HomeNewsIndia NewsBudget 2023: Interest-free loans to states for one more year

Budget 2023: Interest-free loans to states for one more year

New Delhi: The Center’s 50-year interest-free loan facility to state governments will continue for another year. The announcement by the Finance Minister is in the Union Budget for the financial year 2023. Loans to the states were announced to accelerate the participation of the states in the overall economic growth and investments of the nation. It is an interest-free loan with a repayment tenure of 50 years.

The Finance Minister has announced tax cuts in the Union Budget. The income tax threshold has been raised from Rs 5 lakh to Rs 7 lakh. The Finance Minister’s announcement in the budget speech was said to be a relief to the working common man. Those earning up to Rs 7 lakh will no longer have to pay income tax.

Income tax is not exempted. Income tax return processing days have been reduced to 16. Customs duty will be reduced to 15 percent, the cost of television sets will come down, the cost of mobile phones will come down, and the cost of batteries used in electric vehicles will come down. The prices of TV panels and camera lenses will also come down. Efanol, electric chimney, and heat coil will also come down in price. Compressed biogas will cost less.

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