This year’s budget introduces significant fiscal policies aimed at driving economic growth and stability. From tax revisions to incentives for MSMEs, here are the major changes you need to know.
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#BudgetWithOneindia #UnionBudget2024 #budget2024, #economy, #financeminister
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00:00Welcome back to a special coverage on the Union Budget 2024. I am Shravani Sinha. And
00:08today we are diving into the major announcements made by the Finance Minister Nirmala Sitharaman
00:14during the budget. This year's budget introduces significant fiscal policies aimed at driving
00:20economic growth and stability from tax revisions to incentives for MSMEs. Here are the 15 major
00:28changes you need to know about.
00:30TDS and TCS announcements. Payments exceeding Rs 20,000 made by firms to their partners
00:37will now attract a TDS of 10%. This move aims to improve tax compliance and ensure equitable
00:45tax distribution. A TCS of 1% will be imposed on notified luxury goods valued over Rs 10
00:54This targets high-value transactions to curb tax evasion and generate additional revenue.
01:00Interest income exceeding Rs 10,000 from FRSDs and other notified securities will be subject
01:07to TDS.
01:08Revised income tax slabs. The new income tax regime introduces significant savings for
01:14taxpayers with revised tax slabs. Income up to Rs 3 lakhs is exempt from tax. Income between
01:21Rs 3-7 lakhs is taxed at 5%. From Rs 7-10 lakhs at 10%, Rs 10-12 lakhs at 15% and income
01:31above Rs 15 lakhs at 30%. These adjustments are expected to result in an average saving
01:38of Rs 17,500 for taxpayers, thereby promoting higher disposable income and boosting consumer
01:45spending.
01:47Short-term and long-term capital gains. Short-term capital gains on certain financial assets
01:53are revised to 20% while long-term capital gains are set at 12.5%. The TDS rate on e-commerce
02:01operators will be reduced from 1% to 0.1%.
02:06Custom duty adjustments on precious metals. Custom duties on gold and silver are reduced
02:12to 6% and on platinum to 6.4%. These reductions aim to make precious metals more affordable.
02:21Custom duty exemptions for renewable energy inputs. Lithium, copper and cobalt are exempted
02:26from custom duty to support renewable energy sector. Custom duties on capital goods used
02:33in solar cell manufacturing and connectors will also be exempted.
02:39The fiscal deficit for FY25 is projected at 4.9% of the total GDP, down from 5.1% announced
02:47in the interim budget. This year, the government aims to reduce the deficit below 4.5% in the
02:53subsequent fiscal year.
02:56Capital expenditure. CAPEX for FY25 is maintained at Rs 11.11 lakh crore or 3.4% of the total
03:04GDP, aligning with the government's strategy to boost infrastructure development and economic
03:11growth.
03:12Enhanced support for MSMEs. A new mechanism will ensure the continuation of bank credit
03:18to MSMEs during stress periods. The Mudra loan limit is increased from Rs 10 lakh to
03:25Rs 20 lakh, providing more financial support to small businesses.
03:31Export hubs. Export hubs will be established in PPP mode and financial support will be
03:38extended to 50 multi-product food irradiation units, enhancing MSMEs' access to international
03:45markets and food safety standards.
03:48Model Skill Loan Scheme. The revised Model Skill Loan Scheme will provide loans of up
03:53to Rs 7.5 lakh with a government guarantee, benefiting 25,000 students annually. E-vouchers
04:01for loans up to Rs 10 lakh for higher education will also be provided, aiding 1 lakh students
04:08with an annual interest subvention of 3%.
04:12Budget allocation and bio-research. A provision of Rs 1.52 lakh crore has been made for the
04:18agricultural sector. Additionally, 10,000 bio-research centres will be established.
04:24Natural farming and Kisan credit cards. Over the next two years, 1 crore farmers will be
04:29supported in adopting natural farming with branding and certification to ensure market
04:36access. New Kisan credit cards will be launched in five states.
04:40Schemes for job creation. Three schemes for employment-linked incentives have been announced.
04:47For the first-timers, new employees in the formal sector will receive a direct benefit
04:52transfer of the month's salary up to Rs 15,000. Job creation will be incentivised through
05:00EPFO-linked schemes, supporting both employees and employers for the first four years.
05:06Employer support. Employers will be reimbursed up to Rs 3,000 per month for two years
05:13for each additional employee benefiting 2.1 lakh youths.
05:17For a detailed breakdown of the Union Budget 2024 and to access the Finance Minister's Speech PDF,
05:24visit GoodReturns.in. Thank you for joining us today. We'll see you next time.