{"id":11033,"date":"2024-07-23T23:30:23","date_gmt":"2024-07-23T18:00:23","guid":{"rendered":"https:\/\/matribhumisamachar.com\/en\/?p=11033"},"modified":"2024-07-23T23:30:23","modified_gmt":"2024-07-23T18:00:23","slug":"highlights-of-the-union-budget-2024-25","status":"publish","type":"post","link":"https:\/\/matribhumisamachar.com\/en\/2024\/07\/23\/highlights-of-the-union-budget-2024-25\/","title":{"rendered":"HIGHLIGHTS OF THE UNION BUDGET 2024-25"},"content":{"rendered":"<p style=\"font-weight: 400; text-align: justify;\">The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament today. The highlights of the budget are as follows:<\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Part-A<\/u><\/strong><\/b><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Budget Estimates 2024-25:<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>\n<ul>\n<li>Total receipts other than borrowings: `32.07 lakh crore.<\/li>\n<li>Total expenditure: `48.21 lakh crore.<\/li>\n<li>Net tax receipt: `25.83 lakh crore.<\/li>\n<li>Fiscal deficit: 4.9 per cent of GDP.<\/li>\n<\/ul>\n<\/li>\n<li>Government aims to reach a deficit below 4.5 per cent next year.<\/li>\n<li>Inflation continues to be low, stable and moving towards the 4% target; Core inflation (non-food, non-fuel) at 3.1%.<\/li>\n<\/ul>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>The focus of budget is on\u00a0<b><strong>EMPLOYMENT, SKILLING, MSMEs, and the MIDDLE CLASS<\/strong><\/b>.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Package of PM\u2019s five schemes for Employment and Skilling<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>\u00a0Prime Minister\u2019s Package of 5 Schemes and Initiatives for employment, skilling and other opportunities for 4.1 crore youth over a 5-year period.\n<ol>\n<li><b><strong>Scheme A &#8211; First Timers:\u00a0<\/strong><\/b>One-month salary of up to `15,000 to be provided in 3 installments to first-time employees, as registered in the EPFO.<\/li>\n<li><b><strong>Scheme B &#8211; Job Creation in manufacturing:\u00a0<\/strong><\/b>Incentive to be provided at specified scale directly, both employee and employer, with respect to their EPFO contribution in the first 4 years of employment.<\/li>\n<li><b><strong>Scheme C &#8211; Support to employers:\u00a0<\/strong><\/b>Government to reimburse up to `3,000 per month for 2 years towards EPFO contribution of employers, for each additional employee.<\/li>\n<li><b><strong>New centrally sponsored scheme for Skilling<\/strong><\/b>\n<ul>\n<li>20 lakh youth to be skilled over a 5-year period.<\/li>\n<li>1,000 Industrial Training Institutes to be upgraded in hub and spoke arrangements.<\/li>\n<\/ul>\n<\/li>\n<li><b><strong>New Scheme for Internship in\u00a0 500 Top Companies\u00a0<\/strong><\/b>\u00a0to 1 crore youth in 5 years<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Nine Budget Priorities in pursuit of \u2018Viksit Bharat\u2019:<\/strong><\/b><\/p>\n<ol style=\"font-weight: 400; text-align: justify;\">\n<li>\n<ol>\n<li>Productivity and resilience in Agriculture<\/li>\n<li>Employment &amp; Skilling<\/li>\n<li>Inclusive Human Resource Development and Social Justice<\/li>\n<li>Manufacturing &amp; Services<\/li>\n<li>Urban Development<\/li>\n<li>Energy Security<\/li>\n<li>Infrastructure<\/li>\n<li>Innovation, Research &amp; Development and<\/li>\n<li>Next Generation Reforms<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Priority 1: Productivity and resilience in Agriculture<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Allocation of\u00a0 `1.52 lakh crore for agriculture and allied sectors.<\/li>\n<li>New 109 high-yielding and climate-resilient varieties of 32 field and horticulture crops to be released for cultivation by farmers.<\/li>\n<li>1 crore farmers across the country to be initiated into natural farming, with certification and branding in next 2 years.<\/li>\n<li>10,000 need-based bio-input resource centres to be established for natural farming.<\/li>\n<li>Digital Public Infrastructure (DPI) for Agriculture to be implemented for coverage of farmers and their lands in 3 years.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Priority 2: Employment &amp; Skilling<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>As part of the Prime Minister\u2019s package, 3 schemes for \u2018Employment Linked Incentive\u2019 to be implemented &#8211; Scheme A &#8211; First Timers; Scheme B &#8211; Job Creation in manufacturing; \u00a0Scheme C &#8211; Support to employers.<\/li>\n<li>To facilitate higher participation of women in the workforce,\n<ul>\n<li>working women hostels and cr\u00e8ches to be established with industrial collaboration<\/li>\n<li>women-specific skilling programmes to be organized<\/li>\n<li>market access for women SHG enterprises to be promoted<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Skill Development<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>New centrally sponsored scheme for Skilling under Prime Minister\u2019s Package for 20 lakh youth over a 5-year period.<\/li>\n<li>Model Skill Loan Scheme to be revised to facilitate loans up to<br \/>\n`7.5 lakh.<\/li>\n<li>Financial support for loans upto `10 lakh for higher education in domestic institutions to be provided to youth who have not been eligible for any benefit under government schemes and policies.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\">\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Priority 3: Inclusive Human Resource Development and Social Justice<\/u><\/strong><\/b><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Purvodaya<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Industrial node at Gaya to be developed along the Amritsar-Kolkata Industrial Corridor.<\/li>\n<li>Power projects, including new 2400 MW power plant at Pirpainti, to be taken up at a cost of \u00a0`21,400 crore.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Andhra Pradesh Reorganization Act<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>\n<ul>\n<li>\n<ul>\n<li>Special financial support through multilateral development agencies of `15,000 crore in the current financial year.<\/li>\n<li>Industrial node at Kopparthy along Vishakhapatnam-Chennai Industrial Corridor and at Orvakal along Hyderabad-Bengaluru Industrial Corridor.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Women-led development<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Total allocation of more than `3 lakh crore for schemes benefitting women and girls.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Pradhan Mantri Janjatiya Unnat Gram Abhiyan<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Socio-economic development of tribal families in tribal-majority villages and aspirational districts, covering 63,000 villages benefitting 5 crore tribal people.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Bank branches in North-Eastern Region<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>100 branches of India Post Payment Bank to be set up in the North East region.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Priority 4: Manufacturing &amp; Services<\/u><\/strong><\/b><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Credit Guarantee Scheme for MSMEs in the Manufacturing Sector<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>A credit guarantee scheme without collateral or third-party guarantee in term loans to MSMEs for purchase of machinery and equipment.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Credit Support to MSMEs during Stress Period<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>New mechanism to facilitate continuation of bank credit to MSMEs during their stress period.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Mudra Loans<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>The limit of Mudra loans under \u2018Tarun\u2019 category to be enhanced to `20 lakh from `10 lakh for those who have successfully repaid previous loans.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Enhanced scope for mandatory onboarding in TReDS<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>\u00a0Turnover threshold of buyers for mandatory onboarding on the TReDS platform to be reduced from `500 crore to `250 crore..<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>MSME Units for Food Irradiation, Quality &amp; Safety Testing<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Financial support to set up 50 multi-product food irradiation units in the MSME sector .<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>E-Commerce Export Hubs<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>E-Commerce Export Hubs to be set up under public-private-partnership (PPP) mode for MSMEs and traditional artisans to sell their products in international markets.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Critical Mineral Mission<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Critical Mineral Mission to be set up for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Offshore mining of minerals<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Auction of the first tranche of offshore blocks for mining, building on the exploration already carried out.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Digital Public Infrastructure (DPI) Applications<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Development of DPI applications in the areas of credit, e-commerce, education, health, law and justice, logistics, MSME, services delivery, and urban governance.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Priority 5: Urban Development<\/u><\/strong><\/b><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Transit Oriented Development<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Formulation of Transit Oriented Development plans and strategies to implement and finance 14 large cities above 30 lakh population.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Urban Housing<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Investment of\u00a0 `10 lakh crore, including the central assistance of `2.2 lakh crore in next 5 years,\u00a0 under PM Awas Yojana Urban 2.0 proposed to address the , housing needs of 1 crore urban poor and middle-class families.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Street Markets<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>New scheme to support the development of 100 weekly \u2018haats\u2019 or street food hubs every year for the next 5 years in select cities.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Priority 6: Energy Security<\/u><\/strong><\/b><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Energy Transition<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Policy document on \u2018Energy Transition Pathways\u2019 to balance the imperatives of employment, growth and environmental sustainability to be brought out.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Pumped Storage Policy<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Policy for promoting pumped storage projects for electricity storage to be brought out.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Research and development of small and modular nuclear reactors<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Government to partner with private sector for R&amp;D of Bharat Small Modular Reactor and newer technologies for nuclear energy, and to set up Bharat Small Reactors.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Advanced Ultra Super Critical Thermal Power Plants<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Joint venture proposed between NTPC and BHEL to set up a full scale 800 MW commercial plant using Advanced Ultra Super Critical (AUSC) technology.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Roadmap for \u2018hard to abate\u2019 industries<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Appropriate regulations for transition of \u2018hard to abate\u2019 industries from the current \u2018Perform, Achieve and Trade\u2019 mode to \u2018Indian Carbon Market\u2019 mode to be put in place.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Priority 7: Infrastructure<\/u><\/strong><\/b><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Infrastructure investment by Central Government<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>`11,11,111 crore (3.4 % of GDP) to be provided for capital expenditure.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Infrastructure investment by state governments<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Provision of `1.5 lakh crore for long-term interest free loans to support states in infrastructure investment.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Pradhan Mantri Gram SadakYojana (PMGSY)<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Launch of phase IV of PMGSY to provide all-weather connectivity to 25,000 rural habitations.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Irrigation and Flood Mitigation<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Financial support of \u00a0`11,500 crore to projects such as the Kosi-Mechi intra-state link and other schemes in Bihar.<\/li>\n<li>Government to provide assistance to Assam, Himachal Pradesh, Uttarakhand and Sikkim for floods, landslides and other related projects.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>\u00a0Tourism<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Comprehensive development of Vishnupad Temple Corridor, Mahabodhi Temple Corridor and Rajgir.<\/li>\n<li>Assistance for development of temples, monuments, craftsmanship, wildlife sanctuaries, natural landscapes and pristine beaches of Odisha.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Priority 8: Innovation, Research &amp; Development<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Anusandhan National Research Fund for basic research and prototype development to be operationalised.<\/li>\n<li>Financing pool of \u00a0`1 lakh crore for spurring private sector-driven research and innovation at commercial scale.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Space Economy<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Venture capital fund of \u00a0`1,000 crore to be set up for expanding the space economy by 5 times in the next 10 years.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Priority 9: Next Generation Reforms<\/u><\/strong><\/b><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Rural Land Related Actions<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Unique Land Parcel Identification Number (ULPIN) or Bhu-Aadhaar for all lands<\/li>\n<li>Digitization of cadastral maps<\/li>\n<li>Survey of map sub-divisions as per current ownership<\/li>\n<li>Establishment of land registry<\/li>\n<li>Linking to the farmers registry<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Urban Land Related Actions<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Land records in urban areas to be digitized with GIS mapping.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Services to Labour<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Integration of e-shram portal with other portals to facilitate such one-stop solution.<\/li>\n<li>Open architecture databases for the rapidly changing labour market, skill requirements and available job roles.<\/li>\n<li>Mechanism to connect job-aspirants with potential employers and skill providers.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>NPS Vatsalya<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>NPS-Vatsalya as a plan for contribution by parents and guardians for minors.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\">\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>PART B<\/strong><\/b><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Indirect Taxes<\/u><\/strong><\/b><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>GST<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Buoyed by GST\u2019s success, tax structure to be simplified and rationalised to expand GST to remaining sectors.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Sector specific customs duty proposals<\/u><\/strong><\/b><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Medicines and Medical Equipment<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Three cancer drugs namely TrastuzumabDeruxtecan, Osimertinib and Durvalumab fully exempted from custom duty.<\/li>\n<li>Changes in Basic Customs Duty (BCD) on x-ray tubes &amp; flat panel detectors for use in medical x-ray machines under the Phased Manufacturing Programme.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Mobile Phone and Related Parts<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>BCD on mobile phone, mobile Printed Circuit Board Assembly (PCBA) and mobile charger reduced to 15 per cent.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Precious Metals<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Customs duties on gold and silver reduced to 6 per cent and that on platinum to 6.4 per cent.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Other Metals<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>BCD removed on ferro nickel and blister copper.<\/li>\n<li>BCD removed on ferrous scrap and nickel cathode.<\/li>\n<li>Concessional BCD of 2.5 per cent on copper scrap.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Electronics<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>BCD removed, subject to conditions, on oxygen free copper for manufacture of resistors.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Chemicals and Petrochemicals<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>BCD on ammonium nitrate increased from 7.5 to 10 per cent.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Plastics<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>BCD on PVC flex banners increased from 10 to 25 per cent.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Telecommunication Equipment<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>BCD increased from 10 to 15 per cent on PCBA of specified telecom equipment.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Trade facilitation<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>For promotion of domestic aviation and boat &amp; ship MRO, time period for export of goods imported for repairs extended from six months to one year.<\/li>\n<li>Time-limit for re-import of goods for repairs under warranty extended from three to five years.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Critical Minerals<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>25<b><strong>\u00a0<\/strong><\/b>critical minerals fully exempted from customs duties.<\/li>\n<li>BCD on two critical minerals reduced.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Solar Energy<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Capital goods for use in manufacture of solar cells and panels exempted from customs duty.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Marine products<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>BCD on certain broodstock, polychaete worms, shrimp and fish feed reduced to 5 per cent.<\/li>\n<li>Various inputs for manufacture of shrimp and fish feed exempted from customs duty.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong>Leather and Textile<\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>BCD reduced on real down filling material from duck or goose.<\/li>\n<li>BCD reduced, subject to conditions, on methylene diphenyl diisocyanate (MDI) for manufacture of spandex yarn from 7.5 to 5 per cent.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Direct Taxes<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Efforts to simplify taxes, improve tax payer services, provide tax certainty and reduce litigation to be continued.<\/li>\n<li>Enhance revenues for funding development and welfare schemes of government.<\/li>\n<li>58 per cent of corporate tax from simplified tax regime in FY23, more than two-thirds taxpayers availed simplified tax regime for personal income tax in FY 24.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Simplification for Charities and of TDS<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Two tax exemption regimes for charities to be merged into one.<\/li>\n<li>5 per cent TDS rate on many payments merged into 2 per cent TDS rate.<\/li>\n<li>20 per cent TDS rate on repurchase of units by mutual funds or UTI withdrawn.<\/li>\n<li>TDS rate on e-commerce operators reduced from one to 0.1 per cent.<\/li>\n<li>Delay for payment of TDS up to due date of filing statement decriminalized.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Simplification of Reassessment<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Assessment can be reopened beyond three years upto five years from the end of Assessment Year only if the escaped income is \u20b9 50 lakh or more.<\/li>\n<li>In search cases, time limit reduced from ten to six years before the year of search.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Simplification and Rationalisation of Capital Gains<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Short term gains on certain financial assets to attract a tax rate of 20 per cent.<\/li>\n<li>Long term gains on all financial and non-financial assets to attract a tax rate of 12.5 per cent.<\/li>\n<li>Exemption limit of capital gains on certain financial assets increased to \u20b9 1.25 lakh per year.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Tax Payer Services<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>All remaining services of Customs and Income Tax including rectification and order giving effect to appellate orders to be digitalized over the next two years.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Litigation and Appeals<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>\u2018Vivad Se Vishwas Scheme, 2024\u2019 for resolution of income tax disputes pending in appeal.<\/li>\n<li>Monetary limits for filing direct taxes, excise and service tax related appeals in Tax Tribunals, High Courts and Supreme Court increased to \u20b960 lakh, \u20b92 crore and \u20b95 crore respectively.<\/li>\n<li>Safe harbour rules expanded to reduce litigation and provide certainty in international taxation.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Employment and Investment<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Angel tax for all classes of investors abolished to bolster start-up eco-system,.<\/li>\n<li>Simpler tax regime for foreign shipping companies operating domestic cruises to promote cruise tourism in India.<\/li>\n<li>Safe harbour rates for foreign mining companies selling raw diamonds in the country.<\/li>\n<li>Corporate tax rate on foreign companies reduced from 40 to 35 per cent.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Deepening tax base<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Security Transactions Tax on futures and options of securities increased to 0.02 per cent and 0.1 per cent respectively.<\/li>\n<li>Income received on buy back of shares in the hands of recipient to be taxed.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Social Security Benefits.<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Deduction of expenditure by employers towards NPS to be increased from 10 to 14 per cent of the employee\u2019s salary.<\/li>\n<li>Non-reporting of small movable foreign assets up to \u20b920 lakh de-penalised.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Other major proposal in Finance Bill<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Equalization levy of 2 per cent withdrawn.<\/li>\n<\/ul>\n<p style=\"font-weight: 400; text-align: justify;\"><b><strong><u>Changes in Personal Income Tax under new tax regime<\/u><\/strong><\/b><\/p>\n<ul style=\"font-weight: 400; text-align: justify;\">\n<li>Standard deduction for salaried employees increased from \u20b950,000 to \u20b975,000.<\/li>\n<li>Deduction on family pension for pensioners enhanced from \u20b915,000\/- to \u20b925,000\/-<\/li>\n<li>Revised tax rate structure:<\/li>\n<\/ul>\n<table>\n<tbody>\n<tr>\n<td>0-3 lakh rupees<\/td>\n<td>Nil<\/td>\n<\/tr>\n<tr>\n<td>3-7 lakh rupees<\/td>\n<td>5 per cent<\/td>\n<\/tr>\n<tr>\n<td>7-10 lakh rupees<\/td>\n<td>10 per cent<\/td>\n<\/tr>\n<tr>\n<td>10-12 lakh rupees<\/td>\n<td>15 per cent<\/td>\n<\/tr>\n<tr>\n<td>12-15 lakh rupees<\/td>\n<td>20 per cent<\/td>\n<\/tr>\n<tr>\n<td>Above 15 lakh rupees<\/td>\n<td>30 per cent<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul style=\"font-weight: 400;\">\n<li style=\"text-align: justify;\">Salaried employee in the new tax regime stands to save up to \u20b9 17,500\/- in income tax.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament today. The highlights of the budget are as follows: Part-A 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 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[136],"tags":[8530,8533,8531,8532,8471],"class_list":["post-11033","post","type-post","status-publish","format-standard","","category-national","tag-budget-2024-25","tag-economic-priorities","tag-financial-plan","tag-fiscal-policy","tag-government-allocations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HIGHLIGHTS OF THE UNION BUDGET 2024-25 - Matribhumi Samachar English<\/title>\n<meta name=\"description\" content=\"Explore the key highlights of the Union Budget 2024-25, including major allocations and focus areas. 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