Snapshot of Budget '24
| Category | Announcement/Information |
|---|---|
| Direct Tax Proposals | – Same tax rates retained in FY ’24-25. |
| – No tax liability for income up to Rs.7 lakh in the new tax regime. | |
| – Corporate tax rates: 22% for existing domestic companies, 15% for certain new manufacturing companies. | |
| – Direct tax collections tripled in the last ten years; return filers increased 2.4 times. | |
| – Average processing time of tax returns reduced from 93 days in 2013-14 to 10 days in 2023-24. | |
| – Extension of time limit for certain tax benefits for start-ups and investments by sovereign wealth funds/pension funds. Tax exemption for specific IFSC units extended to March 2025. | |
| Goods and Services Tax (GST) | – Average monthly gross GST collection doubled to Rs.1.66 lakh crore in FY24. |
| – Tax buoyancy of state revenue increased from 0.72 (2012-16) to 1.22 (2017-23) post-GST. | |
| – Retention of customs rates, including import duties, in FY 2024-25. | |
| Roadmap for Viksit Bharat 2047 | – Development of physical, digital, and social infrastructure. |
| – Introduction of Digital Public Infrastructure (DPI) for formalization and financial inclusion. | |
| – Plans to deepen and widen the tax base through GST. | |
| – Establishment of GIFT IFSC for global capital and financial services. | |
| – Proactive inflation management. | |
| Garib Kalyan, Desh ka Kalyan | – Direct Benefit Transfer (DBT) savings of Rs. 2.7 lakh crore. |
| – 25 crore people moved out of multidimensional poverty. | |
| – Credit assistance to 78 lakh street vendors under PM-SVANidhi. | |
| Empowering the Youth | – 1.4 crore youth trained under Skill India Mission. |
| – 43 crore loans sanctioned under PM Mudra Yojana. | |
| – Rs.1 lakh crore corpus for tech-savvy youth with interest-free loans. | |
| Welfare of Farmers (Annadata) | – Direct financial assistance to 11.8 crore farmers under PM-KISAN. |
| – Crop Insurance for 4 crore farmers under PM Fasal Bima Yojana. | |
| – Integration of 1,361 mandis under eNAM, supporting Rs.3 lakh crore trading volume. | |
| Nari Shakti | – Disbursement of 30 crore Mudra Yojana loans to women entrepreneurs. |
| – 28% increase in female enrollment in higher education in the past 10 years. | |
| – 43% female enrollment in STEM courses. | |
| Sustainable Development/Green Energy | – Commitment to ‘Net Zero’ by 2070 under Amrit Kaal. |
| – Viability gap funding for offshore wind energy. | |
| – Setting up coal gasification and liquefaction capacity by 2030. | |
| – Phased mandatory blending of CNG, PNG, and compressed biogas. | |
| – Financial assistance for biomass aggregation machinery. | |
| Infrastructure and Investment | – Implementation of three major railway corridor programs. |
| – Promotion of foreign investment through bilateral investment treaties. | |
| – Expansion of existing airports and development of new airports under the UDAN scheme. | |
| – Urban transformation under Metro rail and NaMo Bharat projects. | |
| Inclusive Development | – Aspirational District Programme for faster development. |
| – Various initiatives in healthcare, housing, tourism, and agriculture. | |
| Allocations for Ministries and Schemes | – Allocations for various ministries and major schemes in INR lakh crore. |
| Expectations for Budget 2024 | – Potential relaxation in ESOP taxation. |
| – Increase in the limit of home loan interest deduction. | |
| – Inclusion of home loan interest under the new tax regime. | |
| – Increase in the limit of 80D deduction for medical insurance. | |
| – Inclusion of 80D in the new tax regime. | |
| – Bengaluru’s listing as a metro city for HRA exemption. | |
| Indirect Tax Expectations | – Option to revise GST returns. |
| – e-Invoicing for B2C transactions. | |
| Interim Budget 2024 Highlights | – Allocation details for various ministries and schemes. |
| – Explanation of Interim Budget vs. Full Budget. | |
| – Importance of “Vote on Account.” | |
| – Budget 2024 expectations and potential areas of focus. |
Budget 2023 Overview
Budget 2023 Overview
Introduction to “Amrit Kaal”
In the inaugural budget of “Amrit Kaal,” India’s economic roadmap for the next 25 years is unveiled, setting the stage for unprecedented growth.
Economic Projection
The budget projects a robust 7% growth for FY23, positioning India at the forefront of major global economies.
Focus Areas
Emphasizing inclusive development, infrastructure, green growth, harnessing youth power, and strengthening the financial sector as key priorities.
Income Tax Reforms
Default New Tax Regime
The new tax regime becomes the default option, offering taxpayers flexibility with the continued availability of the old regime.
Progressive Income Tax Slabs
Significant changes in income tax slabs include no tax on income up to Rs 7.5 lakh in the new regime. The highest surcharge rate sees a substantial reduction from 37% to 25%.
Railways' Milestones
Record Allocation
A historic allocation of Rs 2.4 lakh crore for the railways, demonstrating a commitment to transformative growth in the sector.
Vande Bharat Expansion
Anticipating enhanced rail connectivity, the budget envisions the rollout of 75 Vande Bharat trains by August 2023.
Boosting Capital Expenditure
Strategic Increase
Capital expenditure receives a notable 33% increase, totaling Rs 10 lakh crore, aimed at fostering economic growth, job creation, and attracting private investment
Key Fiscal Targets and Initiatives
Fiscal Prudence
The budget outlines a fiscal deficit target below 4.5% by 2025-26, reflecting a commitment to sound financial management.
Sectoral Allocations
Increased budgetary allocations for MSMEs, agriculture, education, healthcare, housing, and urban development, emphasizing holistic growth.
Ease of Doing Business
Measures are introduced to promote ease of doing business, leveraging digital services for enhanced efficiency.
Social Welfare Measures
Food Security Extension
The free food grain scheme is extended until Budget ’24, ensuring continued support for vulnerable populations.
In summary, Budget ’24 marks a significant milestone in India’s journey towards sustained growth, with strategic reforms and targeted investments across key sectors
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