Union Budget 2024: Key Highlights of Direct & Indirect Tax Announcements

The Union Finance Minister Nirmala Sitharaman has presented the Interim Union Budget 2023. Know the Key Tax Highlights of the Budget Speech Here
Union Budget 2024 - Budget 2024 - Indirect tax - Nirmala Sitharaman - Interim Budget 2024 - Income Tax - taxscan

Union Finance Minister Nirmala Sitharaman has presented the Interim Budget 2024, highlighted to be focused on Social Inclusivity and Geographical Inclusivity that extends the humane and inclusive approach of the Government.

Reform, perform and transform continue to be the financial motto of the Government. The last budget of the Second Narendra Modi government aims to focus on “Garib, Mahilayen, Yuva and Annadata”, prioritizing their needs and aspirations.

Track live updates here: https://www.taxscan.in/budget-2024-live-updates/370262/?s=08

The Key Direct- Income Tax and Indirect – Goods and Services Tax [ GST ], Customs and Central Excise, VAT and CST Highlights of the Interim Budget 2024 include:

Budget 2024 proposes to retain the same tax rates for direct and indirect taxes including import duties, stated Nirmala Sitharaman, the Union Finance Minister.

Tax Exemption of certain Income of some IFSC units is proposed to be extended.

GST Impact: States Revenue Increased, Benefited Consumers stated the FM.

Withdrawal of outstanding direct tax demand for benefit of upto 1 Crore taxpayers: –

  • Up to ₹25,000 pertaining up to FY10
  • Up to ₹10,000 for FY11-FY15

However, there will be No Changes in Income Tax Rates, Slabs, stated FM Nirmala Sitharaman.

As expected, the budget speech has not given a surprising end to the Fiscal Policy in the last.

Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates