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As part of pre-budget deliberation, industry representative bodies met Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on Wednesday in the national capital. During the meeting, industry representatives demanded the restructuring of GST tax, lowering of tax, and increased capital expenditure.
Union minister for finance & corporate affairs, Nirmala Sitharaman, on Wednesday, chaired the first pre-budget consultation with India’s leading economists.
Rajasthan GST Practitioners Association (RGPA) made representation to the Finance Minster vide its Letter Ref:- RGPA/001 dated 19.06.2024 highlighting the issues faced by the taxpayers and seeking relief from the Finance Minister.
The Centre is looking to increase the income limit for individuals before any tax is levied to Rs 5 lakh from Rs 3 lakh currently in the upcoming budget likely to be presented mid-July, one of the officials said. This will be applicable only to those filing returns under the new tax regime and is aimed at leaving more disposable income in the hands of individuals, particularly those in the lower earning bracket.
The Centre is reportedly looking at rationalising the current income tax structure, especially for lower income levels, to boost consumption.
The government is reportedly considering reforms to the current income tax structure, particularly targeting lower income levels, to boost consumption, reported The Indian Express.
Finance Minister Nirmala Sitharaman will most likely present the Union Budget for the 2024-25 fiscal year in the last week of July, reported PTI.
Department of Revenue, Tax Research Unit requested Trade and Industry Associations vide letter reference dated 12.06.2024 to provide their suggestions and views for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justification for the same for upcoming Union Budget 2024-25.
The government is racking its brains for options to relax the 45-day payment rule to MSMEs that has come into effect from April 1, 2023, as the rule may disrupt business practices due to its severity and lack of clarity. In order to provide relief to businesses the government is mulling diluting the rule in the Union Budget after the elections.
Chartered accountants’ apex body ICAI has proposed separate deduction of expenses related to education of a girl child in the tax regime as well as tax incentives for entities engaged in green projects and skill development activities. The Institute of Chartered Accountants of India (ICAI) has submitted its Pre-Memorandum 2024 to the Central Board of Direct Taxes (CBDT). The full budget for the current financial year 2024-25 will be presented by the new government.