'Budget 2024 highlights and key announcements Here is what the industry has to say'

The Union Budget 2024 presented by Finance Minister Nirmala Sitharaman focused on the four key pillars of society: The underprivileged, women, youth and farmers. From job creation to increased allocation, the budget clearly reflected the government’s ambitious vision of ‘Viksit Bharat’ by 2047.

For the first time, the finance minister’s speech also raised concern over the rising level of pollution, signaling that the polluting industries, such as iron, steel, and aluminium will have to conform to emission targets.

Budget 2024 Highlights: Here are the key points from the Union Budget presented by FM Nirmala Sitharaman:

Finance Minister Nirmala Sitharaman announced tax relief measures and a comprehensive review of the Income Tax Act of 1961, aimed at benefiting the middle class. This review is expected to be completed within six months.

Sharing his view on this announcement, S. Vasudevan, Executive Partner at Lakshmikumaran & Sridharan said, “Pointed at the government’s ambitious goal to promote tax certainty and a more favorable business climate. Pursuing the agenda of simplification & ease of doing business, the finance minister has announced a comprehensive review of the Income Tax Act,1961 within the next 6 months. As an immediate measure, the budget has proposed simplification of the tax structure for charities, rationalizing tax rates for TDS & Capital Gains, simplifying provisions related to reassessment and decriminalization of certain offences for TDS.”

Smita Singh, Partner at S&A Law Offices said, “The Union Budget proposes a major step towards relief to the taxpayer with reference to appearance of authorized representative on behalf of the person summoned by the GST officer. This will provide relaxation to senior officials like CEO, CFOs of businesses who were being summoned earlier. She further welcomes the Government step to propose the review of GST rate structure over the coming 6 months owing to the consistent demand for rate rationalization to check the inverted duty structure impacting many key industries and reduction in disputes.”

Budget Capex outlay retained at Rs 11.1 lakh crore

Union Budget 2024 Highlights: Capital expenditure for this fiscal year has been retained at Rs 11.1 lakh crore, maintaining the interim budget target.

Commenting on this, Akshat Seth, Managing Director & CEO at HIL said, “We welcome the government's strong commitment to inclusive development in this year's budget with the vision of a “Viksit Bharat”. The focus on nine priority areas and employment will entail sustained efforts to generate ample opportunities for all.

The government's decision to maintain the interim capital expenditure target of ₹11.11 lakh crore — the highest allocation ever at 3.4% of GDP — reflects the sustained reliance on infrastructure development to drive economic growth”.

The Union Budget 2024 introduced a range of measures designed to reduce taxes, enhance financial accessibility, support agriculture and education, and promote regional and youth development. Collectively, these initiatives are expected to drive economic growth and improve living standards across segments of society.

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