Lok Sabha Passes Finance Bill, 2024 on 7th February

Top Stories Lok Sabha Passes Finance Bill, 2024 on 7th February The Finance Minister proposed no change to the existing tax rates, both indirect tax and direct By Navasree A.M – On February 8, 2024 6:08 pm – 2 mins read The Lok Sabha passed the Finance Bill 2024 on 7th February 2024. The Interim-Budget 2024 was presented by the Union Finance Minister Nirmala Sitharaman on 1st February 2024.

No tax changes were proposed this year, however, certain insertions were made to the Goods and Services Tax  (GST) Act, 2017 and other income tax provisions. While presenting the Interim Union Budget for 2024-2025 in Parliament, the Finance Minister announced that the capital expenditure outlay for the next year is being increased by 11.1 per cent to Rs 11,11,111 crore, which would be  3.4 percent of the GDP. She said, this is in the wake of building on the massive tripling of the capital expenditure outlay in the past 4 years resulting in huge multiplier impact on economic growth and employment creation. As per the IMF, India is likely to become the third-largest economy in 2027 (in USD at market exchange rate) and it also estimated that India’s contribution to global growth will rise by 200 basis points in 5 years.

Moreover, various international agencies such as the World Bank, the IMF, OECD and ADB project India to grow between 6.4 per cent, 6.3 per cent, 6.1 per cent and 6.7 per cent, respectively in 2024-25. Also read: Union Budget 2024: Key Highlights of Direct & Indirect Tax Announcements Thetax key Highlights of the Budget are: Tax Exemption of certain Income of some IFSC units is proposed to be extended GST Impact: States Revenue Increased, Benefited Consumers stated the FM. Withdrawal of outstanding direct tax demand for benefit of up to 1 Crore taxpayers: Up to ₹25,000 pertaining up to FY10 Up to ₹10,000 for FY11-FY15 Also read: Union Budget 2024: Key Highlights of Interim Budget Speech The Parliament’s Budget Session recommenced on Tuesday, with the Finance Minister introducing the Finance Bill, 2024 for deliberation and approval in the Lok Sabha on the same day. Concurrently, the Lok Sabha is scheduled to engage in a broader discourse concerning the Interim Union Budget for 2024-25, initially presented on February 1st, marking the second day of the Budget Session.

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