The Union Budget 2024, presented by the government, outlines key provisions aimed at fostering economic growth, enhancing social welfare, and strengthening India’s infrastructure and institutional frameworks. Here are some notable provisions:
1. Fiscal Management :
Fiscal deficit estimated at 4.9% of GDP for the current fiscal and aim to reach 4.5% by the end of next year. Due stress has been given on fiscal prudence.
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2. Long Term Capital Gains Tax :
Proposing to tax @ 12.5% tax on long-term capital gains (instead of old one @ 20 %) without indexation, can prove to be a costly affair for the assesses planning to sell properties held since long. The said revision is said to garner around 15000 Crores additional tax.
3. Direct Benefit Transfer to new employees :
One-month wage to all new employees to be provided as a dbt in three instalments up to Rs 15,000. The scheme will benefit 2.1 lakh youth. Its effective implementation is a challenge.
4. Special help to Bihar and Andhra Pradesh :
Announcement of extending special help or support to the said States, was being expected since formation of Government. Such major help because of political compulsions, though might be needed for the said States, is going to devoid other deserving States from such needed favours, to ensure overall development.
5. Angel Tax abolition :
This will boost start-up ecosystem and promote entrepreneurship. It’s a welcome step.
