Turmeric Man of Himachal Pradesh

PART-2

Reforms in the States 

A provision of seventy-five thousand crore rupees as fifty-year interest free loan is proposed this year to support reforms by the State Governments.

Revised Estimates (RE) 2023-24

• RE of the total receipts other than borrowings is Rs.27.56 lakh crore, of which the tax receipts are Rs.23.24 lakh crore.
• RE of the total expenditure is Rs.44.90 lakh crore.
• Revenue receipts at Rs.30.03 lakh crore are expected to be higher than the Budget Estimate, reflecting strong growth momentum and formalization in the economy.
• RE of the fiscal deficit is 5.8 per cent of GDP for 2023-24.

Budget Estimates 2024-25

• Total receipts other than borrowings and the total expenditure are estimated at Rs.30.80 and Rs.47.66 lakh crore respectively.
• Tax receipts are estimated at Rs.26.02 lakh crore.
• Scheme of fifty-year interest free loan for capital expenditure to states to be continued this year with total outlay of Rs.1.3 lakh crore.
• Fiscal deficit in 2024-25 is estimated to be 5.1 per cent of GDP
• Gross and net market borrowings through dated securities during 2024-25 are estimated at Rs.14.13 and Rs.11.75 lakh crore respectively.

Direct taxes

• FM proposes to retain same tax rates for direct taxes
• Direct tax collection tripled, return filers increased to 2.4 times, in the last 10 years
• Government to improve tax payer services
• Outstanding direct tax demands upto Rs 25000 pertaining to the period upto FY 2009-10 withdrawn
• Outstanding direct tax demands upto Rs 10000 for financial years 2010-11 to 2014-15 withdrawn
• This will benefit one crore tax payers
• Tax benefits to Start-Ups, investments made by Sovereign wealth funds or pension funds extended to 31.03.2025
• Tax exemption on certain income of IFSC units extended by a year to 31.03.2025 from 31.03.2024

Indirect taxes

• FM proposes to retain same tax rates for indirect taxes and import duties
• GST unified the highly fragmented indirect tax regime in India
• Average monthly gross GST collection doubled to Rs 1.66 lakh crore this year GST tax base has doubled
• » State SGST revenue buoyancy (including compensation released to states) increased to
• 1.22 in post-GST period(2017-18 to 2022-23) from 0.72 in the pre-GST period (2012-13 to 2015-16)
• 94% of industry leaders view transition to GST as largely positive GST led to supply chain optimization
• GST reduced the compliance burden on trade and industry
• Lower logistics cost and taxes helped reduce prices of goods and services, benefiting the consumers

Tax Proposals

• No changes relating to taxation — same tax rates for direct taxes and indirect taxes including import duties.
• Withdrawal of outstanding direct tax demands (petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962) up to twenty-five thousand rupees (Rs 25,000) pertaining to the period up to financial year 2009-10 and up to ten-thousand rupees (Rs 10,000) for financial years 2010-11 to 2014-15.

KEY POINTS:

This year's interim budget has outlined key terms that merit consideration. Here they are:

GYAN - The government's primary focus has been on Garib (Poor), Yuva (Youth), Annadata (Farmer), and Nari Shakti (Women).

Sabka Prayas (Effort of All) - This phrase encapsulates the collective effort of the entire nation in overcoming the challenges posed by the COVID pandemic, laying the groundwork for the 'Amrit Kaal.'

PM-JANMAN Yojana - Geared towards improving the socio-economic conditions of Particularly Vulnerable Tribal Groups (PVTGs) by providing basic facilities to their households and habitations.

Panch Pran - Comprises five resolutions as outlined by the Prime Minister: a commitment to 

1. A resolve of developed India; 
2. Removing any trace of the colonial mindset;
3. Taking pride in our legacy;
4. Our strength of unity; and 
5. Fulfilling the duties of citizens with honesty

Governance, Development and Performance (GDP) - Advocates for a more comprehensive and inclusive model of growth and development.

First Develop India (FDI) - Represents the spirit guiding the government in negotiating bilateral investment treaties with foreign partners.

PM ScHools for Rising India (PM SHRI) - A centrally sponsored scheme aiming to establish over 14,500 PM SHRI Schools, creating an inclusive and nurturing learning environment for students.

Rozgardata - Encompasses the entrepreneurial aspirations of Indian youth in the 'Amrit Kaal,' supported by schemes like PM Mudra Yojana, Fund of Funds, Startup India, and Start-Up Credit Guarantee.

Trinity of demography, democracy, and diversity - Supported by 'Sabka Prayas,' this trinity has the potential to fulfill the aspirations of every Indian.

Nano DAP - A nanotechnology-based fertiliser providing nitrogen and phosphorus, contributing to sustainable and smart agriculture.

Lakhpati Didi - A central government scheme offering skill development training to 20 million women in villages, encouraging them to start micro-enterprises.

NaMo Bharat - Refers to Regional Rapid Transit System (RRTS) trains, a new rail-based, semi-high-speed commuter transit system.

Sarvangin, Sarvasparshi, Sarvasamaweshi' (all-around, all-pervasive, and all-inclusive) - Represents the government's approach to development, aiming to cover all castes and people at all levels.

Viksit Bharat (Developed India) - The government's goal is to make India 'Viksit Bharat' or Developed India by 2047, declared as Amrit Kaal or Kartavya Kaal.

Amrit Peedhi (Golden Generation) - Inspired by the 'Amrit Kaal' analogy, the budget aims to empower the youth, referred to as the 'Amrit Peedhi,' to realize their dreams.

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