Key Takeaways Of Indian Interim Budget For Fiscal 2024-25
Today Finance Minister Nirmala Sitharman presented the interim union budget for fiscal 2024-25. The Finance Minster did not make any changes in direct and indirect taxes including import duties. Key takeaways of her speech include;
Revised Estimates Fiscal 2023-24
Total receipts – Rs 27.56 lakh crore
Tax receipts – Rs 23.24 lakh crore
Total expenditure – Rs 44.90 lakh crore
Revenue receipts – Rs 30.03 lakh crore
Fiscal deficit – 5.8 percent of GDP
Budget Estimates Fiscal 2024-25
Total receipts – Rs 30.80 lakh crore
Tax receipts – Rs 26.02 lakh crore
Total expenditure – Rs 47.66 lakh crore
Fiscal deficit – 5.1 percent of GDP
Gross market borrowings – Rs 14.3 lakh crore
Net market borrowing- Rs 11.75 lakh crore
Key Highlights
- No changes in tax slabs for direct and indirect taxes including import duties
- Direct tax collections have trebled in 10 years
- Reduced and rationalised taxes in last 10 years like no income tax till income of Rs 7.5 lakhs
- Threshold for presumptive taxation for retail businesses increased from Rs 2 crore to Rs 3 crore
- Threshold for professionals eligible for presumptive taxation was increased from Rs 50 lakh to Rs 75 lakh.
- Corporate tax rates reduced from 30 to 22 percent in past few years and 15 percent for certain new manufacturing companies.
- Gross GST collection 1.66 lakh crore per month average
- GST reduced compliance requirements
- To facilitate international trade, import release time fell 47 percent to 71 hours at Inland Container Depots over the last four years
- By 28 percent to 44 hours at air cargo complexes and by 27 percent to 85 hours at sea ports
- To withdraw outstanding direct tax demands up to Rs 25,000 pertaining to the period up to fiscal 2009-10 and up to Rs 10,000 from fiscal 2010-11 to 2014-15.
- This is expected to benefit about one crore tax-payers.
- Capital expenditure outlay tripled in the past 4 years, which resulted in huge multiplier impact on economic growth and employment creation
- Capital expenditure outlay for 2024-25 increased by 11.1 percent to 11,11,111 crore and will be 3.4 percent of GDP
- FDI inflow of US $596 billion between 2014 and 2023. This is twice the inflow between 2005 and 2014
- Indian economy has witnessed positive economic growth
- Structural reforms undertaken in last 10 years
- Pre reform initiatives for economy got new vigour
- Country got new purpose
- Laid solid foundation for Amrit Kaal
- Working to make India a developed country by 2047
- Direct benefit transfer to bank accounts has led to savings of 2.7 lakh crore due to stopping leakages
- Skill India Mission has trained 1.4 crore youth and established 3,000 ITI’s
- 43 crore Mudra loans disbursed
- Average income of Indian citizens increased by 50 percent
- Inflation has been moderate
- India successfully navigated its way after covid-19 crisis
- Our vision is for prosperous India
- Next five years will be for development
- Policies to foster and sustain growth
- Middle East corridor to be a game changer
- Three dedicated railway freight corridors will reduce logistics costs
- Funding for harnessing wind power green energy
- Bio manufacturing to promote green growth
- G20 strengthened tourism. India has become attractive destination for conference tourism