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India’s real estate sector hopes for a series of reforms and incentives that can drive growth and address longstanding challenges. Expectations range from increased rebates on home loan interest rates, GST rate reductions, single-window clearance systems, reduced property prices, and promoting off-centre locations.
In a pre-budget meeting with Finance Minister Nirmala Sitharaman, the Gems and Jewellery Export Promotion Council said the Indian gems and jewellery industry contributes around 10% to total merchandise exports.
The county’s oil and gas sector seeks supportive regulatory reforms in order to stabilise gas prices by bringing it under the GST, and steps to increase investment opportunities in the exploration of oil in the upcoming Union Budget.
In the upcoming Budget 2024, analysts are expecting a five-year extension of the scheme for pre- and post-shipment rupee export credit, the report cited sources as saying.
Finance Minister Nirmala Sitharaman is likely to present the Union Budget for FY25 on July 23 or 24, sources have told Financial Express.com. However, there is no official statement yet on the date of the presentation of the annual budget.
President Droupadi Murmu said that the Union Budget will be a futuristic document and all reforms will be fast-tracked as she addressed a joint sitting of Parliament on Thursday.
Nirmala Sitharaman on June 21 held the fourth pre-Budget meeting with the representatives from farmer associations and agriculture economists.
The ministry is considering a significant move: lowering income tax rates for individuals earning between Rs.15 lakh and Rs.17 lakh per year. This potential change aims to lighten the financial burden on middle-income earners, leaving them with more cash in hand.
Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chaired the the pre-budget consultations with the Finance Ministers of States and Union Territories (with Legislature) in New Delhi, today.
The government is considering various options to discourage retail participation in the futures and options (F&O) segment. The proposed steps include moving F&O from the head of ‘business income’ to ‘speculative income’ and/or also introducing a tax-deductible-at-source (TDS) in the upcoming Budget, sources in the know said.