Interim Budget 2024:-

Direct Taxes:

1. Same tax rates retained for FY 2024-25.

2. No tax liability for taxpayers with income up to Rs.7 lakh under the new tax regime.

3. 22% tax rate for corporate taxes for existing domestic companies and 15% for certain new manufacturing companies.

4. Direct tax collections tripled over the last ten years.

5. Number of return filers increased by 2.4 times.

6. Average processing time for tax returns reduced from 93 days in 2013-14 to 10 days in 2023-24.

Goods and Services Tax (GST):

1. Average monthly gross GST collection doubled to Rs.1.66 lakh crore in FY24.

2. Tax buoyancy of state revenue increased from 0.72 in 2012-16 to 1.22 in the post-GST period of 2017-23.

3. Same customs rates, including import duties, retained for FY 2024-25.

Viksit Bharat 2047:

1. Theme for the Budget - developed India by 2047.

2. Four pillars: 'Garib', 'Mahilayen', 'Yuva', and 'Annadata'.

3. Focus on infrastructure development - physical, digital, and social.

4. Digital Public Infrastructure (DPI) to promote formalization and financial inclusion.

5. Extension of time limit for tax benefits for start-ups and investments.

6. Extension of tax exemption for specific IFSC units until March 2025.

Garib Kalyan, Desh ka Kalyan:

1. Direct Benefit Transfer (DBT) leading to savings of Rs. 2.7 lakh crore.

2. 25 crore people moved out of multidimensional poverty.

3. Credit assistance to 78 lakh street vendors under PM-SVANidhi.

Empowering the Youth:

1. 1.4 crore youth trained under the Skill India Mission.

2. 43 crore loans sanctioned under the PM Mudra Yojana.

3. Rs.1 lakh crore corpus for tech-savvy youth with interest-free loans.

Welfare of Farmers (Annadata):

1. Direct financial assistance to 11.8 crore farmers under PM-KISAN.

2. Crop Insurance for 4 crore farmers under PM Fasal Bima Yojana.

3. Integration of 1,361 mandis under eNAM.

Nari Shakti:

1. 30 crore Mudra Yojana loans disbursed to women entrepreneurs.

2. 28% increase in female enrollment in higher education in the past 10 years.

3. 43% female enrollment in STEM courses.

4. 1 crore women assisted by 83 lakh SHGs.

Amrit Kaal as Kartavya Kaal (Sustainable Development/Green Energy):

1. Commitment to 'Net Zero' by 2070.

2. Viability gap funding for offshore wind energy.

3. Setting up coal gasification and liquefaction capacity by 2030.

4. Phased mandatory blending of CNG, PNG, and compressed biogas.

5. Financial assistance for biomass aggregation machinery.

6. Rooftop solarisation for one crore households.

7. Support for e-buses and e-vehicle ecosystem.

Infrastructure and Investment:

1. Implementation of three major railway corridor programs.

2. Promotion of foreign investment through bilateral investment treaties.

3. Expansion of airports and comprehensive development under the UDAN scheme.

4. Urban transformation under Metro rail and NaMo Bharat projects.

Inclusive Development:

1. Aspirational District Programme for faster development.

2. Healthcare initiatives, including cervical cancer vaccination, Saksham Anganwadi, and Poshan 2.0 scheme.

3. U-WIN platform for immunization efforts.

4. Extension of health coverage under Ayushman Bharat.

5. Pradhan Mantri Awas Yojana targets.

6. Long-term interest-free loans for tourism development.

7. Promotion of private and public investment in agriculture and food processing.

8. Expansion of Nano-DAP application in all agro-climatic zones.

9. Atmanirbhar Oilseeds Abhiyan and Pradhan Mantri Matsya Sampada Yojana implementation.

#SAM-AVATE CONSULTANCY

Arvind agarwal (FOUNDER)

PRIYANKA PANDEY (PARTNER)