Interim Budget 2024: A Relook, a week later!
The key takeaways from the Interim Budget 2024 that you may want to revisit..
Interim Budget 2024 in an election year, offers several prominent aspects.
Financial planner & advisor Paresh Vaghela enlists the main points that the budget may be remembered for.
This year, in light of the upcoming elections, Budget 2024 has been substituted with an Interim Budget. Nevertheless, the honorable Finance Minister, Smt. Nirmala Sitharaman, has not failed to deliver on schemes and benefits, much to the satisfaction of the general public.
The FM has announced that the theme for this year’s Budget would be Viksit Bharat Budget 2024. She reiterated that the country continues to strive towards Atmanirbhar Bharat, while welfare and aspirations of the Gareeb (poor), Mahila (women), Yuva (youth), and Annadata (farmer) are the most important focus areas in the Interim Budget 2024.
Interim Budget 2024: Lets have a glance at the key highlights..
Direct Tax Proposals
The FM announced that the same tax rates in force will be retained in FY 2024-25 for direct and indirect taxes both, including for import duties. There will be no tax liability for taxpayers with an income of up to Rs.7 lakh under the new tax regime.
For corporate taxes, the 22% tax rate will apply for existing domestic companies and 15% for certain new manufacturing companies.
The FM announced that direct tax collections have more than tripled over the last ten years, with the number of return filers at 2.4 times.
On the other hand, the average processing time of tax returns has reduced from 93 days in 2013-14 to 10 days in 2023-24.
The FM has proposed certain tax benefits to start-ups and investments made by sovereign wealth funds/pension funds, and a tax exemption of some IFSC units that was earlier expiring on 31st March 2024. Now, the same has been extended up to 31st March 2025.
Goods and Service Tax
The FM announced that the average monthly Gross GST collections has doubled to ₹1.66 lakh crore in FY24.
There has been an increase in the tax buoyancy of state revenue from 0.72 in 2012-16 to 1.22 in the post-GST period in 2017-23.
Vikasit Bharat by 2027
This year’s Budget took on the Vikasit Bharat theme, with the government visualizing a developed India by 2047. In light of the people-centric inclusive development plan, the Finance Minister announced –
There will be substantive development of all forms of infrastructure – physical, digital and social.
Digital Public Infrastructure (DPI) will promote formalization and financial inclusion.
The government plans to deepen and widen the tax base via GST.
Strengthened financial sector brought savings, credit and investment back on track.
A robust gateway will be set up called GIFT IFSC will be setup for global capital and financial services for the economy.
There will be proactive inflation management.
Garib Kalyan – Kesh Ka Kalyan
Direct Benefit Transfer 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.
Empowering the Youth
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.
Welfare for Farmers
There has been direct financial assistance provided to 11.8 crore farmers under PM-KISAN.
Crop Insurance has been given to 4 crore farmers under PM Fasal Bima Yojana.
There has been the integration of 1,361 mandis under eNAM, supporting trading volume of Rs.3 lakh crore.
Nari Shakti
30 crore Mudra Yojana loans have been disbursed to women entrepreneurs.
There has been an increase in female enrolment in higher education by 28 per cent in the past 10 years.
There is 43% of female enrolment in STEM courses.
1 crore women have been assisted by 83 lakh SHGs to become Lakhapati Didis.
The writer can be contacted on +91 9925008301.
Link for the Indian Union Finance Minister Smt. Nirmala Sitharaman’s full reply to the Discussion on ‘White Paper’ on the Indian Economy and its impact on lives of the people of India in Loksabha: https://youtu.be/FZPSLnamGb
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