitate one crore farmers to adopt natural farming. For this, 10,000 Bio-Input Resource Centres will be set-up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network.

Priority 6: Youth Power

• To empower the youth and help the ‘Amrit Peedhi' realize their dreams, Government has formulated the National Education Policy, focused on skilling, adopted economic policies that facilitate job creation at scale, and have supported business opportunities.
• Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth within the next three years.
• On-job training, industry partnership, and alignment of courses with needs of industry will be emphasized.
• The scheme will also cover new age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills.

National Apprenticeship Promotion Scheme

• To provide stipend support to 47 lakh youth in three years, Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme will be rolled out.

Unity Mall

• States will be encouraged to set up a Unity Mall in their state capital or most prominent tourism centre or the financial capital for promotion and sale of their own ODOPs (one district, one product), GI products and other handicraft products, and for providing space for such products of all other States.

Priority 7: Financial Sector

Credit Guarantee for MSMEs

• A National Financial Information Registry will be set up to serve as the central repository of financial and ancillary information.
• This will facilitate efficient flow of credit, promote financial inclusion, and foster financial stability.
• A new legislative framework will govern this credit public infrastructure, and it will be designed in consultation with the RBI.
• A Central Processing Centre will be setup for faster response to companies through centralized handling of various forms filed with field offices under the Companies Act.

To enhance business activities in GIFT IFSC, the following measures to be taken

• Delegating powers under the SEZ Act to IFSCA to avoid dual regulation.
• Setting up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and IRDAI.
• Permitting acquisition financing by IFSC Banking Units of foreign bank.
• Establishing a subsidiary of EXIM Bank for trade re-financing.
• Amending IFSCA Act for statutory provisions for arbitration, ancillary services, and avoiding dual regulation under SEZ Act
• Recognizing offshore derivative instruments as valid contracts.
• Amendments proposed to the Banking Regulation Act, the Banking Companies Act and the Reserve of India Act to improve bank governance and enhance investors' protection.
• Countries looking for digital continuity solutions would be facilitated for setting up of their Data Embassies in GIFT IFSC.
• SEBI to be empowered to develop, regulate, maintain and enforce norms and standards for education in the National Institute of Securities Markets and to recognize award of degrees, diplomas and certificates.
• A one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025.
• This will offer deposit facility upto Rs 2 lakh in the name of women or girls for a tenor of 2 years at fixed interest rate of 7.5 per cent with partial withdrawal option.

 

Senior Citizens

• The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from Rs 15 lakh to Rs 30 lakh.
• The maximum deposit limit for Monthly Income Account Scheme will be enhanced from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account.

 

Fiscal Management

Fifty-year interest free loan to States

• The entire fifty-year loan to states has to be spent on capital expenditure within 2023-24.

 

DIRECT TAXES

• Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh from the current Rs. 5 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs. 7 lakh to not pay any tax.
• Tax structure in new personal income tax regime, introduced in 2020 with six income slabs, to change by reducing the number of slabs to five and increasing the tax exemption limit to Rs. 3 lakh.
• The highest surcharge rate in personal income tax has been reduced from 37% to 25% in the new tax regime for income above ₹2 crore.
• This would result in maximum tax rate of personal income tax come down to 39% which was earlier 42.74%.
• The limit of tax exemption on leave encashment on retirement of non-government salaried employees has been increased from ₹3 lakh to ₹25 lakh.
• The new income tax regime has been made the default tax regime. However, the citizens will continue to have the option to avail the benefit of the old tax regime.

 

INDIRECT TAXES

• Number of basic customs duty rates on goods, other than textiles and agriculture, reduced to 13 from 21.
• Customs Duty on specified capital goods/machinery for manufacture of lithium-ion cell for use in battery of electrically operated vehicle (EVs) extended to 31.03.2024
• Basic customs duty reduced on seeds used in the manufacture of lab grown diamonds.
• Duties on articles made from dore and bars of gold and platinum increased.
• Import duty on silver dore, bars and articles increased.
• National Calamity Contingent Duty (NCCD) on specified cigarettes revised upwards by about 16 per cent.

Legislative Changes in Customs Laws

• Customs Act, 1962 to be amended to specify a time limit of nine months from date of filing application for passing final order by Settlement Commission.
• Customs Tariff Act to be amended to clarify the intent and scope of provisions relating to Anti-Dumping Duty (ADD), Countervailing Duty (CVD), and Safeguard Measures.

 

Common IT Return Form

• The Union Budget also proposes to roll out a next-generation common IT return form for tax payer convenience.
• It also stipulates a plan to strengthen the grievance redressal mechanism for direct taxes.
• Deployment of about 100 Joint Commissioners for disposals of small appeals in direct tax matters.

 

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