No Changes in Tax Rates
The Indian finance minister, Nirmala Sitharaman, announced in her budget 2024 presentation speech that there would be no changes in tax rates for direct and indirect taxes, as well as import duties. This decision was made ahead of the Lok Sabha elections in 2024. Sitharaman highlighted that the average monthly collection of GST has nearly doubled to 1.66 lakh crore this year. She also emphasized the role of digital public infrastructure (DPI) in formalizing the Indian economy. The government’s focus is on supporting the poor, women, youth, and farmers.
Efficiency and Investments
Sitharaman mentioned that the average processing time for tax returns has reduced to 10 days. The government continues to encourage sustained overseas investment, following the FDI (First Develop India) approach. Additionally, there are plans to convert 40,000 rail bogies to Vande Bharat standards to enhance public transport infrastructure. Under the PM Kisan Yojana, financial assistance was provided to 11.8 crore farmers. Furthermore, tourism projects will be undertaken at various islands, including Lakshadweep.
Hot Take: Union Budget 2024 Highlights
In the Union Budget 2024 presentation speech, Indian finance minister Nirmala Sitharaman outlined key highlights without proposing any changes in tax rates for direct and indirect taxes or import duties. The focus of the government remains on supporting the poor, women, youth, and farmers. Sitharaman emphasized the success of digital public infrastructure (DPI) in formalizing the Indian economy and highlighted the significant increase in monthly GST collection. The budget also aims to improve efficiency in tax returns processing and attract sustained overseas investments. Additionally, investments will be made to enhance public transport infrastructure and support farmers through the PM Kisan Yojana. Tourism projects in various islands, including Lakshadweep, are also planned.
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