Business News›Budget 2024
More From Budget Headlines
Budget and Markets
Boost to entrepreneurship, bid to curb speculation a hard balance
Union Budget 2024: How has tax structure for mutual funds changed?
Capital gains intact, so what if they’re taxed a bit higher?
F&O STT hike in Union Budget: Much ado about nothing?
Look beyond capital gains tax! Brokerages scream buy on over 50 ideas post Budget 2024
Sectors In Focus
Auto
Passenger, commercial vehicle registrations fall in August as floods, rainfall disrupt sales
Double-whammy for India's car dealers: Rising inventory and increasing demand for discounts
Automobile sales declines 7.01 pc in August, above normal monsoon attributed to poor performance: FADA
Two-wheeler makers should provide helmets to vehicle buyers at a discount: Nitin Gadkari
Maruti, Toyota may have a reason to worry: 48% GST on hybrid cars, 5% on EVs to continue
Tech
BigBasket B2C unit posts 6% growth in FY24 revenue, cuts losses by 17%
Illicit betting, gaming apps laundering money via kirana stores, finds ED
A backpacker hostel chain, The Hosteller raises $4 million from V3 Ventures, others
Karnataka told to investigate delay in fresher onboarding at Infosys
Nykaa sues former executive Asthana who now heads Tata Cliq
Transportation
Centre notifies Galathea Bay as a 'Major Port'
Adani sets up unit as co sticks to runway of operating airport in Kenya despite protests
Civil Aviation Minister eyes 10-year extension for RCS-UDAN scheme
Aircraft engine part found outside Delhi airport; DGCA orders probe
Go First insolvency case: NCLT asks promoters to file reply on liquidation in 3 weeks
Banking
Digital payments in India to grow threefold from 159 bn in FY24 to 481 bn by FY29: PwC
Hindujas' acquisition of RCap hits tax dues hurdle
A bigger share of bank deposits comes at higher rates now
World Bank’s advice to India to reconsider RCEP stance flawed: GTRI
Satin Creditcare Network raises Rs 120 cr in a securitization deal with HSBC India
Healthcare
Need to strike fine balance between making hospitals secure and accessible: AIIMS-Delhi director
Potential outbreak-causing dangerous viruses found in China’s fur animals
EQT set to acquire BPO GeBBS from ChrysCapital
Govt mulls over new category for advanced coronary stents, price ceiling increase to attract manufacturers
No link between mobile phones and brain cancer, WHO-backed study says
MSME
Budget 2024: Industry leaders weigh in on India's path to growth and innovation
Budget 2024: No changes in RoDTEP, drawback schemes or 45-day payment rule a miss for MSME exporters, says industry
Budget 2024: Which MSME schemes got more money and which ones have lost out
Budget 2024: Focus on small businesses, a mixed bag for many
Budget 2024: Govt says Rs 100 cr credit cover scheme for MSMEs not a subsidy, stakeholders call for greater clarity
- RBI's autonomy, Inflation 'injury' to copying Cong Manifesto: Chidambaram on Budget; Top quotesRBI's autonomy, Inflation 'injury' to copying Cong Manifesto: Chidambaram on Budget; Top quotes
09:59
Budget 2024: From tax slab changes to jobs creation, top 10 highlights from FM Sitharaman speech12:18
Budget 2024: Income tax slabs to standard deduction to NPS, what changed for salaried individuals08:12
Budget 2024, a bonanza for Bihar; from tourism corridor to infra push, Nitish gets special treatment05:29
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Budget Basics
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What goes into the making of the Union budget? Here's a step-by-step breakdown
What is the budget gap? How does the government fill it?
What do the big numbers in the Budget actually mean?
Where does government get all the money it needs?
What exactly are the govt's priorities in a budget?
All the budget jargon simplified just for you
How to get past the long Budget speeches and get to the point
Confused about the calculations? This is how the budget math works
Your complete guide to what each budget document holds
Details on Budget 2024
Union Budget 2024
Finance minister Nirmala Sitharaman presented the Union Budget 2024, her seventh, on July 23, bringing a host of measures for a number of sectors. Budget 2024 marked out nine specific priority areas --- Productivity and resilience in Agriculture, Employment and skilling, Inclusive HRD and social justice, manufacturing & services, Urban development, Energy security, Infra, Innovation, R&D and Next-generation reforms.
Key Budget Takeaways: Nirmala Sitharaman's key announcements and what they mean for you
Budget 2024 Decoded: Your 2 minute guide to become a budget pro
Budget 2024 specifics
Presenting the budget, FM Sitharaman said there was a need to focus on the four sections of people -- garib, mahilaye, yuva and annadata.
Income Tax changes
Changes in the new tax regime were announced in the Budget, as per which the tax structure stands to be revised in the new financial year. This new rate structure is as follows: 0-3 lakh Zero; 3-7L 5%; 7-10L 10%; 10-12L 15%; 12-15L 20%; 15 & above, 30%.
Salaried employee in new tax regime will save up to Rs 17,500 in income tax, the Finance minister said.
New income tax slabs announced in new tax regime in Budget 2024
Financial markets
It was announced that long-term capital gains on all financial and non-financial assets will attract a tax rate of 12.5%. Additionally, the limit of exemption for capital gains will be set at Rs 1.25 lakh per year.
The Finance Minister announced an increase in the Securities Transaction Tax (STT) on Futures and Options. The STT on futures will rise from 0.0125% to 0.02%, while the STT on options will increase from 0.0625% to 0.10%.
Also, the 20% TDS on repurchase by MF or UTI was proposed to be withdrawn.
The new moves are basically these:
Macro Economy
The fiscal deficit for the year is estimated at 4.9% of GDP, Sitharaman's Budget revealed.
The government will try and maintain strong fiscal support for infrastructure, it was announced. This year, Rs 11.11 lakh crore has been allocated for capital expenditure, which amounts to 3.4% of India's GDP.
Due to an increase in tax revenue, the government reduced its projected borrowings for the current fiscal year to 14.01 lakh crore. To achieve its desired budget deficit, the government must issue dated securities in order to borrow money.
Big jobs boost
Increasing the participation of women in the workforce will be a priority, the Budget announced. This will be facilitated by setting up hostels and creating partnerships to organise women-specific skilling programs.
Job creation in the manufacturing sector will be incentivised through a scheme linked to the employment of first-time employees. This scheme will provide incentives to both employees and employers concerning EPFO contributions for the first four years of employment.
It will benefit 30 lakh youth and cover additional employment in all sectors. The government will reimburse employers up to Rs 3,000 per month for two years towards EPFO contributions for each additional employee.
This initiative aims to incentivise the additional employment of 50 lakh people.
Jobs and skilling
The Finance Minister announced employment-linked skilling through schemes as part of the PM's package. These schemes will be based on enrolment in the EPFO, focusing on recognizing first-time employees.
First-timers will receive one month's wage upon entering the workforce in all formal sectors. A direct benefit transfer (DBT) of one month's salary, up to Rs 15,000, will be provided in three instalments.
The eligibility limit for this benefit will be a salary of Rs 1 lakh per month, and it is expected to benefit 2.1 lakh youths.
A PM Package of 5 schemes will be announced to facilitate employment and skilling at an outlay of Rs 2 lakh crore.
Changes in customs duty
India, the second-largest consumer of bullion in the world, cut import levies on gold and silver from 15% to 6%. Industry officials say this could increase retail demand and assist reduce smuggling. Increased Indian demand for gold could drive up world prices, which broke records this year, but it could also increase India's trade deficit and weaken the rupee.
Providing significant relief to cancer patients, Nirmala Sitharaman waived customs duties on three cancer medications. Osimertinib, Durvalumab, and Trastuzumab Deruxtecan are the three medications.
Customs duties on 25 critical minerals for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics will be made fully exempt and reduce BCD on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors.
Real estate
Under the PM Awas Yojana, Urban 2.0, the housing needs of the urban poor and middle class will be addressed with an investment of Rs 10 lakh crore.
A Rs 2.2 lakh crore push to make housing more affordable was announced.
States charging high stamp duty will be encouraged to moderate their rates for all, it was announced in the Budget.
Additionally, further reductions in duties for properties purchased by women will be considered.
These measures will also be incorporated as essential components of urban development schemes, the FM said.
Property sale rule rejig
The indexation bonus that was offered on property sales was announced to be eliminated in the 2024 budget. Many property sellers will consequently be unable to increase their acquisition price and lower their capital gains.
Before the announcement, long-term capital gains from the sale of real estate were subject to a 20% indexation benefit tax. According to the budget documents, capital gains from the sale of property will now be subject to the new LTCG tax rate of 12.5% without indexation advantage, as opposed to the previous rate of 20% with indexation benefit.
According to the budget documents, capital gains from the sale of real estate will now be subject to the new 12.5% LTCG tax rate without the indexation benefit.
Infra makeover
Budget 2024 proposed to provide Rs 2.66 lakh crore for rural development.
Road connectivity projects will get a Rs 26,000-crore boost.
12 industrial parks will be sanctioned, it was announced.
The government has announced the launch of Phase IV of Pradhan Mantri Gram Sadak Yojana to provide all-weather connectivity to 25,000 rural habitations which have become eligible in view of their population increase, the FM said.
Street Markets: Envisioning a scheme to develop 100 weekly ‘haats’ or street food hubs in select cities.
Transit Oriented Development: Transit Oriented Development plans for 14 large cities with a population above 30 lakh
Water Management: Promote water supply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects.
What' cheaper after Budget
What's costlier
Finance minister Nirmala Sitharaman presented the Union Budget 2024, her seventh, on July 23, bringing a host of measures for a number of sectors. Budget 2024 marked out nine specific priority areas --- Productivity and resilience in Agriculture, Employment and skilling, Inclusive HRD and social justice, manufacturing & services, Urban development, Energy security, Infra, Innovation, R&D and Next-generation reforms.
Key Budget Takeaways: Nirmala Sitharaman's key announcements and what they mean for you
Budget 2024 Decoded: Your 2 minute guide to become a budget pro
Budget 2024 specifics
Presenting the budget, FM Sitharaman said there was a need to focus on the four sections of people -- garib, mahilaye, yuva and annadata.
Income Tax changes
Changes in the new tax regime were announced in the Budget, as per which the tax structure stands to be revised in the new financial year. This new rate structure is as follows: 0-3 lakh Zero; 3-7L 5%; 7-10L 10%; 10-12L 15%; 12-15L 20%; 15 & above, 30%.
Salaried employee in new tax regime will save up to Rs 17,500 in income tax, the Finance minister said.
New income tax slabs announced in new tax regime in Budget 2024
Financial markets
It was announced that long-term capital gains on all financial and non-financial assets will attract a tax rate of 12.5%. Additionally, the limit of exemption for capital gains will be set at Rs 1.25 lakh per year.
The Finance Minister announced an increase in the Securities Transaction Tax (STT) on Futures and Options. The STT on futures will rise from 0.0125% to 0.02%, while the STT on options will increase from 0.0625% to 0.10%.
Also, the 20% TDS on repurchase by MF or UTI was proposed to be withdrawn.
The new moves are basically these:
- STCG on certain assets will attract 20% and all other on financial and non-financial assets will be taxed at tax rate applicable
- Hike in the limit capital gains exemption limit to Rs 1.25 lakh per year.
- LTCG on specified certain assets will be hiked to 12.5%
- Unlisted bonds, debt mutual funds will continue to be taxed at applicable tax rate.
Macro Economy
The fiscal deficit for the year is estimated at 4.9% of GDP, Sitharaman's Budget revealed.
The government will try and maintain strong fiscal support for infrastructure, it was announced. This year, Rs 11.11 lakh crore has been allocated for capital expenditure, which amounts to 3.4% of India's GDP.
Due to an increase in tax revenue, the government reduced its projected borrowings for the current fiscal year to 14.01 lakh crore. To achieve its desired budget deficit, the government must issue dated securities in order to borrow money.
Big jobs boost
Increasing the participation of women in the workforce will be a priority, the Budget announced. This will be facilitated by setting up hostels and creating partnerships to organise women-specific skilling programs.
Job creation in the manufacturing sector will be incentivised through a scheme linked to the employment of first-time employees. This scheme will provide incentives to both employees and employers concerning EPFO contributions for the first four years of employment.
It will benefit 30 lakh youth and cover additional employment in all sectors. The government will reimburse employers up to Rs 3,000 per month for two years towards EPFO contributions for each additional employee.
This initiative aims to incentivise the additional employment of 50 lakh people.
Jobs and skilling
The Finance Minister announced employment-linked skilling through schemes as part of the PM's package. These schemes will be based on enrolment in the EPFO, focusing on recognizing first-time employees.
First-timers will receive one month's wage upon entering the workforce in all formal sectors. A direct benefit transfer (DBT) of one month's salary, up to Rs 15,000, will be provided in three instalments.
The eligibility limit for this benefit will be a salary of Rs 1 lakh per month, and it is expected to benefit 2.1 lakh youths.
A PM Package of 5 schemes will be announced to facilitate employment and skilling at an outlay of Rs 2 lakh crore.
Changes in customs duty
India, the second-largest consumer of bullion in the world, cut import levies on gold and silver from 15% to 6%. Industry officials say this could increase retail demand and assist reduce smuggling. Increased Indian demand for gold could drive up world prices, which broke records this year, but it could also increase India's trade deficit and weaken the rupee.
Providing significant relief to cancer patients, Nirmala Sitharaman waived customs duties on three cancer medications. Osimertinib, Durvalumab, and Trastuzumab Deruxtecan are the three medications.
Customs duties on 25 critical minerals for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics will be made fully exempt and reduce BCD on two of them. This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors.
Real estate
Under the PM Awas Yojana, Urban 2.0, the housing needs of the urban poor and middle class will be addressed with an investment of Rs 10 lakh crore.
A Rs 2.2 lakh crore push to make housing more affordable was announced.
States charging high stamp duty will be encouraged to moderate their rates for all, it was announced in the Budget.
Additionally, further reductions in duties for properties purchased by women will be considered.
These measures will also be incorporated as essential components of urban development schemes, the FM said.
Property sale rule rejig
The indexation bonus that was offered on property sales was announced to be eliminated in the 2024 budget. Many property sellers will consequently be unable to increase their acquisition price and lower their capital gains.
Before the announcement, long-term capital gains from the sale of real estate were subject to a 20% indexation benefit tax. According to the budget documents, capital gains from the sale of property will now be subject to the new LTCG tax rate of 12.5% without indexation advantage, as opposed to the previous rate of 20% with indexation benefit.
According to the budget documents, capital gains from the sale of real estate will now be subject to the new 12.5% LTCG tax rate without the indexation benefit.
Infra makeover
Budget 2024 proposed to provide Rs 2.66 lakh crore for rural development.
Road connectivity projects will get a Rs 26,000-crore boost.
12 industrial parks will be sanctioned, it was announced.
The government has announced the launch of Phase IV of Pradhan Mantri Gram Sadak Yojana to provide all-weather connectivity to 25,000 rural habitations which have become eligible in view of their population increase, the FM said.
Street Markets: Envisioning a scheme to develop 100 weekly ‘haats’ or street food hubs in select cities.
Transit Oriented Development: Transit Oriented Development plans for 14 large cities with a population above 30 lakh
Water Management: Promote water supply, sewage treatment and solid waste management projects and services for 100 large cities through bankable projects.
What' cheaper after Budget
- Imported mobiles
- Gold, silver, and other precious metals
- Cancer Drugs - Trastuzumab Deruxtecan, Osimertinib, Durvalumab
- Medical Equipment - All types of polyethylene for use in the manufacture of orthopedic implants X-ray tubes
- Imported cellular mobile phone Charger/Adapter
- Specified capital goods for use in the manufacture of solar cells or solar modules, and parts for the manufacture of such capital goods
- Shea nuts Fish lipid oil for use in the manufacture of aquatic feed Crude fish oil
What's costlier
- Specified telecom equipment
- Plastic products
- Polyvinyl chloride (PVC) flex films
- Garden umbrellas Laboratory chemicals
- Solar glass for manufacture of solar cells or solar modules
- Tinned copper interconnect for manufacture of solar cells or solar modules
- Ammonium nitrate