In this year's Union Budget, the Indian jewellery industry sought a reduction in gold import duty, along with a 0.5% concession on imports through the India International Bullion Exchange. Additionally, the industry requested permission to export through IIBX and for all gold imports to be exclusively channelled through this exchange.
2024 Budget: The FM announced that DPI apps will be developed for credit, e-commerce, education, health, law, MSME service delivery, and urban governance.
Income tax relief in Budget 2024: Budget standard deduction on income tax increased to Rs 75,000. New income tax slabs announced during Budget 2024 by Nirmala Sitharaman.
The FY 2025 Budget cuts duties on mobile phones, PCBs, and chargers to 15%, reducing Pro model Apple iPhone prices. Exemptions for critical minerals aid domestic manufacturing. Finance Minister hails growth. ICEA Chairman praises. Oxygen-free copper duties cut; resistors supported. Tariff structures reviewed in 6 months. High-tech electronics benefit. Mobile exports up 100-fold. Import duties also rationalized.
Budget 2024: Time limit for reassessment is proposed to be reduced from ten years to five years. It is also proposed to withhold refund up to sixty days of assessment under section 245 and to rationalise time limit to file appeal to ITAT under section 253," said Finance Minister Nirmala Sitharaman in the Budget speech 2024.
Bihar CM Nitish Kumar cryptically addressed the Centre's refusal to grant special status, noting BJP's reliance post-Lok Sabha polls. JD(U) demanded a special package at their national meeting with Modi's government, but opposition leaders like Lalu Prasad demanded Kumar's resignation. 'Sab kuchh dhire dhire jaan jaaiyega,' Kumar said, dodging details in the Bihar Assembly with a vague smile.
A mechanism to spur private sector-driven research and innovation at commercial scale will also be set up with a financing pool of Rs 1 lakh crore, Union Finance Minister Nirmala Sitharaman said during her budget speech. Sitharaman said a venture capital fund of Rs 1,000 crore will be set up expanding the space economy by five times in the next 10 years.
The Janata Dal (United) praised the Union Budget for allocating over Rs 26,000 crore for highways and Rs 11,500 crore for flood mitigation in Bihar. Other Bihar-specific announcements made by Finance Minister Sitharaman include two new bridges over the Ganga river, a new airport, a medical college, and development plans for Nalanda University and tourist spots. The budget also includes three new expressways, focus on sports infrastructure, and support for Bihar's loan request from multi-lateral institutions.
Senior Congress leader P Chidambaram took a dig at Finance Minister Nirmala Sitharaman for incorporating elements of the Congress 2024 manifesto in the Union Budget 2024-25. He highlighted the adoption of Employment-linked incentive and Apprenticeship scheme. Chidambaram expressed satisfaction over the Finance Minister's decision to abolish the Angel Tax, a demand long advocated by the Congress. He also hinted at potential missed opportunities in the Budget.
Union Budget 2024-25: Finance Minister Nirmala Sitharaman on Tuesday proposed reducing import duties on gold and silver to 6 percent from the previous 15 percent while announcing the Union Budget 2024-25. The reduction aims to boost retail demand and tackle smuggling in India, the world’s second-largest consumer of bullion.
A total of 22,381 shares changed hands on the counter till 12:58PM (IST).
Finance Minister Nirmala Sitharaman has proposed a 5% increase in the basic customs duty (BCD) of printed circuit board assembly (PCBA) to 15% in Budget 2024-25, aiming to boost local manufacturing of telecom network gear and make imports costlier. This move is expected to increase local PCBA production, reducing the final price of telecom network equipment, according to industry experts. Some feel the proposed 15% BCD increase is insufficient, as domestic telecom gear makers were hoping for a higher percentage to ensure a level playing field.
The 2024-25 Union Budget announced support for 800 MW coal-based power plants using Advanced Ultra Supercritical (AUSC) technology. Finance Minister Nirmala Sitharaman stated that indigenous AUSC technology is ready, with NTPC and BHEL collaborating. The government will offer viability gap funding to ensure tariffs remain competitive, boosting efficiency and reducing emissions.
A total of 635,117 shares changed hands on the counter till 12:53PM (IST)
Shares of MapmyIndia currently trade 9.28% higher at Rs 2,470, while that of Genesys International Co-operation are up about 7.28% at Rs 682 on the NSE.
In an effort to deter retail traders from speculating household savings in derivatives, termed as "gambling" in the Economic Survey, the Finance Minister announced an increase in securities transaction tax (STT) for the futures and options (F&O) segment during the Budget presentation on Tuesday. The revised STT rates now stand at 0.02% for futures and 0.1% for options.
A total of 25,770 shares changed hands on the counter till 12:48PM (IST).
National Pension Scheme (NPS): NPS contribution limit for employer in private sector raised from 10% to 14% of the employee’s basic salary. For both private and public sector bank employees the deduction limit has been raised from 10% to 14%. All these benefits are available on the new tax regime only.
Finance Minister Nirmala Sitharaman's 7th Union Budget highlights a Rs 4.56 lakh crore allocation for defence in FY25, slightly lower than the Rs 6.22 lakh crore announced in the Interim Budget. Key focuses include employment and the middle class, with Rs 2 trillion allocated for job creation over five years. Capital expenditure for defence stands at Rs 1.72 trillion. India's defence production hit a record Rs 1.27 lakh crore in 2023-24, reflecting efforts to boost domestic manufacturing. Plans include... Читать дальше...
The 2024 budget has increased the securities transaction tax (STT) on Futures & Options (F&O) of securities to 0.02 percent and 0.1percent respectively.
Public investment in digital infrastructure and innovations by the private sector has helped in improving access of all citizens, particularly the common people to market resources, health, and education, she said.
The Congress criticizes the government for acknowledging the national unemployment crisis but finds fault with the budget speech. The Finance Minister's internship scheme and special support for Amravati draw scrutiny. Concerns raised over delayed Census and lack of data release. Political tensions persist over Andhra Pradesh's special category status.
