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Finance Minister Proposes No Change To Taxation During India Budget 2024 Speech – Crypto News

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2 years ago

February 1, 2024

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Indian finance minister Nirmala Sitharaman in her budget 2024 presentation speech did not propose any changes in tax rates in direct and indirect taxes including import duties. She has unveiled the interim budget for the fiscal year 2024–25. She said the government’s focus was primarily on four major pillars — poor, women, youth and farmers.

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No Tax Rate Changes

Ahead of the Lok Sabha elections 2024, the Union government decided to keep the direct and indirect taxes unchanged. The finance minister said that the average GST monthly collection has almost doubled to 1.66 lakh crore this year. Sitharaman explained that the digital public infrastructure (DPI) has been instrumental in formalisation of the Indian economy. Direct benefit transfer of Rs 34 lakh crore via PM Jan Dhan accounts have helped save Rs 7.4 lakh crore for the govt, says FM Sitharaman. This also shows the efficacy of Aadhaar based KYC and the government’s digital public infrastructure push.

“I do not propose to make any changes to taxation – direct, indirect, or customs duties”

Also, the average processing time of tax returns reduced to 10 days this year, she said. When it comes to investments from overseas, the government continues to maintain the approach of encouraging sustained overseas investment, in the spirit of FDI – First Develop India. As many as 40,000 rail bogies to be converted to Vande Bharat standards, in what could be a boost to the public transport infrastructure.

Sitharaman said as many as 11.8 crore farmers were provided financial assistance under the PM Kisan Yojana. Also, projects for tourism are to be taken up at islands including Lakshadweep, she said, in the context of the recent tussle with Maldives over controverisal statements made by the country’s lawmakers.

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