Interim Budget 2024
Interim Budget 2024
The finance minister has presented the Interim budget on 1st Feb 2024. She mentioned that the country has witnessed tremendous growth in the past 10 years and also that the economy is doing well.
Budget proposals
- The government will enable about one crore households to obtain 300 units free electricity every month through rooftop solarisation
- Three major railway corridor programmes will be will be implemented
- Expansion of existing airports and development of new airports will be taken up
- The government is promoting green energy by implementing blending of compressed biogas in CNG and piped natural gas for domestic purposes
- Electric vehicle ecosystem will be further expanded by providing required infrastructure and greater adoption of e-buses in public transport
- There will be comprehensive development of tourist centres
- Foreign investments will be promoted by negotiating bilateral investment treaties with foreign countries
Budget estimates
The total receipts other than borrowings and the total expenditure are estimated at ` 30.80 and 47.66 lakh crore respectively. The tax receipts are estimated at ` 26.02 lakh crore
The fiscal deficit is estimated to be 5.1 per cent of GDP in 2024-25
Taxation
Over the last ten years, the direct tax collections have increased more than three times and the return filers increased 2.4 times.
The tax base of GST has more than doubled. Average monthly gross GST collection has almost doubled to ₹Rs.1.66 lakh crore, this year.
The finance minister did not propose any changes in tax rates in both direct and indirect taxes including import duties.
However, certain tax benefits to start-ups, investments made by sovereign wealth or pension funds and tax exemption on certain income of IFSC units have been extended till 31.03.2025.
Outstanding tax demands upto Rs.25000 pertaining to the period up to financial year 2009-10 and up to Rs.10000 for financial years 2010-11 to 2014-15 is proposed to be withdrawn, benefitting about one crore taxpayers.
