Budget 2024: No changes in tax rates for direct, indirect taxes, says Sitharaman

Union Finance Minister Nirmala Sitharaman on Thursday said that there would be no changes in tax rates for direct and indirect taxes including import duties reported news agency PTII propose to retain the same tax rates for direct and indirect taxes including import duties Nirmala Sitharaman said in her Budget 2024 speechShe also said the number of tax filers has swollen 24 times and the direct tax collection has trebled since 2014The processing time of tax returns has been reduced from 93 days in FY14 to 10 days and refunds have been made faster she addedThe government continues to be on the path of fiscal consolidation to reduce fiscal deficit to 45 per cent in 202526Sitharaman added that the tax base of Goods and Services Tax GST has more than doubled since FY14The fiscal deficit for 202425 is estimated at 51 per cent of GDP against 58 per cent in the current financial year Finance Minister Nirmala Sitharaman said reported ANIPresenting the interim Budget 2024 Sitharaman said tax receipts for 202425 projected is projected at Rs 2602 lakh croreShe informed that the fiscal deficit in FY24 is expected at 58 per cent of GDP down from 59 per cent estimated earlierThe Union governments fiscal deficit touched Rs 982 lakh crore or 55 per cent of the annual Budget target at Decemberend 2023 In the corresponding period last year the deficit was 598 per cent of the budget estimates for 202223 reported ANISitharaman also said 50year interestfree loans of Rs 75000 crore to be extended to states to realise the dream of a developed India and added that every challenge of pre2014 was overcome through our economic managementThe Indian economy under Prime Minister Narendra Modi has witnessed a profound transformation in the last 10 years when the government took several propeople reforms that were structural said the Finance Minister Nirmala Sitharaman in her initial remarksIn 2014 the country was facing enormous challenges the government overcame those challenges and undertook structural reforms propeople reforms were undertaken conditions for jobs and entrepreneurship were set in fruits of development started reaching people at scale country got a sense of new purpose and hope Sitharaman saidIn second term the government strengthened its mantra and our development philosophy covered all elements of inclusivity namely social and geographical With a whole of nation approach the country overcame challenges of the COVID19 pandemic took long strides towards Aatma Nirbhar Bharat and laid solid foundations for Amrit Kaal she addedShe said her government is working towards development which is all round all inclusive and all pervasive covering all castes and people at all levels We are working towards making India a Viksit Bharat by 2047The interim budget will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls after which a full budget will be presented by the new government in JulyWith inputs from PTI and ANI