Income Tax rates remains same with no revisions
The FM Started the session by talking about the schemes that have garnered widespread growth in the last few years. She emphasised the concentration on 4 Key Welfare Classes: Youth, Women, Poor, and Farmers.
GST has reduced the compliance burden on Trade and industry
According to a recent survey, 94% of industry leaders perceive the transition to GST as largely positive.
Tax Provisions:
Under the new tax scheme, individuals earning up to Rs. 7 lakh annually now have no tax liability. The threshold for presumptive taxation for retail businesses has been raised from Rs. 2 crore to Rs. 3 crore.
Corporate tax rates have been reduced from 30% to 22% for existing companies and to 15% for certain new manufacturing industries.
Filing tax returns has been streamlined, making the process simpler and faster. The average processing time for returns has been reduced from 93 days in 2013-14 to just 10 days, resulting in quicker refunds.
Budget estimates for 2024-25:
Total receipts excluding borrowings are projected at Rs. 30.80 lakh crores.
Total expenditure is estimated to be Rs. 47.66 lakh crores.
Tax receipts are anticipated to reach Rs. 26.02 lakh crores.
The scheme offering 50-year interest-free loans for capital expenditure to states will continue with an outlay of Rs. 1.3 lakh crores.
The fiscal deficit for the fiscal year 2024-25 is estimated to be 5.1% of GDP, maintaining the trajectory of fiscal consolidation.
FY25 fiscal deficit budgeted at 5.1% of GDP:
The fiscal deficit target has been revised to 5.1% of the Gross Domestic Product (GDP) from the earlier estimate of 5.8%. As of December, India’s fiscal deficit for the first nine months of the fiscal year amounted to Rs 9.82 lakh crore, which is approximately 55% of the annual estimates, according to government data released on Wednesday.
Railway Development: Implementation of three major corridor programs
The government will undertake the implementation of three significant railway corridor programs:
- Energy, mineral, and cement corridor
- Port-connectivity corridor
- High-traffic density corridor
Additionally, 40,000 regular rail bogeys will be upgraded to meet Vande Bharat standards.
Green energy initiatives:
- Viability gap funding will be provided for harnessing shore-wind energy potential.
- By 2030, capacity for coal gasification and liquefaction of 100 metric tons will be established.
Garib Kalyan, Desh ka Kalyan: Finance Minister’s Focus on Poverty Alleviation
The previous approach to addressing poverty yielded modest results. However, with our commitment to ‘Sabka Saath,’ we have facilitated the liberation of 25 crore individuals from multidimensional poverty.”
Strategic approach for ‘Amrit Kaal’
The Government will implement economic policies aimed at fostering and sustaining growth, enhancing productivity, creating opportunities for all, and facilitating the enhancement of capabilities.
PM Awas Yojana (Gramin): Overcoming challenges for housing development
Despite facing obstacles, the implementation of PM Awas Yojana (Gramin) persisted, bringing us closer to achieving our target of 3 crore houses. Additionally, plans are underway to undertake the construction of 2 crore more houses in the next five years.
FM Announces: PM Mudra Yojana sanctions 43 Crore loans
The PM Mudra Yojana has sanctioned a remarkable 43 crore loans, totalling Rs 22.5 lakh crore, to support the entrepreneurial aspirations of our youth. Additionally, schemes such as Fund of Funds, Startup India, and Startup Credit Guarantee are further aiding our youth in their endeavours.
Rooftop solarisation to provide electricity to one crore households
Under this initiative, one crore households will receive up to 300 units of electricity per month through rooftop solarisation, stated the Finance Minister.
Inclusive growth and development: Finance Minister Highlights Decade-Long Efforts in Targeted Development Programs.
FM Sitharaman highlights government’s achievements: Enhanced secularism, poverty reduction
The government has actively implemented policies that translate secularism into action, effectively curbing corruption and averting nepotism. Our commitment to “Sabka Sath, Sabka Vikas” is evident through both social and geographical inclusivity, with a dedicated focus on the welfare of the poor, women, youth, and farmers. Over the span of 10 years, the government has successfully liberated 25 crore individuals from multidimensional poverty.
Empowering the youth:
The National Education Policy (NEP) 2020 heralds transformative reforms, while the Skill India Mission has successfully trained 1.4 crore youth, upskilled and reskilled 54 lakh individuals, and established 3,000 new Industrial Training Institutes (ITIs).
Sitharaman’s vision for ‘Viksit Bharat’:
A vision for a ‘Viksit Bharat’ (Developed India) has been outlined.
Our vision for ‘Viksit Bharat’ entails a prosperous nation, in symbiosis with nature, boasting modern infrastructure, and offering opportunities to all citizens,” she states.
