USISPF hosts interaction on Union Budget with Finance Secy, Chief Economic Advisor
Aug 07, 2024
New Delhi [India], August 7 : The US-India Strategic Partnership Forum (USISPF) hosted an exclusive interaction on the Union Budget 2024-2025 in the national capital with Finance Secretary, TV Somanathan and Chief Economic Advisor, V Anantha Nageswaran on Wednesday.
The discussion provided USISPF members and leading corporations in the US-India corridor with in-depth perspectives on the Union Budget and India's economic trajectory and fiscal policies, according to an official release.
The Finance Secretary and Chief Economic Advisor delved into key budget highlights of the budget.
This included significant allocations for infrastructure development, measures to boost digital innovation, initiatives to strengthen financial inclusion and ease-of-doing measures for foreign investors.
This high-level discussion offered valuable insights into the government's vision for India's economic growth and development. It was attended by leading corporations and officials from the US Embassy in India.
The Finance Bill 2024 was passed by Lok Sabha on Wednesday evening with a few amendments moved by the government.
This is the first full budget of the NDA government led by PM Modi. The BJP-led alliance won a third successive term earlier this year. The Lok Sabha took up discussion on the Finance Bill after the Appropriation Bill for the central government's expenditure for 2024-25 was passed by the House on Monday.
Replying to the debate, Finance Minister Nirmala Sitharman said the approach of the government has been to bring greater simplification of tax laws and procedures and enable growth and employment in the country. She responded to points made by members.
To give relief on budget proposals, Sitharaman also moved an amendment in the Finance Bill on the changes in the capital gains tax on property transactions.
The amendment implies that taxpayers can avail either a lower tax of 12.5 per cent without indexation or a rate of 20 per cent with indexation, if the property is acquired prior to July 23, 2024, the day union budget was presented in the Lok Sabha.
Sitharaman said the New Income Tax Regime is simpler and offers lower income tax rates for individuals.
For the previous Assessment Year 2023-24 till December 31, 2023, about 3.8 per cent of taxpayers opted for the New Tax Regime, which equates to 30.93 lakh individuals from a total of 7.98 crore ITRs filed in the categories of ITR-1 to ITR-4, she said.
The Finance Bill will now be discussed by Rajya Sabha. The passage of bill will complete the budget process.
