Finance Minister Nirmala Sitharaman is presenting the Union Budget 2023 at 11 am today, February 1, 2023, at the Parliament in Delhi. This is going to be the fifth Budget presentation made by the minister.
The Budget 2023 will be presented on February 1, 2023, (Wednesday) at 11 am. It will start with a speech by FM Sitharaman at Parliament of India in New Delhi.
Where to watch the budget presentation live?
The budget speech can be watched live on Lok Sabha TV (Sansad TV), the official parliament channel, and on Doordarshan.
Budget Highlights of 2022-23 pertaining to healthcare and insurance sector are mentioned below:
One of the top announcements of India budget 2022-23 was the roll out of an open platform for the National Digital Health Ecosystem. The roll out enabled digitization of data on health and health care providers, and gave exclusive access to health facilities on a virtual platform.
The exclusive health identity system helped the insurance companies in assessing risks better, as well as in reviewing premiums and claims in a better way.
The budget highlighted on the government commitment towards building a strong health system
pertaining to healthcare and insurance sector are mentioned below:
Hike in FDI limits
Discrete tax deduction on the payment of life insurance premium
Reduction in tax on earnings and gains
Improvements for the non-life insurance industry
Budget 2023-24 may not make any major change in the taxation system other than fine tuning the existing direct and indirect taxation regimes
Budget 2023-24 may not make any major change in the taxation system other than fine tuning the existing direct and indirect taxation regimes
Recommendations are to lower the prevailing GST rate on health insurance
Insurance sector proposes to enhance FDI limit up to 100 %
High anticipation is there about the budget 2023 that it would take care of higher exemption of tax under section 80D from current limit of INR 25,000 to INR 1 lakh
> No changes have been made in the old tax regime
> The new tax regime is likely to become the default tax regime.
> No tax would be levied on income up to Rs 7.5 lakh per annum under the new tax regime
> – Government also proposed the reduction of highest surcharge rate to 25% from 37% under the new tax regime
> he government proposes to remove tax-free status on certain insurance policies with premium above INR 5 lakh