‘Wanted to simplify approach to taxation…’: 5 key things Nirmala Sitharaman explained about Union Budget 2024

“India's tax net will have to be widened - whether it is in the direct taxation or indirect,” Finance Minister Nirmala Sitharaman on Tuesday said during the post-Budget press conference while explaining the key chnges in tax slab and others that were proposed during the Union Budget 2024

• On 12.5% tax on long-term capital gains, Union Finance Minister Nirmala Sitharaman says, “...We wanted to simplify the approach to taxation - also for the capital gains. ”
• Second, if anything, the average taxation has actually come down when we say it is 12.5%. We have worked out for each of the different asset classes...The point that we brought it down from below the average to 12.5% encourages investment in the markets..., she further said
• On changes in tax slab and other changes, Sitharaman said, "It is not just because we have mentioned it in this budget but the attempt to widen the tax net is something which we have been repeatedly saying, that India's tax net will have to be widened - whether it is in the direct taxation or indirect."
• “Second, there are also now PSU dividends which are improving because the valuations have gone up really high and their performance has also now substantially increased. So, revenue mobilisation is not just tax-based, you have non-tax revenue mobilisations which are also coming up. For three years now, we have been talking about asset monetisation, which is not selling of assets but optimum utilisation of those assets which are lying in the form of unutilised stadiums or land which is available with PSUs which can be utilised for better purposes...,” she adds
• On ₹15,000 crore allocation to Andhra Pradesh, FM said, "I've already mentioned it in the Budget speech that it is coming through the multi-lateral development assistance which we borrow from multi-lateral banks whether it is the World Bank or ADB or AIB. And, I had also ended that paragraph by saying further assistance will also be extended," says Union Finance Minister Nirmala Sitharaman