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The Economic Times
The Economic Times India to move away from fiscal deficit targeting after FY26
India will shift from targeting a specific fiscal deficit level after 2025-26 to using the debt-to-GDP ratio as the fiscal policy anchor, according to Finance Secretary T.V. Somanathan. The government aims to reduce the fiscal deficit to below 4.5% of GDP by March 2026 and manage debt sustainability despite historically missing the 3% target
The Economic Times Finance Secy highlights divestment plans, says won't announce in advance as govt wants best value for public companies
Budget 2024: The government will not pre-announce its divestment plans to ensure optimal value for public companies, Finance Secretary TV Somanathan said in an exclusive interview with ET NOW on Wednesday. This strategic approach aims to maximize the financial returns from such divestments.
The Economic Times Finance ministry plugs under-reporting of income by overseas taxpayers
The Budget proposes to amend section 198 of the I-T Act to include income taxes paid outside India for the purpose of computing the income of the taxpayer who is liable to tax in India. This proposal will be effective financial year 2024-25.
The Economic Times Abolition of angel tax will boost startup ecosystem: CBDT chairman
CBDT Chairman Ravi Agrawal said the removal of this tax will act to boost the startup ecosystem in India. He would urge the community to "please come forward, please invest as the country is waiting for your investment, initiatives and innovations". Asked how would a possible case of money laundering through investor funds be tackled after the removal of the Angel tax, he said if such a violation is found or it is detected that the fund has come through "undisclosed" sources, there are provisions in the respective statute and that will be taken care of.
The Economic Times Angel tax was on investments, such inflows should not be taxed: DPIIT Secy on removal of levy
Removal of the Angel tax for startups was a long pending issue as this levy was on investment coming into the country and such overseas inflows should not be taxed, a top government official said.
The Economic Times India to get a three-tiered GST regime in next few months?
India is planning to cut GST slabs from four to three to simplify tax classifications, Sanjay Agarwal, Central Board of Indirect Taxes and Customs Chairman, said. Presented on Tuesday, Finance Minister Nirmala Sitharaman's Budget speech highlighted potential GST reformation.
The Economic Times Big GST relief in budget 2024: No need to pay interest and penalty for these GST notices
Budget 2024: Relief for GST registered individuals and companies. "The waiver of interest and penalties for tax disputes faced by genuine taxpayers will reduce the financial burden on taxpayers, particularly benefiting small businesses and individual taxpayers who may face cash flow constraints and cannot really afford to litigate," says Siddharth Surana, Director, RSM India.
The Economic Times Consumer goods might see rise in demand with new budget
The Indian government's budget focuses on infrastructure, rural outlay, and tax savings, which are expected to boost rural demand for packaged consumer goods and two-wheelers. The budget also aims to create jobs, which will drive consumption in tier-2 and 3 cities. However, the increase in capital gains taxes could impede discretionary spending.
The Economic Times Budget 2024: Focus on employment, infrastructure, and economic stability, say Experts
The Union Budget 2024 focuses on agricultural productivity, MSME support, capex investments, and skilling to address unemployment, while calling for enhanced FDI policies and improved ease of doing business to ensure inclusive and sustained economic growth. However, experts noted some areas were overlooked: the unchanged nominal GDP at 10.5% seemed conservative, education and health were underfunded, there was a need for a more aggressive approach to Ease of Doing Business, and MNCs' desire for tax certainty and provisions addressing tax litigation were unmet.
The Economic Times Same same, but different: Budget 2024 is a 'government bachao' and prudent balancing act
Nirmala Sitharaman's budget, benefiting from 8.2% GDP growth, cuts the fiscal deficit, boosts infrastructure, and adjusts import duties. It raises long-term capital gains tax, abolishes angel tax, and includes corporate tax cuts, employment incentives, state funding, income tax standard deduction, tourism projects, buyback tax, flood protection, and highlights needed educational improvements.
The Economic Times Companies applaud Budget 2024 proposal to provide internships for one crore youth
Finance minister Nirmala Sitharaman announced a groundbreaking internship scheme offering one crore youth opportunities in 500 top companies over five years. With a central outlay of Rs 2 lakh crore, interns will gain real-life business experience and receive Rs 5,000 monthly allowance. Experts and companies applaud the initiative for its potential impact on workforce development.
The Economic Times Aiming for more overseas investments: Proposal to slash corp tax on foreign cos to 35% will motivate to set up permanent base
India's finance minister has proposed a 35% reduction in the tax rate for foreign companies to attract more investment and boost foreign inflows. The move will benefit overseas companies looking to establish permanent branches and project offices for engineering, procurement, and construction contracts.
The Economic Times Budget 2024 struck a fine balance, tax changes to spur consumption: Economists
The Union Budget 2024 has been tabled today at the Parliament and mixed reactions across industries have started pouring in. Top economists of India believe that the change in income tax slabs along with the direct benefit transfer to first time workers, is likely to spur consumption, particularly for small ticket items. They also believe that the government’s efforts to reap India’s demographic dividend is visible in its push towards labour intensive production.
The Economic Times What are the 8 new measures announced for MSMEs in Budget 2024?
Union Budget 2024 emphasizes MSME support with innovative measures like new Public Sector Bank credit assessments, increased MUDRA loans, stress-period credit support, a Credit Guarantee Scheme, expanded SIDBI branches among others. The Finance Minister said these initiatives aim to enhance MSMEs' global competitiveness. Notably, MSMEs were also a part of the four major themes in this year’s Budget.
The Economic Times Selling property? Brace for more tax liability as Union Budget takes away indexation benefit
The new Budget documents indicate that the tax rate for LTCG on property sales will increase to 12.5% without the indexation benefit.
