No Tax Change In India’s FY25 Interim Budget
India’s interim budget for 2024-25 proposed no changes in income tax rates for individuals and companies, as well as customs duty.
The budget, presented by Finance Minister Nirmala Sitharaman on Thursday, however, hiked capital expenditure by 11 percent for the next fiscal – April 2024 to March 2025 – to approximately $148 billion (INR 11.11 trillion) to “sustain world-beating economic growth rate”.
The interim budget also gave relief to the common man from disputed small tax demands of up to INR25,000.
An interim budget or vote on account is presented on account of India going to general elections in May this year.
The full budget will be presented by the new incoming government at the centre.
In an hour-long budget speech, Sitharaman also highlighted the Modi government’s achievements in the last 10 years that transformed India from being a ‘fragile’ economy to the world’s fastest-growing major economy.
The minister said the government, in its July budget, will present a detailed roadmap to make India a developed country.
“Guided by the principle ‘reform, perform, and transform’, the government will take up next-generation reforms, and build consensus with the states and stakeholders for effective implementation,” Sitharaman said in her speech.
