On February 1st, 2024, at 11 am in Parliament, Nirmala Sitharaman, the Union Finance Minister, presented the Interim Budget for 2024-25. This is the consecutive 6th budget presentation in a row. The Finance Minister promised Viksit Bharat by 2027.
The Finance Minister has announced that there are no proposals to change the direct tax and indirect tax rates including the import duties. Thus, there will be no change in the income tax slabs and also in the Goods and Services Tax ( GST ).
Also, there is no Change in Tax rates for Company, LLP or any other person. In the 2019-2020 budget, the government has reduced the corporate tax from 30% to 22% for domestic companies. According to the Finance Minister, GST has enabled One Nation One Market One Tax.
The FM stated that “I propose to retain the same tax rates for direct and indirect taxes including import duties”.
During her Union Budget 2024 address, Finance Minister Nirmala Sitharaman expressed gratitude towards income taxpayers, acknowledging the positive impact of the changes introduced in the income tax regime the previous year.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
