Top Stories

Union Budget 2024: Modi government is considering cutting income tax to boost consumption

Union Finances: After the formation of the brand new authorities, the central authorities is now going to current the final funds. It’s anticipated that Finance Minister Nirmala Sitharaman will current the funds within the third week of July.

Many huge bulletins might be made for the center class on this funds. One in every of these bulletins might be concerning discount in revenue tax.

Prime Minister Narendra Modi's authorities is contemplating measures value greater than Rs 500 billion ($6 billion) to spice up consumption in India's upcoming funds, Bloomberg experiences. This features a tax reduce for low-income people for the primary time in seven years. Finance ministry officers have mentioned proposals to chop taxes for shoppers with the very best spending propensity.

Who will get aid
Allow us to inform you that individuals with revenue between Rs 5 lakh and Rs 15 lakh are taxed on the fee of 5% to twenty%. The federal government may give aid to such folks. Other than this, a brand new tax slab can be fastened. The main points of the scheme are nonetheless being labored on and after approval from the Prime Minister's Workplace, a last choice will likely be taken on it someday across the funds in July. Other than this, the federal government plans to stay to its fiscal deficit goal of 5.1% of GDP for the present monetary 12 months.

Resolution on PM Kisan Samman Nidhi
Other than this, the federal government may also take a call on PM Kisan Samman Nidhi. Talks are happening to extend the annual money fee to small farmers from the present Rs 6,000 to Rs 8,000. Allow us to inform you that the federal government has lately launched the seventeenth installment beneath this scheme. Allow us to inform you that the federal government began the PM Kisan Yojana within the 12 months 2019.

Click Here To Join Our Telegram Channel

In case you have any considerations or complaints concerning this text, please tell us and the article will likely be eliminated quickly. 

Raise A Concern

Show More

Related Articles

Back to top button