Budget 2024 Key Highlights: New tax slabs in effect for FY2025 (2024)

Budget 2024 Key Highlights: Finance Minister Nirmala Sitharaman announced the Union Budget 2024-25 in the parliament on July 23. The Budget focused on provisioning for the agricultural sector, the introduction of schemes related to employment, loan schemes, announcements for financial support to the MSME sector, infrastructural development, and fiscal deficit projection at 4.9% with a commitment to reducing it down to 4.5%.

The government cut customs duties at the same time making changes in the capital gain taxes for the financial year. The “Taxation budget" comes in the form of a revision in tax slabs under the new tax policy. Stay tuned to our Budget 2024 key Highlights live blog for the latest updates. Read the latest news onBudget 2024 with our live coverage on theIncome Tax Slab,Impact on Share Market, Budget Key Highlights, and Corporate Reactions.

25 Jul 2024, 08:43:33 AM IST

Action-Packed Budget Session Ends with Minimal Change, says Rajesh Bhosale, Equity Technical Analyst, Angel One

Rajesh Bhosale, Equity Technical Analyst, Angel One, said, “On the key Budget day, the Benchmark Index began on a positive note. However, as the day progressed, prices traded cautiously within a range, influenced by the Budget announcement. In the second half, volatility spiked, causing prices to drop sharply below 24100. Despite this, prices quickly rebounded, reclaiming lost ground and ending just below 24500 with a marginal loss of 0.14%."

“It was an intriguing trading session. Key events like the Budget often set the tone for future trends, but today, the closing did not show significant changes. The impact of such events can sometimes be seen in the following sessions, making the next few days crucial. Observing the daily chart, the market shows a defined range. The upper end, marked by a bearish engulfing pattern formed on Friday at 24850, serves as a key resistance, followed by the psychological level of 25000. On the downside, the panic low around the 20EMA at 24100 - 24000 acts as a strong support zone. In our previous outlook, we highlighted the fresh sell signal by the RSI Smoothened in the overbought zone, which remains a key observation for our firm cautious stance. However, recent observations indicate that the bulls are very resilient and hard to give up. We expect the Index to hover within the 24000 - 25000 range and anticipate trending moves after some consolidation. In this scenario, it is advisable to consider entering long positions near the lower end of the range and booking profits at the mentioned resistance levels."

“With our markets now past key domestic events, it is crucial to shift our focus back to global events and monitor counters with upcoming earnings declarations. Additionally, we should watch for those likely to benefit from the budget."

24 Jul 2024, 10:25:12 PM IST

Budget 2024 Key Highlights Live Updates: Navneet Nagpal, Princpal Consultant and Director, Spectra Hospitality Services, said

Budget 2024 Key Highlights Live Updates: "The Budget 2024's focus on developing new religious circuits is a significant step forward for the hospitality sector. The Finance Minister's plan to replicate the Kashi Vishwanath corridor model in Gaya’s Vishnupad Temple and Mahabodhi Temple in Bodhgaya is expected to transform these spiritually important sites into world-class tourist destinations.

This initiative, alongside the comprehensive development plans for Rajgir and Nalanda and the support for Odisha’s diverse attractions, reflects a visionary approach to tourism. Promoting these regions will not only enhance India's cultural heritage but also drive substantial economic growth. The expected increase in tourism will create numerous jobs and stimulate growth in the hospitality, infrastructure, technology, and local craft sectors.

This holistic strategy positions India as a leading global destination, highlighting its rich cultural legacy while promoting sustainable economic development."

24 Jul 2024, 09:45:48 PM IST

Budget 2024 Key Highlights Live Updates: Rohan Bhargava, Co-Founder of CashKaro, said

Budget 2024 Key Highlights Live Updates: "The Union Budget 2024 brings substantial changes to personal finance that will benefit a large number of taxpayers. The increase in the standard deduction from ₹50,000 to ₹75,000 and the revision of the tax slab limit for the 5% tax rate from ₹5 lakh to ₹7 lakh will significantly enhance disposable income. These changes will provide much-needed financial relief to the middle class and boost overall consumption.

Furthermore, the proposal to increase the deduction of employer expenditure towards NPS from 10% to 14% of the employee’s salary will improve social security benefits for the workforce. The revamp of the capital gains tax regime will impact investment decisions and financial planning, ensuring a more balanced and fair approach to taxation. These measures collectively contribute to a more robust and financially secure environment for individuals and families across India."

24 Jul 2024, 08:43:19 PM IST

Budget 2024 Key Highlights Live Updates: MP Ahammed, Chairman, Malabar Group, said

Budget 2024 Key Highlights Live Updates: "The budget proposal to reduce the import duty on gold to 6 percent is a highly commendable move by Finance Minister Nirmala Sitharaman. Currently, imported gold is subjected to a hefty 15 percent duty, including the agriculture infrastructure development cess. The bold decision to slash this duty to 6 percent for gold and silver, and 6.4 percent for platinum, marks a significant step in the right direction. This reduction has been a long-standing demand of traders in the gold sector, as it is expected to curb the rampant issue of gold smuggling, which poses a substantial threat to India's economy. With the new rates, the duty on one kilogram of gold drops from ₹9.82 lakh to ₹3.93 lakh, making smuggling less attractive and more manageable.

The decision to reduce the duty by 60 percent will significantly curb gold smuggling and will immensely benefit India's economy. This move will help dismantle the mafia chain involved in smuggling, leading to growth in the organized jewelry sector and increasing government revenue through GST and income tax. For consumers, the budget announcement brings a significant reduction in gold jewellery prices, which will further stimulate the jewellery business. The jewellery sector anticipates that following this reduction, there will be measures to curb illegal gold trade, with strict actions against GST evaders. Additionally, the budget's allocation of ₹1.48 lakh crore for employment and skill development, ₹1.52 lakh crore for agriculture, and ₹2.66 lakh crore for rural sector development reflects the government's commitment to economic growth. The Economic Survey, presented in Parliament the day before the budget, has projected a 6.5 to 7 percent growth in GDP. I believe that this significant GDP growth will positively impact all areas of people's lives."

24 Jul 2024, 08:13:59 PM IST

Budget 2024 Key Highlights Live Updates: Atul Garg, Managing Director, GRM Overseas Limited, said

Budget 2024 Key Highlights Live Updates: "Agriculture remains a cornerstone of this budget, with a provision of ₹1.52 lakh crore aimed at boosting productivity and resilience. The introduction of high-yielding and climate-resilient crop varieties, promotion of natural farming, and digital public infrastructure for agriculture underscore the government's forward-thinking approach to sustainable development.

The emphasis on digital infrastructure, support for farmer cooperatives, and startups marks a new era of efficiency and innovation in farming. The plan to initiate one crore farmers into natural farming is a visionary step that will enhance productivity and promote eco-friendly practices. Addressing long-standing challenges like fragmented supply chains, limited credit access, and outdated techniques, the introduction of the Jan Samarth-based Kisan Credit Card and the focus on bio-input resource centers will empower farmers with essential resources and financial support. Strengthening the production and marketing of pulses and oil seeds will improve self-reliance and boost incomes.

The government's commitment to capital expenditure and support for irrigation projects further reinforces its dedication to a robust agricultural infrastructure. These initiatives reflect a strong vision for the future, ensuring our farmers are well-equipped to face challenges and seize new opportunities. This budget paves the way for a more resilient and prosperous agricultural sector."

24 Jul 2024, 07:22:53 PM IST

Budget 2024 Key Highlights Live Updates: Ajay Pareek Chief Business Officer, SMFG India Credit, comments on NBFC sector

Budget 2024 Key Highlights Live Updates: “The government has presented robust initiatives as part of the FY25 Union Budget to enhance credit access and foster growth in the vital MSME sector. The introduction of a credit guarantee scheme for MSMEs in manufacturing, aimed at facilitating term loans for machinery and equipment purchases, is transformative since it will provide access to credit to a wider target group thereby accelerating economic growth. This, coupled with a new digital footprint-based assessment model for MSMEs, will revolutionize credit accessibility which are lacking formal accounting systems.

The increase in the MUDRA loan limit from ₹10 lakh to ₹20 lakh is a significant boost for small businesses. The reduced turnover threshold for mandatory onboarding on the TReDS platform will further unlock working capital and drive MSME growth.

As we move towards a $5 trillion economy, these measures will empower MSMEs to compete globally and contribute substantially to economic development. We at SMFG India Credit remain committed to supporting these enterprises."

24 Jul 2024, 06:47:38 PM IST

Budget 2024 Key Highlights Live Updates: Sudeep Tandon, Managing Director, Infinx, said

Budget 2024 Key Highlights Live Updates: "In today’s Union Budget 2024, we applaud the government's ambitious initiatives aimed at advancing skill development through newly announced schemes. In a collaborative effort between the government and industry stakeholders, this initiative aims to skill 20 lakh youth over the next five years. This forward-thinking approach not only aligns with the evolving demands of the healthcare sector but also strengthens our commitment to fostering a skilled workforce prepared to tackle future challenges.

At Infinx Healthcare, we look forward to leveraging these opportunities to expand and enhance our talent pool and capabilities within the country. This visionary step will play a crucial role in equipping our workforce with the skills needed to drive innovation and excellence in healthcare."

24 Jul 2024, 05:40:23 PM IST

Budget 2024 Key Highlights Live Updates: Harish Singla, Country Sales Manager Forever Living Products ( India ), said

Budget 2024 Key Highlights Live Updates: "The unveiling of Budget 2024 by the Honourable Finance Minister, Nirmala Sitharaman, is undoubtedly a visionary move. This budget has the potential to significantly boost our nation's growth trajectory, aligning with India's aspirations of becoming a global leader. As we progress, this budget plays a crucial role in shaping our future.

The introduction of women-specific programs is particularly commendable, as it aims to empower women and make them more independent. Additionally, the new central scheme for skilling, in collaboration with state governments, the upgradation of technical institutes, and the focus on employment are set to pave the way for a developed India (VIKsh*t BHARAT). This proactive approach demonstrates a forward-thinking vision for the country.

These initiatives are poised to create a more conducive environment for the retail sector, fostering seamless operations and facilitating overall growth."

24 Jul 2024, 05:06:51 PM IST

Budget 2024 Key Highlights Live Updates: Rahul Jain, System Leader, BCG India, said

Budget 2024 Key Highlights Live Updates: "The Budget announcements strategically advance the vision of a Viksit Bharat. There have been several measures announced to invigorate the economy, with a targeted emphasis on MSMEs and labor-intensive manufacturing sectors that are crucial for job creation. The focus on skilling will also significantly enhance employability. The removal of the angel tax significantly enhances the startup ecosystem, fostering entrepreneurial growth. The reduction of corporate tax on foreign companies from 40 to 35% will boost investment. All of these will enhance ‘Make in India’ - enabling manufacturing-led growth for the country. Overall, the budget lays out a comprehensive and robust blueprint for achieving sustained growth and development."

24 Jul 2024, 04:33:49 PM IST

Budget 2024 Key Highlights Live Updates: Naveen Kukreja, Co-Founder and CEO, Paisabazaar, welcomes Government’s move to include MSMEs in the 9 priorities of the Budget

Budget 2024 Key Highlights Live Updates: "Budget 2024 has tried to provide some relief to the salaried taxpayers, especially those in the lower tax slabs, in the form of increased standard deduction and some favourable tweaks in the tax slabs under the new tax regime. The proposal to increase deduction for family pension under the new tax regime should also provide some relief to those in the golden years.

We welcome the Government’s move to include MSMEs in the 9 priorities of the Budget. The proposed credit guarantee scheme for the purchasing equipments and machineries by MSMEs, without the need of furnishing collaterals or third-party guarantee, should help in improving the credit flow to the manufacturing MSMEs. We also welcome the announcement of a new credit assessment model for MSMEs based on their digital footprints. Alternative credit scoring models like these would not only help increase access to credit for MSMEs, but would also incentivise adoption of digital payment.

However, the most positive announcement is the proposal to set up a new mechanism for ensuring credit access for MSME during financial stress caused by factors beyond their control. The current SMA guidelines restrict the MSMEs from using their existing credit lines when they require it the most. It is good that the government has recognised this problem and we hope that the regulator takes a more nuanced approach towards the unique payment cycle related problems faced by the MSMEs.

Another major positive proposal for the MSME segment is the reduction in mandatory turnover threshold from ₹500 crore to ₹250 crore. The proposal will further deepen the market of invoice discounting and increase the price discovery mechanism for more MSMEs.

I feel the proposal to increase LTCG tax on equities was a dampener. Instead of increasing LTCG tax on equities, the government could have increased the holding period for LTCG tax from 1 year to 3 years to incentivise long term investments. However, we welcome the increase in STT on F&O trades as even the regulators have flagged the macro-economic dangers of household savings being diverted to speculative activities. The proposal to increase employer’s contribution to NPS should also be welcomed for the same reason that it promotes long-term investing for retirement security. "

24 Jul 2024, 04:21:26 PM IST

Budget 2024 Key Highlights Live Updates: Rajeev Tiwari, Co founder of STEMROBO Technologies, said

Budget 2024 Key Highlights Live Updates: "The Union Budget 2024 focuses on the provisions for the education and startup sectors, reflecting an approach to boost economic growth and development. The budget allocation for education stands at ₹1.48 lakh crore, marking an increase aimed at enhancing educational infrastructure, skilling, and employment opportunities.

An important aspect of the budget is the Prime Minister's package of five schemes and initiatives, to increase employment and skilling for 4.1 crore youth, with a budget of Rs. 2 lakh crore, over the next five years ,highlights a strategy that will meet future job demands and boost our economy. The introduction of schemes linking employment directly with training, benefiting over 2.1 lakh youths, shows the government's proactive support for our workforce. By focusing on education and skill development, the budget sets the stage for improved learning outcomes and enhanced employability across the country.

Prioritising upskilling and the adoption of technology for digitization is laying a strong foundation for India's future development to enhance learning outcomes and boost employability by equipping people with the latest technological skills.

Special efforts for women's skill development and improving infrastructure for their workplace participation is a big step towards inclusivity. Setting up working women hostels and encouraging higher women workforce participation through facilities like creches are some important steps for a more equitable society.

Overall the budget shows a positive step pushing India towards a future where education, employment, and inclusive growth are at the forefront of national development. It sets the stage for elevated education standards to equip our youth with essential skills needed to create a more skilled workforce, drive economic productivity and global success."

24 Jul 2024, 02:01:06 PM IST

Budget 2024 Key Highlights Live Updates: Manish Shah praises balanced budget supporting MSMEs and urban housing

Manish Shah, MD & CEO at Godrej Capital, commended the 2024 budget for striking a perfect balance between short-term needs and long-term goals, laying the foundation for a resilient and thriving economy. He praised the government's strong commitment to bolstering the MSME sector, recognizing its pivotal role in the country’s economic advancement.

Shah noted that the introduction of a new credit assessment model utilizing digital footprints of MSMEs suggests a promising step towards improving financial access and fostering sectoral growth. Additionally, the decision to raise the Mudra loan limit and expand the TReDS platform aims to ease financial burdens and enhance operational capabilities for MSMEs. The budget's emphasis on urban housing through the PM Awas Yojana, coupled with substantial investments and interest subsidies, aims to simplify home ownership for many. These initiatives reflect a thoughtful strategy aimed at enhancing financial inclusivity and bolstering infrastructure development, essential components for sustainable economic expansion.

24 Jul 2024, 02:00:46 PM IST

Budget 2024 Key Highlights Live Updates: Thomas John Muthoot welcomes budget prioritizing employment, skilling, and MSMEs

Thomas John Muthoot, Chairman of Muthoot Pappachan Group, described the 2024-2025 Budget as a transformative step towards India's economic future. He emphasized its prioritization of employment, skilling, and MSME support, which will create millions of new jobs and enhance workforce participation. MSMEs will benefit from credit guarantees, expanded Mudra loans, and a new assessment model for MSME credit, boosting small business growth and resilience.

Muthoot also highlighted significant investments in rural development, including natural farming and high-yield crop varieties, which will revitalize agriculture. The budget's focus on social justice, with substantial allocations for women and tribal communities and robust infrastructure development in roads, irrigation, and urban planning, ensures a comprehensive approach. The nine priorities of the budget, including agricultural productivity, employment, skilling, and infrastructure, contribute to inclusive and sustainable growth for India.

24 Jul 2024, 02:00:26 PM IST

Budget 2024 Key Highlights Live Updates: Ajay Pareek commends initiatives for enhancing MSME credit access

Ajay Pareek, Chief Business Officer at SMFG India Credit, praised the FY25 Union Budget for its robust initiatives to enhance credit access and foster growth in the vital MSME sector. He highlighted the introduction of a credit guarantee scheme for MSMEs in manufacturing, aimed at facilitating term loans for machinery and equipment purchases. This transformative measure will provide access to credit to a wider target group, thereby accelerating economic growth.

Additionally, Pareek noted that a new digital footprint-based assessment model for MSMEs will revolutionize credit accessibility, especially for those lacking formal accounting systems. The increase in the MUDRA loan limit from ₹10 lakh to ₹20 lakh is a significant boost for small businesses. The reduced turnover threshold for mandatory onboarding on the TReDS platform will further unlock working capital and drive MSME growth. As India moves towards a $5 trillion economy, these measures will empower MSMEs to compete globally and contribute substantially to economic development. Pareek reaffirmed SMFG India Credit's commitment to supporting these enterprises.

24 Jul 2024, 02:00:05 PM IST

Budget 2024 Key Highlights Live Updates: Jayesh Jain highlights transformative budget for economic growth and fintech sector

Jayesh Jain, Group CFO of Balancehero India, praised the Union Budget 2024 as a transformative step towards strengthening India's economic fabric, emphasizing employment, skilling, and MSMEs. The allocation of ₹2 lakh crore for job and skill development schemes over the next five years is set to empower the youth and foster a skilled workforce, essential for driving innovation in the fintech sector. Jain highlighted the budget's focus on social justice and inclusive human resource development, ensuring growth benefits reach every segment of society.

For the fintech industry, simplified tax exemption regimes and TDS adjustments will streamline operations, creating a more favorable business environment. Abolishing the angel tax for all classes of investors is a groundbreaking move to bolster the Indian start-up ecosystem, boost entrepreneurial spirit, and support innovation. Initiatives to develop cities as growth hubs and significant investments in urban housing and infrastructure will stimulate economic activities and provide a robust foundation for sustainable growth. Enhanced support for MSMEs, including the new credit guarantee scheme, will bolster the backbone of the economy, driving innovation and job creation. This budget sets a promising trajectory for inclusive growth, positioning India as a resilient and forward-looking economy.

24 Jul 2024, 01:59:28 PM IST

Budget 2024 Key Highlights Live Updates: Anuraag Saxena applauds focus on youth empowerment and job creation

Anuraag Saxena, CEO of E-Gaming Federation, expressed optimism about the 2025 Budget's strong emphasis on youth empowerment, job creation, and employment-linked skilling. He noted that the Finance Minister's plan aims to provide employment opportunities for nearly 4.1 crore youth over the next five years. The allocation of ₹1.48 lakh crore for employment and education to skill 20 lakh youth over this period is another noteworthy milestone.

Saxena highlighted that jobs are a primary driver of economic growth, and the implementation of new initiatives and allocations would not only improve the employment situation but also significantly impact the development of a skilled labor force for all industries, including online skill gaming. He acknowledged the pivotal role of the online gaming industry in providing opportunities to Bharat’s talented young individuals.

24 Jul 2024, 01:39:48 PM IST

Budget 2024 Key Highlights Live Updates: Visweswara Reddy highlights priority given to solar and renewable energy sectors

Visweswara Reddy, Chairman & Managing Director of Shirdi Sai Electricals Limited Group, praised the 2024 Union Budget for its focus on the solar and renewable energy sectors. He highlighted the PM Suryaghar Muft Bijli Yojana, which aims to install ten million rooftop solar panels, as a significant advancement. This initiative could greatly benefit India's solar PV module manufacturers.

Reddy also commended the removal of solar glass, glass, and copper wire connectors from the custom duty exemption list, calling it a prudent measure to support the burgeoning domestic industry. However, he noted that additional efforts are needed to accelerate the full development of manufacturing capabilities, from polysilicon manufacturing to module assembly. This requires urgent support in areas like labor regulations, technology imports, land, and infrastructure. Swift action on these fronts is essential for India to meet its ambitious domestic production targets amidst numerous ongoing projects.

Additionally, Reddy emphasized the importance of pumped storage for power, which has the potential for substantial savings and more efficient power generation utilization. He expects the new policy introduced by the Finance Minister in today’s budget to attract further investments and create new opportunities for manufacturers.

24 Jul 2024, 11:07:44 AM IST

Budget 2024 Key Highlights Live Updates: Dhwani Mehta praises government boost for MSMEs

Dhwani Mehta, Founder & Director of OpportuneHR, expressed delight over the government's boost for MSMEs in this year's Budget. The Finance Minister's key initiatives, such as doubling the Mudra loan limits to ₹20 lakh for those who have repaid previous loans, will significantly benefit MSMEs. Additionally, implementing a forward-looking digital credit assessment model by public sector banks provides a comprehensive framework to foster growth and resilience among MSMEs.

The government's commitment of ₹11.11 lakh crore towards capital expenditure and strategic investments in infrastructure over the next five years will create robust opportunities for MSMEs to thrive in a conducive business environment. Initiatives like opening 24 new SIDBI branches in MSME clusters and establishing e-commerce export hubs further empower MSMEs to expand their global market reach.

Moreover, salaried employees under the new tax regime will save up to ₹17,500 in taxes annually. Proposed changes include increasing the standard deduction for salaried employees from ₹50,000 to ₹75,000 and raising the family pension limit from ₹15,000 to ₹25,000. Revising the tax slabs will also help MSME employees save more money. Mehta also welcomed the increase in employer and employee contributions to the National Pension Scheme, raised from 10% to 14%.

24 Jul 2024, 11:07:20 AM IST

Budget 2024 Key Highlights Live Updates: Chakravarthy V. comments on STT and capital gains tax hikes

Chakravarthy V., Cofounder and Director of Prime Wealth Finserv Pvt Ltd, noted that the STT on options is increasing from 0.062% to 0.1% and on futures from 0.0125% to 0.02%, effective October 1st, 2024. Additionally, the long-term capital gains (LTCG) tax rises from 10% to 12.5%, and the short-term capital gains tax from 15% to 20%, starting today, July 23rd. He suggested that these changes might slow down market activity.

There were already rumors about the STT hike, and fewer people are investing in Fixed Deposits (FDs), causing issues for banks. These changes could push investors to re-evaluate their strategies, potentially shifting focus to more tax-efficient investments. Banks may also need to adjust their approach to attract more FD deposits.

24 Jul 2024, 11:06:55 AM IST

Budget 2024 Key Highlights Live Updates: Arpit Jain highlights negative impact of STT hike on investors

Arpit Jain, Joint MD of Arihant Capital Markets Ltd, expressed concerns over the increase in securities transaction tax (STT) on F&O from 0.01% to 0.02% and long-term capital gains tax (LTCG) from 10% to 12.5%. He described these changes as negative for investors. The market expected a level playing field for domestic and foreign investors by taxing the gains from equities for foreign institutions, but instead, the LTCG hike has disappointed market players.

On a positive note, Jain acknowledged the reduction in the fiscal deficit, which is estimated to decrease to 4.9% from 5.1%, with a target of 4.5% for the next year. This reduction translates to the borrowing target coming down to ₹1.4 lakh crore compared to the estimated ₹15.43 lakh crore for FY24. While there may be some disappointment, Jain believes it will not deter people from investing in Indian equities, and the markets will eventually normalize.

24 Jul 2024, 09:52:23 AM IST

Budget 2024 Key Highlights Live Updates: Govt lowers fiscal deficit target to 4.9% of GDP for FY25

The Centre has trimmed its fiscal deficit target for FY25 to 4.9% of GDP, significantly lower than the 5.1% target announced during the interim budget in February.

During her budget speech on Tuesday, finance minister Nirmala Sitharaman said the fiscal deficit target for 2024-25 will be about 200 basis points below the earlier estimate for the ongoing fiscal year.

The government aims to reduce the fiscal deficit to 4.5% or less by FY26, maintaining its proposed fiscal glide path by financial year 2025-26.

24 Jul 2024, 09:20:24 AM IST

Budget 2024 Key Highlights Live Updates: Government's initiatives to enhance skills and boost women's workforce participation commended by Swaminathan Subramanian, SMFG India Credit

Swaminathan Subramanian, Chief Operating Officer, SMFG India Credit, said, “We commend the government's initiatives to enhance skills and boost women's workforce participation. The revised skilling loan scheme, facilitating loans up to ₹7.5 lakh, and upgrading 1,000 Industrial Training Institutes (ITIS) will significantly enhance workforce competencies. Financial support for higher education loans, working women hostels, and women-focused skilling programs will promote diversity and inclusivity, driving holistic economic growth for the nation."

Subramanian, said, "The introduction of direct benefit transfers of one time wage for first- time employees under the new Prime Minister's Package is an admirable step. Providing up to ₹15,000 in three installments for employees earning up to ₹1 lakh will not only incentivize employment but also fortify their first steps into the workforce."

24 Jul 2024, 08:12:59 AM IST

Budget 2024 Key Highlights Live Updates: Government's visionary Budget for transforming real estate industry welcomed by Sandeep Runwal

Sandeep Runwal, Managing Director, Runwal, stated, "We welcome the government's visionary Budget aimed at transforming the real estate industry and promoting equitable urban development. This Budget sets the stage for inclusive growth through the PMAY initiative, which plans to build 3 crore homes in rural and urban areas and create rental housing support for industrial workers. The government's commitment to economically disadvantaged urban residents and the middle class is evident in the substantial investment of ₹10 lakh crore in urban housing under PMAY - Urban 2.0. The proposed stamp-duty reduction, including lower rates for female buyers and the digitization of property data, will enhance accessibility and attract potential buyers."

24 Jul 2024, 08:07:29 AM IST

Budget 2024 Key Highlights Live Updates: Digital India advancement through comprehensive support package for MSMEs lauded by Vishal Mehta

Vishal Mehta, Chairman and Managing Director, Infibeam Avenues Ltd, said, "The budget is exceptionally commendable for the advancement of Digital India. The budget has introduced a comprehensive financial and technology support package for MSMEs, which is poised to accelerate digitalization across the country. The Honourable Finance Minister has taken a significant step by initiating the establishment of E-Commerce Export Hubs through a Public-Private Partnership (PPP) model for enabling MSMEs and traditional artisans to market their products internationally. The introduction of a credit guarantee scheme for MSMEs in the manufacturing sector, with coverage up to ₹100 crore, is a substantial boost for small businesses in India. And development of a new assessment model where MSMEs’ digital footprint scoring has been linked up to the MSME credit by Public Sector Banks will further enhance their participation in digitalization through e-commerce and the adoption of digital payments. Moreover, the enhancement of Mudra loans for entrepreneurs and the expansion of SIDBI branches across major MSME clusters will foster healthy business growth in the coming years. Finally, the reduction in the turnover threshold for buyers’ onboarding the TReDS platform will facilitate MSMEs in raising working capital through their trade receivables, thereby not only promoting business growth but also boosting digital business growth.""

24 Jul 2024, 08:06:39 AM IST

Budget 2024 Key Highlights Live Updates: Expansion of Pradhan Mantri Awas Yojana to include 3 crore additional houses praised by Deepak Patkar

“The FY25 Union Budget represents a decisive step forward in addressing India's housing needs with the expansion of the Pradhan Mantri Awas Yojana (PMAY) to include 3 crore additional houses. This ambitious plan, supported by a proposed central assistance of ₹2.2 lakh crore over the next five years, underlines the government's commitment to providing quality housing for all. The introduction of an interest subsidy scheme for urban housing will make loans more affordable, enhancing access for many looking to realize their housing dreams. The Budget also emphasizes substantial investment in urban housing under PMAY 2.0, with an allocation of ₹10 lakh crore, showcasing a comprehensive approach to meeting urban housing demands," Deepak Patkar, MD & CEO, SMFG Grihashakti, said.

23 Jul 2024, 09:34:45 PM IST

Budget 2024 Key Highlights Live: How to choose between the Old tax regime and the New tax regime?

The government of India focused on revising elements in the new tax regime while keeping the old one untouched. Here are the elements to look out for:

1. Income tax slabs were tweaked

2. Standard deduction for salaried employees was increased

3. The limit on employee contribution to pension has been increased to 14% from 10%.

4. Total tax savings under the new regime will amount to a maximum of ₹17,500.

Read the full Mint coverage to find out the difference between the regimes. Read here

23 Jul 2024, 08:51:01 PM IST

Budget 2024 Key Highlights Live: Nirmala Sitharaman announced measures to speed up insolvency proceedings, expert views

India's Finance Minister Nirmala Sitharaman announced on Tuesday, July 23, about the government's plans to strengthen the power of the insolvency tribunal and increase the speed of the resolution process.

Read Mint's coverage of the government's focus on IBC resolutions with expert comments. Read more

23 Jul 2024, 08:30:42 PM IST

Budget 2024 Key Highlights Live: Budget gives top priority to crop production and climate resilience

The Modi 3.0 government aims to improve crop productivity and climate resilience to change India's farm research system.

Here are the key items in government focus:

1. Plans to disburse 109 high-yielding climate-resilient varieties of 32 crops will be released for cultivation.

2. The government proposed to shift 10 million farmers into natural farming practices in the next two years.

3. 10,000 bio-input resource centres will be set up to promote natural farming.

4. The government aims to set up a Digital Public Infrastructure (DPI) in agriculture and plans to survey 400 districts.

Read Mint's full coverage here

23 Jul 2024, 07:54:37 PM IST

Budget 2024 Key Highlights Live: Center to digitalize land records, budget brings in next-generation reforms

Finance Minister Nirmala announced that the Central government will provide fiscal support to incentivize states to introduce land and labour reforms. This will be part of the bigger economic policy of the government.

The government is focusing on the following:

1. Raising productivity in farms and factories

2. Facilitate credit flow and other agricultural services

3. Bridging inequality

4. Digitization of cadastral maps, survey of map sub-divisions as per current ownership, establishment of land registry, and link them to the farmer's registry.

Mint reported on Tuesday, July 23 citing experts who remain sceptical about the proposals of the government. Read more

23 Jul 2024, 07:22:52 PM IST

Budget 2024 Key Highlights Live: Capex target to tax hikes, a glance at Nirmala Sitharaman's budget announcement

1. Productivity and resilience in agriculture

2. Employment and skilling

3. Inclusive human resource development

4. Social justice

5. Urban development

6. Energy security

7. Infrastructure

8. Innovation and Research Development

9. Next generation reforms

Mint reported Sitharaman's focus on areas like income tax regime, macroeconomic stability, and fiscal support for the state. Read more

23 Jul 2024, 04:42:38 PM IST

Budget 2024 Key Highlights Live: Key highlights from Budget 2024

Budget 2024 Key Highlights Live: 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

> Economic Outlook

• Inflation moving towards 4% target
• India's economic growth described as a “shining exception"
• Focus on job creation and boosting consumption, potentially benefiting consumer goods, real estate, and auto sector

> Social Welfare

• Extension of PMGKAY (Pradhan Mantri Garib Kalyan Anna Yojana) for five years
• Over ₹3 lakh crore allocated for schemes benefiting women and girls

> Budget Estimates 2024-25

• FY25 Total Receipts estimated at ₹32.07 lakh crore
• FY25 Total Expenditure estimated at ₹48.21 lakh crore
• Net tax receipts estimated at ₹25.83 lakh crore
• FY25 Fiscal deficit estimated at 4.9% of GDP
• Gross market borrowings estimated at ₹14.01 lakh crore
• Net market borrowings estimated at ₹11.63 lakh crore

> Tax rate structure revised in new regime

Tax rate structure in the new income Tax regime has been revised -

• ₹0-3 lakh - Nil
• ₹3-7 lakh - 5%
• ₹7-10 lakh - 10%
• ₹10-12 lakh - 15%
• ₹12-15 lakh - 20%
• More than ₹15 lakh - 30%
• Standard Deduction amount raised to ₹75,000

> Capital Gains Tax

• Short term capital gain tax revised to 20% while long term capital gain tax raised to 12.5% on Financial assets
• STT (Security Transaction Tax) on derivatives raised to to 0.02%

23 Jul 2024, 04:03:16 PM IST

Budget 2024 Key Highlights Live: Railway expenditure highest ever: Fin Secretary

Finance Secretary T. V. Somanathan said that the expenditure towards railways is the highest ever at ₹2.56 lakh crore. On the fiscal deficit, he said it is highly likely the fiscal deficit will not exceed 4.5% in FY26. He added that there is a commitment to endeavor to reduce the debt-to-GDP ratio every year.

23 Jul 2024, 03:49:19 PM IST

Budget 2024 Key Highlights Live: Wanted to simplify approach on capital gains tax: FM Sitharaman

Budget 2024 Key Highlights Live: Finance Minister Nirmala Sitharaman in a press briefing after the announcement of Union Budget 2024 said that the average taxation has come down for asset classes which encourages investment in the market. She said that an attempt has been made to widen the tax net and it has to be widened for both direct and indirect taxes.

It was also clarified that the increased Securities Transaction Tax (STT) on F&O will be effective from October 1, 2024.

23 Jul 2024, 03:28:19 PM IST

Budget 2024 Key Highlights Live: Announcements for Tourism

Budget 2024 Key Highlights Live: Check the key announcements for Tourism sector:

• Development of Vishnupad Temple Corridor and Mahabodhi Temple Corridor modelled on Kashi Vishwanath Temple Corridor
• Comprehensive development initiative for Rajgir will be undertaken which holds religious significance for Hindus, Buddhists and Jains.
• The development of Nalanda as a tourist centre besides reviving Nalanda University to its glorious stature.
• Assistance to development of Odisha’s scenic beauty, temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches making it an ultimate tourism destination.

23 Jul 2024, 03:07:04 PM IST

Budget 2024 Key Highlights Live: Where does the government spend?

Budget 2024 Key Highlights Live: The government spends 21% of every rupee earned into states’ share of taxes and duties and 19% towards interest payments.

23 Jul 2024, 03:03:50 PM IST

Budget 2024 Key Highlights Live: How does the government earn?

Budget 2024 Key Highlights Live: Around 27% of every rupee earned by the government comes from borrowing and other liabilities, while 19% comes from Income tax.

23 Jul 2024, 02:50:30 PM IST

Budget 2024 Key Highlights Live: What gets costlier after Budget 2024?

Budget 2024 Key Highlights Live: FM Sitharaman also announced hikes in custom duties for certain products. These things are likely to get costlier after Budget 2024:

• Ammonium Nitrate
• PVC Flex Films/Flex Banners
• Laboratory Chemicals
• Solar Glass for manufacture of solar cells or modules
• Non-Biodegradable Plastic

23 Jul 2024, 02:45:47 PM IST

Budget 2024 Key Highlights Live: What gets cheaper after Budget 2024?

Budget 2024 Key Highlights Live: FM Sitharaman announced cuts in custom duties for a slew of products. These are the things that are likely to get cheaper after Budget 2024:

• Mobile phones and chargers
• Printed Circuit Board Assembly (PCBA) and Oxygen Free Copper for use in manufacture of Resistors
• Precious metals like Gold, Silver and Platinum
• Blister Copper and Ferro-Nickel
• Cancer drugs - Trastuzumab Deruxtecan, Osimertinib and Durvalumab
• Components for manufacture of vessels
• Solar energy parts
• Certain brood stock, shrimp and fish feed
• Medical products like orthopedic implants, artificial parts of the body

23 Jul 2024, 02:27:51 PM IST

Budget 2024 Key Highlights Live: Tax on real estate sales

Budget 2024 Key Highlights Live: Budget 2024 announced removal of indexation benefit on sale of property along with lowering on of long term capital gains tax to 12.5%.

LTCG arising from sale of property was earlier taxed at 20% with indexation benefit. Now, sale of property will attract a new LTCG tax rate of 12.5% without indexation benefit.

23 Jul 2024, 02:00:55 PM IST

Budget 2024 Key Highlights Live: A look at changes in tax slabs

Budget 2024 Key Highlights Live: Here’s a look at the comparison between the tax slabs in the old and new Income Tax regime.

23 Jul 2024, 01:53:44 PM IST

Budget 2024 Key Highlights Live: Budget expenditure on major sectors

Budget 2024 Key Highlights Live: Here are budget expenditure on major sectors:

• Defence - ₹4,54,773 crore
• Rural Development - ₹2,65,808 crore
• Agriculture and Allied Activities - ₹1,51,851 crore
• Home Affairs - ₹1,50,983 crore
• Education - 1,25,638 crore
• IT and Telecom - ₹1,16,342 crore
• Health - ₹89,287 crore
• Energy - ₹68,769 crore
• Social Welfare - ₹56,501 crore
• Commerce & Industry - ₹47,559 crore

23 Jul 2024, 01:51:08 PM IST

Budget 2024 Key Highlights Live: Other key proposals on taxes

Budget 2024 Key Highlights Live: Other key proposals on taxes

• Abolish Angel tax for all classes of investors
• Simpler tax regime to operate domestic cruise
• Provide for safe harbour rates for foreign mining companies (Selling raw diamonds)
• Corporate tax rate on foreign companies reduced from 40% to 35%

23 Jul 2024, 01:33:40 PM IST

Budget 2024 Key Highlights Live: Budget Estimates 2024-25

Budget 2024 Key Highlights Live: Here are the Budget Estimates 2024-25:

• FY25 Total Receipts estimated at ₹32.07 lakh crore
• FY25 Total Expenditure estimated at ₹48.21 lakh crore
• Net tax receipts estimated at ₹25.83 lakh crore
• Gross market borrowings estimated at ₹14.01 lakh crore
• Net market borrowings estimated at ₹11.63 lakh crore
• FY25 Fiscal deficit estimated at 4.9% of GDP

The fiscal consolidation path announced by me in 2021 has served our economy very well, and we aim to reach a deficit below 4.5% next year. The Government is committed to staying the course. From 2026-27 onwards, our endeavour will be to keep the fiscal deficit each year such that the Central Government debt will be on a declining path as percentage of GDP, Finance Minister Nirmala Sitharaman said.

23 Jul 2024, 01:21:33 PM IST

Budget 2024 Key Highlights Live: Changes in sector specific customs duty

Budget 2024 Key Highlights Live: Here are the changes in sector specific customs duty announced in the Budget 2024:

• Basic Custom Duty (BCD) on mobile phone, mobile PCBA and mobile charger cut to 15%.
• Customs duties on 25 critical minerals for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics are made fully exempt and reduce BCD on two of them.
• BCD on certain broodstock, polychaete worms, shrimp and fish feed reduced to 5 %.
• Customs duty on various inputs for manufacture of shrimp and fish feed has been exempted.
• BCD on real down filling material from duck or goose reduced
• Customs duties on gold and silver reduced to 6% and that on platinum to 6.4%.
• BCD on ferro nickel and blister copper removed
• BCD on oxygen free copper for manufacture of resistors removed
• BCD on ammonium nitrate reduced from 7.5% to 10%
• To promote domestic aviation and boat & ship MRO, the period for export of goods imported for repairs has been extended from 6 months to 1 year.

23 Jul 2024, 01:08:43 PM IST

Budget 2024 Key Highlights Live: Tax on share buyback, STT on F&O

Budget 2024 Key Highlights Live: Taxes announced on Buy-back of shares and Securities transaction tax (STT) rates on F&O transactions

• Buy-back of shares

Budget 2024 proposed that the income from buy-back of shares by companies be chargeable in the hands of the recipient investor as dividend, instead of the current regime of additional income-tax in the hands of the company. Further, the cost of such shares shall be treated as a capital loss to the investor.

• Securities transaction tax (STT) rates

It is proposed to increase the rates of STT on sale of an option in securities from 0.0625% to 0.1% of the option premium, and on sale of a futures in securities from 0.0125% to 0.02% of the price at which such futures are traded.

23 Jul 2024, 12:57:20 PM IST

Budget 2024 Key Highlights Live: Cut in income tax for foreign companies

Budget 2024 Key Highlights Live: FM Sitharaman announced reduction of tax rate on foreign companies. The Budget 2024 proposed to reduce the rate of income-tax chargeable on income of foreign company (other than that chargeable at special rates) from 40% to 35%.

23 Jul 2024, 12:53:11 PM IST

Budget 2024 Key Highlights Live: Incentives to IFSC

Budget 2024 Key Highlights Live: FM Sitharaman announced certain incentives to IFSC. Here are those:

• Retail schemes and Exchange Traded Funds in IFSC, shall enjoy tax exemptions along similar lines as available to specified funds.
• Exemption of certain income of Core Settlement Guarantee Fund set up in IFSC.
• Exclusion of the applicability of section 94B to certain finance companies located in IFSC.
• Where a venture capital fund (VCF) located in IFSC extends a loan / other amount to an assessee, it shall no longer be called upon to explain the source of funds.
• Surcharge shall not apply on income-tax payable on income from securities by specified funds.

23 Jul 2024, 12:49:07 PM IST

Budget 2024 Key Highlights Live: Changes in Capital Gains Taxes

Budget 2024 Key Highlights Live: The taxation of capital gains is proposed to be rationalised and simplified, FM Sitharaman said.

• Short term gains tax on specified financial assets raised to 20% from 15%, while that on all other financial assets and non-financial assets shall continue to attract the applicable tax rate.
• Long term gains tax on all financial and non-financial assets raised to 12.5%. It is proposed to increase the limit of exemption of capital gains on certain listed financial assets from ₹1 lakh to ₹1.25 lakh per year.
• Listed financial assets held for more than a year will be classified as long term, while unlisted financial assets and all non-financial assets will have to be held for at least two years to be classified as long-term.
• Unlisted bonds and debentures, debt mutual funds and market linked debentures, irrespective of holding period, will attract tax on capital gains at applicable rates.

23 Jul 2024, 12:45:33 PM IST

Budget 2024 Key Highlights Live: Announcements on TDS and TCS

Budget 2024 Key Highlights Live: Here are some of the announcements on TDS and TCS:

TDS on payment to a partner

• Payments made by a firm to its partner shall be subject to TDS at 10% for aggregate amounts more than ₹20,000 in a financial year.

TCS on notified luxury goods

• Levy TCS of 1% on notified goods of value exceeding 10 lakh rupees.

TDS on Floating Rate Savings (Taxable) Bonds (FRSB) 2020

• TDS is proposed on interest exceeding ₹10,000 on Floating Rate Savings (Taxable) Bonds (FRSB) 2020 or any other notified security of the Central or State Governments

23 Jul 2024, 12:32:53 PM IST

Budget 2024 Key Highlights Live: Tax rate structure revised in new regime

Budget 2024 Key Highlights Live: FM Sitharaman revises tax rate structure in the new income Tax regime. The revised tax slabs will result in ₹17,500 saving in income tax, Sitharaman said. Here’s the revised tax structure:

• ₹0-3 lakh - Nil
• ₹3-7 lakh - 5%
• ₹7-10 lakh - 10%
• ₹10-12 lakh - 15%
• ₹15 lakh and above - 30%

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