Prepared by Finance Minister Nirmala Sitharaman, the union budget is set to be unveiled for the current fiscal year this month for either July 23 or 24. The next budget, as expected to be a status quo’ budget without significant reforms, could therefore contain some populism given the outcomes of the recently conducted Lok Sabha elections. Hopes are linked with hopes on the further consumption increase that is expected to be spearheaded by tax cuts, not to mention the government’s sustained focus on infrastructure building. The benchmark indices are expected to have positive correlation with the market analysts after the announcement of this budget.
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To this end, insurance companies in India have their fingers crossed on several tax exemptions expected to be made in the coming Union Budget as stated by a news agency. These measures are intended to increase the demand for insurance goods and services by making them more appealing and cheap thus increasing their access across the country.
Shares To Buy| Budget से पहले कौन-कौन से शेयरों को खरीदें
Currently, policies of all life insurance companies, including annuities, are pushing for tax refunds and also the GST rate cuts that apply to different and sundry products. In addition, buyers of industry products expect changes in the tax system to restore options that formerly excluded life insurance products from the 80C section of the old system but are now prohibited under the new system.
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These suggested changes in Union Budget 2024 are also believed to create not only greater attractiveness of insurance products to consumers but also conform to other goals regarding the rise of insurance density in the country. The tax shields expected are viewed as critical in boosting the insurance sector and increasing insurance penetration across the country.
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