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Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman presented the Union Budget for 2024-25 in Parliament today. Here are the key highlights:

Part-A

Budget Estimates 2024-25:

  • Total Receipts (excluding borrowings): ₹32.07 lakh crore
  • Total Expenditure: ₹48.21 lakh crore
  • Net Tax Receipt: ₹25.83 lakh crore
  • Fiscal Deficit: 4.9% of GDP, with a target to reduce it below 4.5% next year
  • Inflation: Low and stable, approaching the 4% target; Core inflation (excluding food and fuel) at 3.1%

Budget Focus Areas: Employment, Skilling, MSMEs, and the Middle Class

Prime Minister’s Five Schemes for Employment and Skilling:

  • Scheme A - First Timers: Up to ₹15,000 in three installments to first-time employees registered with EPFO.
  • Scheme B - Job Creation in Manufacturing: Direct incentives for both employees and employers in the first four years of employment.
  • Scheme C - Support to Employers: Reimbursement of up to ₹3,000 per month for two years towards EPFO contributions for additional employees.
  • New Skilling Scheme: Skill development for 20 lakh youth over five years and upgrading 1,000 Industrial Training Institutes.
  • New Internship Scheme: 1 crore youth to be provided internships in 500 top companies over five years.

Nine Budget Priorities in Pursuit of ‘Viksit Bharat’:

  • Agricultural Productivity and Resilience: ₹1.52 lakh crore allocated; introduction of high-yield, climate-resilient crop varieties; certification for natural farming.
  • Employment & Skilling: Implementation of employment-linked incentives and establishment of hostels and crèches for working women.
  • Inclusive Human Resource Development and Social Justice: Development of industrial nodes, financial support for Andhra Pradesh, and women-led development initiatives.
  • Manufacturing & Services: Credit guarantees for MSMEs, enhanced Mudra loans, and support for e-commerce export hubs.
  • Urban Development: Investment of ₹10 lakh crore in urban housing, development of street markets, and transit-oriented development plans.
  • Energy Security: Policies for energy transition, pumped storage projects, and advancements in nuclear energy.
  • Infrastructure: ₹11.11 lakh crore for capital expenditure, support for state infrastructure investments, and comprehensive tourism development.
  • Innovation, Research & Development: Operationalization of Anusandhan National Research Fund and expansion of the space economy.
  • Next Generation Reforms: Digitalization of land records, integration of e-shram portal, and introduction of NPS-Vatsalya for minor contributions.

Part-B

Indirect Taxes:

GST: Simplification and rationalization of the tax structure to extend GST to additional sectors.

Sector-Specific Customs Duty Proposals:

  • Medicines and Medical Equipment: Full exemption for certain cancer drugs and changes in customs duty on x-ray equipment.
  • Mobile Phones and Related Parts: Reduction in basic customs duty on mobile phones and components.
  • Precious Metals: Reduction in customs duties on gold, silver, and platinum.
  • Other Metals: Removal of customs duties on various metals and concessional duties on copper scrap.
  • Electronics: Exemption on copper for resistor manufacturing.
  • Chemicals and Petrochemicals: Increased customs duty on ammonium nitrate.
  • Plastics: Increased customs duty on PVC flex banners.
  • Telecommunication Equipment: Increased customs duty on certain telecom equipment.

Trade Facilitation:

  • Extension of time limits for export and re-import of goods for repairs.
  • Full exemption for 25 critical minerals from customs duties.

Direct Taxes:

  • Continued efforts to simplify taxes, improve services, and reduce litigation.
  • Simplification of Reassessment: Adjustments in the time limits for reopening assessments.
  • Capital Gains: Revised tax rates and increased exemption limits.
  • Taxpayer Services: Digitalization of customs and income tax services.
  • Litigation and Appeals: Introduction of the 'Vivad Se Vishwas Scheme, 2024' and increased monetary limits for appeals.
  • Employment and Investment: Abolition of angel tax and simplified tax regimes for foreign companies and cruise tourism.
  • Deepening Tax Base: Increased Security Transactions Tax and taxation on share buybacks.

Social Security Benefits:

  • Increase in deduction for employer contributions towards NPS.
  • De-penalization of non-reporting of small movable foreign assets.

Finance Bill Proposals:

  • Personal Income Tax: Increased standard deduction and revised tax rate structure, potentially saving salaried employees up to ₹17,500 in income tax.

For more details, you can access the full press release here.

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