Finance Minister Nirmala Sitharaman presented her seventh consecutive Budget in Parliament today – Tuesday, July 23. Nirmala Sitharaman announced key employment schemes. Ms Sitharaman also revised the structure in the new tax regime, while the slabs in old regime remain unchanged.
The Budget for 2024-25 is being considered the action plan for the Modi 3.0 government to outline a roadmap towards India’s development in the next five years.
Prime Minister Narendra Modi yesterday had said that the Finance Minister will present a strong budget, adding that he will ensure that the government’s guarantees reach the common man.
Sitharaman announced that the Budget is focused on Gareeb, women, youth and farmers. FM Sitharaman announced plans to raise spending, create jobs and provide relief to the middle class. Meanwhile, Sitharaman announced some major changes on the taxation front. The government announced hike in STT but reduced the short-term capital gains and long-term capital gains tax. While on the personal income tax front, the FM announced some tax slab changes in New tax regime.
udget 2024 Highlights: Here are the key highlights from Finance Minister Nirmala Sitharaman’s Budget Speech:
Budget 2024 Tax Announcements:
Union Budget 2024 Highlights: FM Nirmala Sitharaman announces comprehen review of Income Tax Act 1961 to help middle-class
➤ Union Budget 2024 Highlights: New Tax slabs announced under New Tax Regime
Up to Rs 3 lakh no tax
Rs 3 -7 lakh 5 percent
Rs 7-10 lakh 10 percent
Rs 10-12 lakh 15 percent
Rs 15 lakh 30 percent
➤ Standard Deduction on New Tax Regime raised from Rs 30,000 to Rs 75,000. Rs 17,500 saving. Deduction on family pension for pensioners increased from Rs 15,000 to Rs 25,000.
➤ Union Budget 2024 Highlights: STT increased from 0.1 percent to 0.2 percent. STT also increased for Future & Options: STT on F&Os proposed to be increased to 0.02% and 0.01% respectively
➤ TDS on e-commerce cut to 0.1 percent from 1 percent
Budget 2024 Announcements for Short-term capital gains and LTCG
➤ Budget 2024 Highlights: Capital gains taxation to be hugely simplified: Short-term capital gains to be 20%. LTCG to be 12.5 percent for some assets
➤ 2024 Budget Highlights: Unlisted bonds, debentures to attract tax on capital gains
➤ Union Budget 2024 Highlights: Angel tax to be abolished for all investor classes
➤ 2024 Budget 2024 Custom Duty Changes:
- Basic customs duty on gold and silver reduced to 6 per cent and platinum to 6.4 per cent.
- Basic customs duty reduced on ferronickel, blister copper; Duty Increasing to 15 per cent from 10 per cent on specified telecom equipment.
- Customs duty reduced on certain brood stocks, shrimps and fish feed to 5 per cent.
- Customs duty raised on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics.
- Customs duty reduced to 15% on Mobile phone, Mobile PCBA and charger
- Fully exempt custom duties on 25 critical minerals
- Custom duty hiked on plastic products
➤ 2024 Budget Highlights: Employer NPS deduction increased to 14 per cent
➤ Corporate tax rate on foreign companies reduced from 40% to 35%
2024 Budget Capex outlay retained at Rs 11.1 lakh crore
➤ Union Budget 2024 Highlights: Capex outlay for infrastructure retained at interim budget target of Rs 11.1 lakh crore
Budget 2024 Fiscal Deficit
➤ Union Budget 2024 Highlights: Fiscal deficit estimated at 4.9% of GDP for the current fiscal and aim to reach 4.5% by the end of next year
➤ Budget 2024 Highlights: The solution will be evolved forNPS as per the recommendation provided by the review committee.
➤ 2024 Budget Highlights: Employer NPS deduction increased to 14 per cent
➤ India Budget 2024 Highlights: Pradhan Mantri Janjatiya Unnat Gram Abhiyan announced for 63,000 tribal villages, benefitting 5 crore tribals. The programme aims at achieving saturation coverage for tribal families in tribal-majority villages and aspirational districts.
➤ Budget 2024 Highlights: Centre will ask states to lower stamp duty. Govt to also consider further lowering duties for properties purchased by women.
➤ 2024 Budget 2024 Highlights: Centre to set up 100 branches of India Post Payments Bank in North East
➤ Union Budget 2024 Highlights: Twelve industrial parks to be set
➤ Budget 2024 Highlights: Rs 10 lakh crore allocated for providing 1 crore houses to urban poor and middle class
➤ 2024 Budget Highlights: FM Sitharaman announces critical mineral mission. Govt to launch auction of first offshore mining blocks.
➤ Union Budget 2024 Highlights: Rental housing scheme announced for working class. Govt will facilitate dormitory type rental housing for industrial workers in PPP mode.
➤ Budget 2024 Highlights: Appropriate changes will be made to IBC and steps will be taken to strengthen tribunals: FM in LS.
Budget Announcement for MSMEs
➤ Budget 2024 Highlights: Mudra Loan eligibility limit increased: The limit of mudra loans will be enhanced to Rs 20 lakh from Rs 10 lakh for those who have availed and successfully repaid loans under TARUN category
➤ India Budget 2024 Highlights: Credit Guarantee schemes for MSMEs will be introduced. A guarantee cover of Rs 100 crore will be provided for higher amount of loan.
Budget Announcement for Andhra Pradesh
➤ 2024 Budget Highlights: Social and infra funds announced for Andhra Pradesh. Backward region grant will be provided to three districts of Andhra Pradesh.
➤ 2024 Budget Highlights: Package announced for Vizag-Chennai Industrial corridor
➤ Budget 2024 Highlights: Government to provide Rs 15,000 crore financial assistance for Andhra Pradesh for development of Amaravati. Additional amounts promised for future years
➤ Budget 2024 Highlights: Centre is fully committed to financing and early completion of Polavaram Irrigation project, considered as a lifeline for Andhra Pradesh and its farmers.
Under the AP Reorganisation Act, funds will be provided for essential infrastructure such as water, power, railways, and roads and also grants for backward regions of Rayalaseema, Prakasam North coastal Andhra Pradesh, as stated in the Act will be provided.
Budget Announcement for Bihar
➤ Union Budget 2024 Highlights: Road and expressways bonanza announced for Bihar
➤ India Budget 2024 Highlights: Industrial node at Gaya on Amritsar Kolkata Industrial Corridor to be developed.
Road connectivity projects to be developed at the cost of Rs 26,000 crore:
Patna-Purnia Expressway
Buxar-Bhagalpur Expressway
Bodhgaya, Rajgir, Vaishali and Darbhanga Spur
Additional 2-lane bridge over river Ganga at Buzar
➤ Budget announcement for Bihar & Odisha: Funds to develop temples in Bihar and Odisha
Budget Announcement for Jobs
➤ Budget 2024 Highlights: Govt to launch three employment-linked schemes. Budget proposes to allocate Rs 2 lakh crore for job creation over 5 years. New employment skilling scheme to provide skills 20 lakh youth in 5 years, says FM Sitharaman. The scheme will also enhance woman participation, she said.
➤ India Budget 2024 Highlights: Internship scheme for youth announced. 1 crore youth in 500 top companies with Rs 5,000 per month as internship allowance and one-time assistance of Rs 6,000 to be provided.
➤ 2024 Budget Highlights: Working women hostels to be opened
➤ Budget 2024 Highlights: Financial support for loans up to Rs 10 lakh will be provided for higher education in domestic institutions.
➤ 2024 Budget Highlights: Govt to provide incentive to 30 lakh youth entering job market by providing 1 month PF contribution.
➤ Union Budget 2024 Highlights: Priority 2 for Employment and Skilling. FM announced employment-linked incentive scheme.
Budget 2024 announcements for Agriculture:
➤ 2024 Budget Highlights:Rs 1.52 lakh crore allocated for agriculture and allied sectors
➤ India Budget 2024 Highlights: Govt will promote shrimp Production
➤ Budget 2024 Highlights: New 109 high-yielding and climate-resilient varieties of 32 field and cultivation crops will be released for farmers, FM said. In next 2 years one crore farmers will be initiated in natural farming, she said.
➤ 2024 Budget Highlights: Mission for pulses and oilseeds to achieve atmanirbharta in oilseeds like sunflower.
➤ Budget 2024 Highlights: Highlighting priority 1, Sitharman said that the research in agriculture will be promoted for raising productivity. Govt will undertake comprehensive review of research to develop climate resilient seeds. Funding to be providing at a mission mode to private and public sector.
➤ Union Budget 2024 Highlights: FM Sitharaman said that the Budget is focused on middle-class, employment, skilling, employment and MSMEs.
➤ India Budget 2024 Highlights: Rs 3 lakh crore allocation announced for women centric schemes
➤ India Budget 2024 Highlights: FM announces nine priorities for generating employment for all. Budget’s 9 priorities include productivity, jobs, social justice, urban development, energy security, infrastructure, and reforms
➤ 2024 Budget Highlights: Rs 2 lakh crore package announced for 5 schemes.
➤ Union Budget 2024 Highlights: Sitharaman said that the Budget is focused on poor, women, youth and farmer.
➤ India Budget 2024 Highlights: Global uncertainty poses a downside for growth. Despite these headwinds India’s growth continue to be higher.
➤ 2024 Union Budget Highlights: The people of India have reposed faith in the Prime Minister Narendra Modi and given him a historic third term.
➤ Union Budget 2024 Highlights: India’s economic growth continues to be the shining exception and will remain so in years ahead. India’s inflation continues to be low and stable moving towards the 4% target.
