Union Budget 2024–25 builds on the vision set out in the previous budgets and provides a blueprint for steering the economy towards a sustained high-growth trajectory. The Union Minister of Finance and Corporate Affairs Ms. Nirmala Sitharaman presented the Union Budget 2024-25 in the Parliament on July 23, 2024.
Key Highlights:
Priority 1: Productivity and Resilience in Agriculture
Priority 2: Employment & Skilling
Priority 3: Inclusive Human Resource Development and Social Justice
Priority 4: Manufacturing & Services
Priority 5: Urban Development
Priority 6: Energy Security
Priority 7: Infrastructure
Priority 8: Innovation, Research & Development
Priority 9: Next Generation Reforms
INDIRECT TAXES
Proposals for customs duties were designed to support domestic manufacturing, deepen local value addition, promote export competitiveness, and simplify taxation, while prioritising the interests of the general public and consumers.
Sector-specific customs duty proposals
Medicines and medical equipment
Mobile phone and related parts
Critical minerals
Solar energy
Marine products
Leather and textiles
Precious metals
Other metals
Electronics
Chemicals and petrochemicals
Plastics
Telecommunication equipment
Trade facilitation
DIRECT TAXES
Rates under the new tax regime
Tax Slab for FY 2023-24 |
Tax Rate |
Tax Slab for FY 2024-25 |
Tax Rate |
Upto Rs. 3 lakh |
Nil |
Upto Rs.3 lakh |
Nil |
Rs.3 lakh - Rs.6 lakh |
5% |
Rs.3 lakh - Rs.7 lakh |
5% |
Rs.6 lakh - Rs.9 lakh |
10% |
Rs.7 lakh - Rs.10 lakh |
10% |
Rs.9 lakh - Rs.12 lakh |
15% |
Rs.10 lakh - Rs.12 lakh |
15% |
Rs.12 lakh - Rs.15 lakh |
20% |
Rs.12 lakh - Rs.15 lakh |
20% |
More than 15 lakh |
30% |
More than 15 lakh |
30% |
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