Budget Day in India, eagerly awaited by all, saw Finance Minister Nirmala Sitharaman unveil schemes and benefits under the theme "Viksit Bharat Budget 2024", prioritizing Atmanirbhar Bharat and the welfare of the poor, women, youth, and farmers amidst upcoming elections.
Budget 2024 Highlights
1.Direct Tax Proposal
FM keeps FY 2024-25 tax rates; no tax up to Rs.7L income. Corporate tax: 22% for existing firms, 15% for new. Direct tax collections tripled; return filers up 2.4x. Tax processing time: 93 to 10 days. Proposed extension of tax benefits. IFSC units' tax exemption extended to March 2025.
FM: GST collection doubled to Rs.1.66 lakh crore monthly in FY24. State revenue tax buoyancy increased from 0.72 to 1.22 post-GST. Customs rates unchanged for FY 2024-25.
2.Goods and Services Tax
This year's Viksit Bharat Budget focuses on 'Garib', 'Mahilayen', 'Yuva', and 'Annadata'. The Finance Minister announced:1. Infrastructure development.2. Digital Public Infrastructure for financial inclusion.3. Broadening tax base via GST.4. Strengthening financial sector.5. Establishing GIFT IFSC.6. Proactive inflation management.
3.Viksit Bharat by 2047
– Direct Benefit Transfer (DBT) has led to savings of Rs. 2.7 lakh crore.– 25 crore people have moved out of multidimensional poverty.– Credit assistance has been given to 78 lakh street vendors under PM-SVANidhi.
4.Garib Kalyan, Desh ka Kalyan
– 1.4 crore youth have been trained under the Skill India Mission.– Fostering entrepreneurial aspirations of youth - 43 crore loans have been sanctioned under the PM Mudra Yojana.– A corpus of Rs.1 lakh crore to fund tech-savvy youth with a 50-year, interest-free loan at low or nil interest rates charge to provide financing/re-financing.