RPG Enterprises Chairman Harsh Goenka often shares amusing, as well as, witty posts on microblogging platform X. This time, Goenka has shared a video of Rajya Sabha member Ramdas Athawale, the president of Republican Party of India, giving an interview just after the Union Budget.
Reacting to the viral video, Goenka said, “Every year, thousands share their thoughts on the budget. But this statement remains an all-time favorite! Such pure and deep dissection…..”
Finance Minister Nirmala Sitharaman announced the Union Budget 2024-25 in the parliament on July 23, 2024. The Budget focused on provisioning for the agricultural sector, the introduction of schemes related to employment, loan schemes, announcements for financial support to the MSME sector, infrastructural development, and fiscal deficit projection at 4.9% with a commitment to reducing it down to 4.5%.
The government cut customs duties at the same time making changes in the capital gain taxes for the financial year. The “Taxation budget" comes in the form of a revision in tax slabs under the new tax policy.
Budget 2024 announced removal of indexation benefit on sale of property along with lowering on of long term capital gains tax to 12.5%.
LTCG arising from sale of property was earlier taxed at 20% with indexation benefit. Now, sale of property will attract a new LTCG tax rate of 12.5% without indexation benefit.
Finance Minister Nirmala Sitharaman in a press briefing after the announcement of Union Budget 2024 said that the average taxation has come down for asset classes which encourages investment in the market. She said that an attempt has been made to widen the tax net and it has to be widened for both direct and indirect taxes.
It was also clarified that the increased Securities Transaction Tax (STT) on F&O will be effective from October 1, 2024.
