2024 Union Budget Highlights

The Union Budget 2024-2025 was presented by Finance Minister Nirmala Sitharaman on Tuesday, 23^rd of July.

Some of the highlights were:

·        Long Term Capital Gains Tax removal of indexation with overall reduction from 20% to 12.5%

·        Railways Budget for 2.62 lakh Crore

·        Employment-Linked Incentives

·        Foreign Aid figures released with Bhutan as the largest beneficiary in foreign aid

·        Standard deduction for salaried Taxpayers increased from 50,000 to 75,000

·        Silver and Gold Import Duty has been reduced to 6%, platinum to 6.4% and import duty on mobile phones and chargers has been reduced to 15%

• Key Areas of Focus for government: Productivity and resilience in Agriculture, Employment & Skilling, Inclusive Human Resource Development and Social Justice, Manufacturing & Services, Urban Development, Energy Security, Infrastructure, Innovation, Research & Development, Next Generation Reforms

·        Corporate Tax for Foreign Companies slashed to 35% with benefits to charities and cruise ships

·        Revised income tax slabs

·        Budget for rural development at 2.66 lakh Crore

·        Infrastructure budget at 11.11 lakh Crore or 3.4% of GDP

·        Tourism to get boost, as well as women development and space technology