Quick Summary
Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties, said the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Interim Budget 2024-25 in the Parliament today. To ensure continuity in taxation, the Union Finance Minister proposed to extend certain tax benefits to start-ups and investments made by sovereign wealth
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FAQ :
No, the Union Finance Minister has proposed to retain the same tax rates for indirect taxes and import duties.
Yes, certain tax benefits for start-ups and investments made by sovereign wealth or pension funds, along with tax exemptions for some IFSC units, are extended until March 31, 2025.
The average monthly gross GST collection has doubled to Rs 1.66 lakh crore, and the GST tax base has also doubled since its implementation.
State SGST revenue buoyancy has increased to 1.22 in the post-GST period (2017-18 to 2022-23) from 0.72 in the pre-GST period (2012-13 to 2015-16).
Approximately 94% of industry leaders consider the transition to GST to have been largely positive.
GST has led to supply chain optimisation, reduced compliance burdens for trade and industry, and helped lower logistics costs and taxes, ultimately reducing prices for consumers.
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