The Union Budget 2024–2025 is anticipated to prioritize improving the ease of doing business in India and reworking the income tax system to the advantage of taxpayers across all income levels. On July 23, 2024, at 11 A.M., the Finance Minister is expected to make a speech. As the first finance minister to deliver seven straight budget speeches, Sitharaman is particularly noteworthy.
As finance minister from 1959 to 1964, she broke the record held by former prime minister Morarji Desai, who presented six straight budgets.
Key numbers of Modi 3.0 Budget. The key number including dividend, fiscal deficit, tax revenue, GST numbers and government borrowings.
1) Dividend
The RBI and financial institutions were expected to contribute Rs 1.02 lakh crore, according to the interim budget. Since the RBI has already transferred excess funds totaling Rs 2.11 lakh crore earlier in May, this will be adjusted upward. Simultaneously, it is anticipated that CPSEs will generate revenue of over Rs 40,000 crore.
2) Fiscal Deficit
In February, the Interim Budget projected a 5.1 per cent budgeted fiscal deficit for the current fiscal year, compared to a 5.8 per cent deficit for the previous fiscal year.
The budgeted deficit is defined as the difference between government spending and income. With tax buoyancy, it is anticipated that the entire budget will provide better-than-earlier projections. Fiscal deficit for FY264 is expected to be 4.5 per cent of GDP, according to government projections.
3) Tax Revenue
Gross tax revenue for 2024–2025 was estimated by the 'Interim Budget' to be Rs 38.31 lakh crore, an increase of 11.46 per cent over the previous fiscal year.
This comprises an estimated direct tax revenue of Rs 21.99 lakh crore (personal income tax plus corporate tax) and an estimated indirect tax revenue of Rs 16.22 lakh crore (customs + excise duty + GST).
4) GST numbers
The estimated increase in Goods and Services Tax (GST) collection in 2024–2025 is 11.6 pe cent, or Rs 10.68 lakh crore.
File
The final Budget for the fiscal year 2024–25 will include tax revenue figures that will need to be closely monitored.
5) Borrowings
According to the Interim Budget, the government's gross borrowing budget for the current fiscal year was Rs 14.13 lakh crore. To cover its budget deficit, the government takes out loans from the market.
The market will be keeping an eye on the borrowing figure, particularly in light of the RBI's and financial institutions' higher-than-expected dividend.
.avif)