TaxTMI 
TaxTMI 
KEY FEATURES OF BUDGET 2024-2025
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....EY FEATURES OF BUDGET 2024-2025 <br>Budget<br>Dated:- 1-2-2024<br><BR>============= Document 1 सतà¥à¤¯à¤®à¥‡à¤µ जयते GOVERNMENT OF INDIA Key Features of Budget 2024-2025 February, 2024 MINISTRY OF FINANCE BUDGET DIVISION Viksit Bharat by 2047 Vision: Prosperous Bharat in harmony with nature, modern infrastructure and opportunities for all Development Mantra Sabka Saath, Sabka Vikas Comprehensive development of all Sabka Saath, Sabka Vikas, Sabka Vishwas Trinity of demography, democracy and diversity, backed by 'Sabka Prayas' Developed India @ 2047 1 People-Centric Inclusive Development Substantive development of all forms of infrastructure-Physical, Digital and Soci....
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....al 8888 [m] Digital Public Infrastructure (DPI)-Promoted formalisation and financial inclusion Deepening and widening of tax base via GST Strengthened financial sector brought savings, credit and Investment back on track GIFT IFSC- A robust gateway for global capital and financial services for the economy Rs. Proactive Inflation management All parts of country becoming active participants in economic growth India and World Dollar GDP growth Per cent 20 India Dollar GDP growth 15 10 5 0 -5 -10 World Dollar GDP growth ⠀ ⠀ ⠀⠀ ⠀ @ 2 2 2 2 2 2 2 2 2 Focus Areas (1/2) Garib Kalyan, Desh ka Kalyan DBT has led to savings of Rs.2.7 lakh crore 55.3 Decline in Headcount Ratio 25 crore peo....
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....ple moved out of Multi- dimensional poverty Credit assistance to 78 lakh street vendors under PM-SVANidhi Percentage of Population who are Multidimensionally poor 29.2 24.9 15 11.3 2005-06 2013-14* 2015-16 2019-21 2022-23* * Projections Empowering the Youth 1.4 crore youth trained under Skill India Mission Fostering entrepreneurial aspirations of Youth-43 crore loans sanctioned under PM Mudra Yojana BB * Crore Hv AA AA Increase in PM-SHRI Budget Allocation 4000 6050 IIT 23 16 7 2023-24 (BE) 2024-25 (BE) AIIMS 22 723 Universities 1113 2014 2023 2014 2022 2014 2023 3 Focus Areas (2/2) Welfare of Farmers-Annadata Direct financial assistance to 11.8 crore farmers under PM-KISAN Crop Insurance to ....
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....4 crore farmers under PM Fasal Bima Yojana Integration 1,361 mandis under e- NAM, supporting trading volume of 3 lakh crore Nari Shakti Lakh Metric Tonne www Increasing Procurement of Wheat and Rice Rice 30 29 28 2020-21 2021-22 2022-23 2023-24 38 390 2020-21 2021-22 2022-23 30 crore Mudra Yojana loans disbursed to women entrepreneurs Increased female enrolment in higher education by 28 per cent in 10 years 43 per cent of female enrolment in STEM courses 1 crore women assisted by 83 lakh SHGs to become Lakhpati Didis Per cent Rise in Female Labour Force Participation Rate 23.3 37.0 2017-18 2022-23 4 Wheat 433 2023-24 262 Strategy for Amrit Kaal (1/5) Sustainable Development Commitment to meet â€....
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....˜Net Zero' by 2070 Viability gap funding for wind energy Setting up of coal gasification and liquefaction capacity Phased mandatory blending of CNG, PNG and compressed biogas Financial assistance for procurement of biomass aggregation machinery Rooftop solarization-1 crore households will be enabled to obtain up to 300 units of free electricity per month • Adoption of e-buses for public transport network • Strengthening e-vehicle ecosystem by supporting manufacturing and charging New scheme of biomanufacturing and bio-foundry to be launched to support environment friendly alternatives Per cent increase in Non-Fossil Fuel % of Non-Fossil fuel installed electricity capacity installed electricity capacity 30.4 ....
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.... 32.3 43.9 2004 2014 Nov-23 • イイイ S ✓ H2 >10 crore LPG connections released under PMUY 36.9 crore LED bulbs, 72.2 lakh LED Tube lights, and 23.6 lakh Energy efficient fans distributed under UJALA 1.3 crore LED Street Lights installed under SNLP 5 Strategy for Amrit Kaal (2/5) Infrastructure and Investment Implementation of 3 major railway corridor programmes under PM Gati Shakti-to improve logistics efficiency and reduce cost Promotion of foreign investment via bilateral investment treaties to be negotiated Expansion airports and of existing airports comprehensive development of new airports under UDAN scheme Promotion of urban transformation via Metro rail and NaMo Bharat Incr....
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....ease in Capital Expenditure Doubling of FDI Inflow Rs. Lakh Crore 12 3 Capital Expenditure Capex as % of GDP 4 0 0 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 97991 144634 1 Capex as % of GDP USD Billion 298 596 (BE) (BE) 2005-14 2014-23 Improvement in Physical Infrastructure 720 581.3 22224 50394 FY15 FY22 National highways (Km) FY15 Cargo traffic at major ports (Mn tonnes) FY22 FY15 FY22 Electrified rail route (km) 74 25 16 149 FY22 FY15 FY15 FY22 Aircraft movement (Mn Number of Airports tonnes) 6 Strategy for Amrit Kaal (3/5) Inclusive Development (1/2) Aspirational District Programme to assist States in faster development, including employment generation Inclusive Development in Aspiratio....
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....nal Districts (112) % of Women registered for Anti-Natal Care within First Trimester 89 Number of enrolments under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) per lakh population 13195 Per cent 68 2018 Oct-23 Number 1737 2018 Oct-23 Health Encourage Cervical Cancer Vaccination for girls (9-14 years) Saksham Anganwadi and Poshan 2.0 to be expedited for improved nutrition delivery, early childhood care and development U-WIN platform for immunisation efforts of Mission Indradhanush to be rolled out Health cover under Ayushman Bharat scheme to be extended to all ASHA, Angawadi workers and helpers 7 Pradhan Strategy for Amrit Kaal (4/5) Inclusive Development (2/2) Housing Mantri Awas Yojana (Grameen) close ....
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....to achieving target of 3 crore houses, additional 2 crore targeted for next 5 years Housing for Middle Class scheme to be launched to promote middle class to buy/built their own houses * Crore Increased allocation for PMAY 80671 79590 2023-24 (BE) 2024-25 (BE) Tourism States will be encouraged to undertake development of iconic tourist centres to attract business and promote opportunities for local entrepreneurship G20 2023 INDIA G20 meetings in 60 places presented diversity of India to global audience Long-term interest free loans to be provided to States to encourage development Projects for port connectivity, tourism infrastructure, and amenities will be taken up in islands, Lakshadweep including 8 Str....
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....ategy for Amrit Kaal (5/5) Agriculture and Food Processing Government will promote private and public investment in post-harvest activities Application of Nano-DAP to be expanded in all agro-climatic zones Atmanirbhar Oilseeds Abhiyaan-Strategy to be formulated to achieve atmanirbharta for oilseeds Comprehensive programme for dairy development to be formulated Implementation of Pradhan Mantri Matsaya Sampada Yojana to be stepped up to enhance aquaculture productivity, double exports and generate more employment opportunities 5 Integrated Aquaparks to be set up Increased allocation for Blue Revolution 2352 Increased allocation for PM- Formalisation of Micro Food Processing Enterprises scheme 880 Rs. Crore 2025 Rs. Cror....
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....e 639 2023-24 (BE) 2024-25 2023-24 (BE) (BE) 2024-25 (BE) 9 1.8 1.5 * Lakh Crore i 60 0.9 0.6 Gross NPAs a % of Gross Advances FY14 Per cent of GDP Resilient Performance of the Indian Economy 2.5 Declining CAD as % of GDP Declining Unemployment Rate 2.0 1.5 10 1.0 0.5 00 0.0 FY17 * â € â € â € â € â € ₤ â € â € â € Declining GNPAs as % of Gross Advances 4.3 11.2 9.3 9.1 8.2 7.5 7.3 5.8 H1: FY24 Ñлоло Per cent 6.1 5.8 4.8 4.2 4.1 3.2 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 16000 12000 8000 3.2 4000 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 Sep-23 Rise in average monthly gross GST collections 1.0 1.0 0.9 0.9 1.2 ....
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.... 9.4 1.7 1.5 Per cent 0 Rising volume of Digital Transactions FY18 FY19 FY20 FY21 FY22 FY23 FY24 Fall in Headline Inflation 5.8 4.9 4.5 3.6 3.4 4.8 6.2 6.7 5.5 5.5 10 Achievements of Taxation Reforms Direct Tax Collections more than trebled in last 10 years Number of return filers swelled to 2.4 times Faster refunds: Reduction in average processing time of returns from 93 days (2013-14) to 10 days (2023-24) Average GST monthly Gross collections doubled to 1.66 lakh crore in FY24 Increase in tax buoyancy of State revenue from 0.72 (2012-16) to 1.22 in the post-GST period (2017-23) Benefit to consumers: Reduction in logistics cost and prices of most goods and services Positive sentiment about GST 94% ind....
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....ustry leasers view transition to GST as largely positive 80% of respondents feel GST has led to supply-chain optimisation (As per a survey conducted by a leading consulting firm) Decline in import release time since 2019 by: - • 47 per cent at Inland Container Depots ◠28 per cent at Air Cargo complexes 27 per cent at Sea Ports 11 Tax Proposals Continuity in taxation: Certain tax benefits to Start-ups and investments made by sovereign wealth funds/pension funds, tax exemption of some IFSC units earlier expiring on 31.03.2024 extended up to 31.03.2025 Withdrawal of outstanding direct tax demand: - Up to 25,000 pertaining up to FY10 • Up to 10,000 for FY11-FY15 Expected to benefit approx. 1 crore taxpayer....
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....s SA Retention of same tax rates: - • For direct and indirect taxes, including import duties For Corporate Taxes-22% for existing domestic companies, 15% for certain new manufacturing companies No tax liability for taxpayers with income up to *7 lakh under the new tax regime [::: Rs..) * TAX % 12 Union Excise Duties (5%) Rupee Comes From Income Tax (19%) Corporation tax (17%) Borrowing and Other Liabilities (28%) Non-Tax Receipts (7%) Non-Debt Capital Receipts (1%) Customs (4%) GST and other taxes (18%) Rupee Goes To Pensions (4%) Other Expenditure (9%) States' share of Taxes and Duties (20%) Finance Commission and other transfers (8%) LITLE Prib xx WYNE 20 41 EXT H✓ Interest Payme....
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....nts (20%) Central Sector Schemes (16%) Defence (8%) Centrally Sponsored Schemes (8%) Subsidies (6%) 13 Allocation for Specific Ministries Ministry of Defence in Lakh Crore 6.2 Ministry of Road Transport and Highways 2.78 Ministry of Railways 2.55 Ministry of Consumer Affairs, 2.13 Food & Public Distribution Ministry of Home Affairs 2.03 Ministry of Rural 1.77 Development Ministry of Chemicals and 1.68 Fertilizers Ministry of Communications 1.37 Ministry of Agriculture 1.27 and Farmer's Welfare 14 4,645 Allocation to Major Schemes (in crore) Mahatma Gandhi National Rural Employment Guarantee Scheme Ayushman Bharat-PMJAY 60,000 2023-24(BE) 86,000 7200 + 2024-25(BE) 2023-24(BE) Production Linked ....
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....Incentive Scheme 7500 2024-25(BE) Modified Programme for Development of Semi- conductors and display manufacturing ecosystem 000 2023-24(BE) Solar Power (Grid) 4,970 イイイ 2023-24(BE) 8,500 6,200 3,000 2024-25(BE) 2023-24(BE) 2024-25(BE) National Green Hydrogen Mission 297 Ha 2024-25(BE) 2023-24(BE) 2024-25(BE 15 600 6,903 *Lakh Crore 37 36 *Lakh Crore 55 35 30 25 25 20 15 10 5 Receipts and Expenditure Revenue Receipts 30.0 27.0 26.3 23.8 Lakh Crore 17 19 18 18.1 Capital Receipts 18.7 17.9 17.6 0 16 2022-23 (Actuals) 2023-24 (BE) 2023-24 (RE) 2024-25 (BE) 2022-23 (Actuals) 2023-24 (BE) 2023-24 2024-25 (RE) (BE) 35 34.5 34 4 Revenue Expenditure 35....
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.....0 35.4 16 36.5 *Lakh Crore 4 Effective Capital Expenditure 12 10.5 8 13.7 12.7 33 2022-23 2023-24 (Actuals) (BE) 2023-24 2024-25 2022-23 2023-24 (RE) (BE) (Actuals) (BE) 2023-24 (RE) 2024-25 (BE) 15.0 16<BR> News - Press release - PIB....