Interim Budget 2024: FM says no change in direct and indirect tax rates
Union Finance Minister Nirmala Sitharaman on Thursday announced that there are no changes in tax rates for direct and indirect taxes
Union Finance Minister Nirmala Sitharaman on Thursday announced that there are no changes in tax rates for direct and indirect taxes, including import duties.
Over the last 10 years, the direct tax collection has more than trebled and the number of return filers swelled 2.4 times, she said. The FM assured taxpayers that their contributions have been used wisely.
She said that under the new tax regime, currently there is no tax liability for income up to Rs 7 lakh up from Rs 2.2 lakh in 2013-14, as announced in the 2023-24 Union Budget.
She recalled that the threshold for presumptive taxation for retail businesses was increased from Rs 2 crore to Rs 3 crore and that threshold for professionals eligible for presumptive taxation was increased from Rs 50 lakh to Rs 75 lakh.
She added that the corporate tax was decreased from 30 per cent to 22 per cent and to 15 per cent for certain new manufacturing companies.
The processing time of tax returns has been reduced from 93 days in FY14 to 10 days; and refunds have been made faster, she said.
The government continues to be on the path of fiscal consolidation to reduce fiscal deficit to 4.5 pc in 2025-26.
She added that the tax base of Goods and Services Tax (GST) has more than doubled since FY14.