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Interim Budget: Direct, indirect taxes comprise 63 paise of every rupee in govt coffer

The interim Budget 2024-25 documents reveal that 63 paise of every rupee in government revenue will come from direct and indirect taxes, 28 paise from borrowings and other liabilities, 7 paise from non-tax revenue, and 1 paise from non-debt capital receipts. Direct taxes, including corporate and individual income tax, will contribute 36 paise, while indirect taxes such as GST, excise duty, and customs levy will account for 26 paise. The remaining 38 paise will be allocated for interest payments, states share of taxes and duties, defence, central sector schemes, centrally-sponsored schemes, Finance Commission and other transfers, subsidies, pension, and other expenditures. ....

Services Tax , Finance Minister Nirmala Sitharaman , Finance Commission , Budget 2024 , Interim Budget , Interim Budget 2024 , Union Budget , Union Budget 2024 , Budget Tax Measures , Key Budget Announcements ,

Should the basic tax exemption limit be raised in Budget 2024?

Despite being a vote-on-account and most of the changes having come through in 2023, individual taxpayers could expect some concessions in this election-year Budget. However, any changes would be limited to the new tax regime, as the government seems determined to look past the old one ....

Bhavesh Shah , Chirag Chauhan , Pankaj Mathpal , National Democratic Alliance , Hasmukh Shah Co , Senior Partner , Hasmukh Shah , Money Managers , Budget 2024 , Budget 2023 , Budget Announcements , Budget Tax Measures ,