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Budget 2024 to see tax cuts for middle-class, new bracket and cash boost for small farmers
As India waits for Budget 2024, there are important changes expected. These include tax cuts for the middle class, ...
Published: June 23, 2024 7:21 PM IST As India waits for Budget 2024, there are important changes expected. These include tax cuts for the middle class, a new tax bracket, and financial support for small farmers.
Finance Minister Nirmala Sitharaman is reportedly considering significant tax cuts for India’s lower-income earners for the first time in seven years. These tax cuts are expected to be part of a package worth nearly $6 billion aimed at boosting spending and this is a report by Bloomberg.
The move is expected to benefit people earning between Rs 5 lakh and Rs 15 lakh, who currently pay taxes at rates between 5% and 20%. It is also expected that the government might introduce a new tax bracket.
Details about these proposed changes are still being discussed, and the final decision will likely be made closer to the Budget announcement, expected on July 18. Despite concerns about potential decreases in government revenue due to these tax changes, the government aims to stick to its fiscal deficit target of 5.1% of GDP for this financial year.
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Discussions also involve increasing the annual cash payment to small farmers from Rs 6,000 to Rs 8,000. Additionally, there are talks about raising payments under the minimum job guarantee program and providing more financial support to women farmers. These measures are aimed at boosting spending and supporting lower-income groups in the country.
Sitharaman is currently holding discussions with various stakeholders, including economists, trade unions, and industry chambers, ahead of the budget announcement
#budget2024 #nirmalasitharaman
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