The reactions, like the feelings, were divided, ranging from excitement to scepticism regarding the new concept. While the hashtag #middleclass trended on Twitter, it was clear that many people were perplexed about what the slab structure implied.
After Finance Minister Nirmala Sitharaman delivered the Union Budget for fiscal year 2023-24, social media channels were swamped with opinions. Following the unveiling of the amended tax policy, there were conflicting reactions. The Union Budget was presented with a number of global issues in mind, such as a sharp rise in inflation and a projected slowdown in GDP growth in fiscal year 2024.
Middle-class taxpayers awaited the budget parameters with bated breath, as they had in previous years. While certain things became less expensive, many others were pushed into the more expensive category. But it was the new and updated tax structure that made some people happy.
Sitharaman suggested a new tax system that boosted the income tax refund maximum from Rs 5 lakh to Rs 7 lakh. “In 2020, I launched a new personal income tax structure with six earning brackets beginning at Rs 2.5 lakh. I recommend that the tax structure in this regime be changed by lowering the number of slabs to five and raising the tax exemption ceiling to Rs 3 lakh,” she added.
While the hashtag #middleclass trended on Twitter, it was clear that many people were perplexed about what the slab structure implied. The reactions, like the feelings, were divided, ranging from excitement over the new model to scepticism about the news.
According to the Finance Minister, this Budget will prioritise inclusive development, infrastructure and investment, green growth, young power, and the financial industry.
The Sensex was up 1076.55 points at 60,626.45 points. Following the release of the Union Budget 2023-24, the Nifty gained 264.25 points and was trading at 17,926.40.
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