Presenting the interim Budget 2024-25, Sitharaman said tax receipts for 2024-25 projected is projected at ₹26.02 lakh crore.
Nirmala Sitharaman ahead of the interim budget. (X)
Finance Minister Nirmala Sitharaman on Thursday, 1 February, said there are no changes in tax rates for direct and indirect taxes, including import duties.
She also said the number of tax filers has swollen 2.4 times and the direct tax collection has trebled since 2014.
The processing time of tax returns has been reduced from 93 days in FY14 to 10 days, and refunds have been made faster, she said.
The government continues to be on the path of fiscal consolidation to reduce the fiscal deficit to 4.5 percent in 2025-26.
She added that the tax base of Goods and Services Tax (GST) has more than doubled since FY14.
The finance minister added that the country’s capital spending for 2024-25 has been raised 11 percent to ₹11.11 lakh crore, or 3.4 percent of GDP.
She said the tripling of capex in the last four years has resulted in a multiplier effect on economic growth and employment generation.
The minister said the Indian air carriers have placed orders for 1,000 new aircrafts.
She further said, that the fiscal deficit for 2024-25 is estimated at 5.1 percent of GDP against 5.8 percent in the current financial year.
Presenting the interim Budget 2024-25, Sitharaman said tax receipts for 2024-25 projected is projected at ₹26.02 lakh crore.
She informed that the fiscal deficit in FY24 is expected at 5.8 percent of GDP, down from 5.9 percent estimated earlier.
The Union government’s fiscal deficit touched ₹9.82 lakh crore or 55 percent of the annual Budget target at December-end 2023. In the corresponding period last year, the deficit was 59.8 percent of the budget estimates for 2022-23.
Sitharaman also said 50-year interest-free loans of ₹75,000 crore to be extended to states to realise the dream of a developed India, and added that every challenge of pre-2014 was overcome through our economic management.
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