Key Features of Indian Budget: July 2024

Hello everyone,

Do share your views of India Budget 2024.

https://economictimes.indiatimes.com/news/economy/policy/budget-2024-key-takeaways-from-union-budget-tax-common-man-public-spending-gst-nirmala-sitharaman-modi/articleshow/111944077.cms?from=mdr

Union Budget : Important points --

Highlights from Budget:

• Five schemes announced to focus on 4.1 crore youth over 5 years with outlay of ₹2 lakh crore.
• Internship scheme for one crore youth in top companies over five years.
• Employment-linked incentives, including one month's wage support for first-time employees.
Nirmala Sitharaman announced major changes in capital gains tax regime and new income tax regime. Finance Minister Nirmala Sitharaman, in her seventh consecutive Union Budget for 2024-25, highlighted key priorities of the government. She listed nine priority areas for the government which are: productivity and resilience in agriculture, employment and skilling, inclusive human resource development and social justice, manufacturing and services, urban development, energy security, infrastructure, innovation, research and development and next-generation reforms.

‘A big challenge for stock market’

The securities markets face challenges with the increase in short-term capital gains tax from 15% to 20%, the rise in long-term capital gains tax from 10% to 12.5%, and the hike in STT on F&O. The immediate market reaction has been less than positive. Customs duty on gold and silver has been reduced to 6% that may lead to a decline in domestic prices and perhaps lift demand. The existing duty on gold and silver is 15 percent which comprises 10% of basic custom duty and 5 percent as Agricultural Infrastructure Development cess.

Finance Minister Nirmala Sitharaman said that she can't take a call on whether the old tax regime will be done away with but said that the intention is to make the tax regime simpler.

Expenditure towards railways highest--

Finance Secretary TV Somanathan said that expenditures on railways are the highest ever.

To keep the allies happy, Nirmala Sitharaman said that ₹15,000 crore to Andhra Pradesh will be through multilateral assistance.

Biggest go away from this budget (if that is a term)

Indexation benefits on Property tax gone.

No one was expecting a thing on Taxes but increase the burden of tax so much..

Really disheartening

📍HIGHLIGHTS OF THE UNION BUDGET 2024-25🔷Budget Estimates 2024-25:🔸Total receipts other than borrowings: ₹32.07 lakh crore🔸Total expenditure: ₹48.21 lakh crore🔸Net tax receipt: ₹25.83 lakh crore🔸Fiscal deficit: 4.9 per cent of GDP.

Here are key highlights from the Union Budget 2024-2025

Budget Theme:

• Employment
• Skilling
• MSMEs
• Middle Class

> Productivity and resilience in Agriculture

• Transforming Agriculture Research: Comprehensive review of the agriculture research setup to bring focus on raising productivity and developing climate resilient varieties
• National Cooperation Policy: For systematic, orderly and all-round development of the cooperative sector
• Atmanirbharta: For oil seeds such as mustard, groundnut, sesame, soyabean and sunflower
• Release of new varieties: 109 new high-yielding and climate resilient varieties of 32 field and horticulture crops will be released for cultivation by farmers

Natural Farming

• 1 crore farmers across the country will be initiated into natural farming, supported by certification and branding in next 2 years.
• 10,000 need-based bio-input resource centres to be established.

Shrimp Production & Export

• Financing for Shrimp farming, processing and export will be facilitated through NABARD

Digital Public Infrastructure (DPI)

• DPI for coverage of farmers and their lands in 3 years
• Digital crop survey in 400 districts
• Issuance of Jan Samarth based Kisan Credit Cards

> Employment and Skilling

• 5 schemes to focus on 4.1 crore youth over 5 years with a central outlay of ₹2 lakh crore
• Comprehensive internship scheme for 1 crore youth in top companies over 5 years
• Employment-linked incentives, including one month’s wage support for first-time employees
• Women-specific skilling programs and increased workforce participation

> MSME and Manufacturing Support

• Special attention to MSMEs and manufacturing sector
• Credit guarantee scheme and term loans for machinery purchase
• Technology support package for MSMEs
• SIDBI to open 24 new branches to serve MSME clusters

> Financial Initiatives

• Mudra loan limit increased from ₹10 lakh to ₹20 lakh for previous borrowers
• Financial support for higher education loans up to ₹10 lakhs in domestic institutions

> Infrastructure and Regional Development

• Rental housing in PPP mode for industrial workers
• Special financial support of ₹15,000 crore for Andhra Pradesh
• New airports, medical facilities, and sports infrastructure for Bihar

Highly elated no taxes levied on Inhaling and exaling 🙏

Angel tax removed for all classes of investors. In September last year, the Income Tax Department notified new angel tax rules that comprise a mechanism to evaluate the shares issued by unlisted startups to investors.

Over 1.17 lakh startups are registered with the government. They are eligible for availing of incentives under the government's Startup India initiative.

Bhai sahab, investments aur capital gains bhi nahi chod rahe ye log.

And uske badle mil kya raha hai, gaddhe wale roads, girti ceilings, railways in gutter.

Atleast improve the quality of life if you are almost taking 40% out of the taxpayer's pocket.

But nahi, ye sab leke sabko bas free mein baatenge. Khatakhat Khatakhat

Originally posted by: Chingaari

Highly elated no taxes levied on Inhaling and exaling 🙏

Ideas mat do unko, warna har transaction pe "SwachhSaasCess" laga ke wo bhi vasool lenge

Originally posted by: FlauntPessimism

Biggest go away from this budget (if that is a term)

Indexation benefits on Property tax gone.

No one was expecting a thing on Taxes but increase the burden of tax so much..

Really disheartening

Indexation on property- impact depends on what kind of return you were getting from your property investment. The more the better really (you pay lesser in those cases even with indexation taken out). If your returns were ordinary, or barely crossing inflation, you pay more in the newer scheme.