Image Source : PTI Union Finance Minister Nirmala Sitharaman, with a red pouch carrying the budget documents, arrives at Parliament to present the Union Budget 2024–25 in New Delhi.
Union Finance Minister Nirmala Sitharaman highlighted key aspects of the Union Budget 2024 in a press conference, emphasising a simplified approach to taxation. She stated, “We wanted to simplify the approach to taxation, also for the capital gains. Second, the average taxation has 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 market investment.”
Widening the tax net
Sitharaman reiterated the government’s commitment to broadening the tax net. “The attempt to widen the tax net is something which we have been repeatedly saying. India’s tax net will have to be widened whether it is in direct taxation and indirect taxation,” she said.
Increased non-tax revenue
The Finance Minister also pointed out the growth in non-tax revenue, particularly from public sector undertakings (PSUs). “PSU dividends have been improving because their valuations have gone up, and their performance has also increased. So, revenue mobilisation is not just tax-based; you have non-tax revenue mobilization coming up,” Sitharaman added.
