New Delhi: The Monsoon session of the Parliament is scheduled to begin on July 22, 2024 and the Budget presentation will coincide. The Union Budget of India is a record of key financial statement of the Government of India’s finances. It involves the estimation of revenue and expenditure of the upcoming fiscal year. Surpassing the record set by Morarji Desai, Finance Minister Nirmala Sitharaman will become the first finance minister of India to present seven consecutive union budgets.
Shares To Buy| Budget से पहले कौन-कौन से शेयरों को खरीदें
The budget holds immense significance in changing the nation’s economic trajectory. FM Sitharaman is likely to change the capital gains tax regime. As experts are wondering more streamlined approach with uniform tax rates, current Indian tax rates align wih the economies of the US and the UK where the headline tax is 20 percent.
Early pronouncements suggest a focus on infrastructural development with a high level of capital expenditure possibly exceeding record record-breaking Rs. 11.11 lakh crores. This investment will be vital to create jobs and boost overall productivity.
Balancing growth with fiscal prudence is crucial as the government might aim to reduce fiscal deficit by streamlining government spending and exploring avenues for increasing tax revenue without overburdening taxpayers.
Further, the GST Council has recommended the insertion of Section 11A into the Central Goods and Services Tax Act, 2017 with the aim to empower the government to regularise conditions where GST was not levied.
Also Read: Union Budget 2024: The Dilemma To Do Or Not To Do
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