FRIDAY, APRIL 26, 2024
Team Herald
Union Finance Minister Nirmala Sitharaman presented a populist budget with plenty of sops for industry and individuals.
Sitharaman announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh under the new tax regime. Tax for income of Rs 0-3 lakh is nil; income above Rs 3 lakh and up to Rs 5 lakh is to be taxed at 5%; income of above Rs 6 lakh and up to Rs 9 lakh is to be taxed at 10%; income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20%; and income above Rs 15 lakh to be taxed at 30%.
The government has estimated the fiscal deficit for 2023-24 at 5.9 per cent of the GDP, the FM said while presenting Union Budget 2023-24 in Parliament. The FM added that the government remains committed to bringing the fiscal deficit down to 4.5 per cent of the GDP by 2025-26.
The capital investment outlay has been increased by 33 per cent to Rs 10 lakh crore, which will account for 3.3 per cent of the GDP. In a boost for states, the FM said that the 50-year interest-free loan to state governments will continue for a year more. The NITI Aayog’s state support mission will be continued for three years, she added.
The Budget 2023 focuses on seven priorities, which the FM called the “Saptrishis guiding us through Amrit Kaal”- Inclusive development; Reaching the last mile; Infrastructure and investment; Unleashing the potential; Green growth; Youth power and Financial sector.
From the Goa Tourism point of view, the Budget announced 50 destinations which will be selected through the challenge mode. An app will be created to enhance the tourist experience and the focus will be on domestic as well as foreign tourist. Goa could also benefit under the Dekho Apna Desh Scheme and the Vibrant Village programme and the Unity Mall – one district one product scheme.
In terms of Indirect taxes: Electric kitchen chimneys, articles made of gold, platinum, silver bars and articles, copper scrap, compounded rubber and cigarettes have become costlier, while cameras, lenses of mobile phones; parts of open cells of Tv panels; denature ethyl alcohol, acid grade fluorspar, domestic manufactured feed for shrimps and seeds used in the manufacture of diamonds has become cheaper.
