BUDGET ANALYSIS 2024 .pptx

Budget Analysis

1. BUDGET ANALYSIS 2024

2. CONTENTS PART A AGRICULTURE EMPLOYMENT SOCIAL JUSTICE MANUFACTURING & SERVICES ENERGY SECURITY URBAN DEVELOPMENT INFRASTRUCTURE RESEARCH & DEVELOPMENT PART B INDIRECT TAXES DIRECT TAXES

3. CONTENTS Click here to add to the title Click here to add to the title Click here to add to the title AGRICULTURE AND PRODUCTIVITY New 109 high yielding varieties of 32 agri- horiculture crops will be released for farmers for cultivation. 1 core farmers will be initiated in to natural farming through scientific institutions and willing gram panchayats. A strategy to acieve ATMANIRBHARTA for oilseeds such as mustard, sunflower, sesame, soyabean. Financial support for setting up a network of nucleus breeding center for shrimp production to be facilitated through NABARD.

4. CONTENTS Click here to add to the title 01 Click here to add to the title 02 Click here to add to the title 03 Click here to add to the title 04 For first time joiners- One month wage/salary as subsidy upto Rs.15000/- to be paid in 3 installments. Applicable to employees of all sectors with a salary less than Rs.100000/-p.m. For jobs in mahufacturing sector- Incentive to be paid to first joiners for 4 years. New hiring must be atleast 50 workers or 25% of baseline(lower of both). Additional employment incentives-Employers with employees less than 50 additional employ atleast 2 workers and those with employees morethan 50 additionally employ atleast 5 workers will be eligible for a contribution of Rs.3000/- p.m. Internship Incentives- A monthly allowance of Rs.5000 for a year will be given to intern. The age requirement is 21-25 years. Intern must not be engaged in full time education and must not possess qualifications like CA, CMA, IIT, IIM, IISER, must not have any family member as govt employee.

5. CONTENTS Click here to add to the title 01 Click here to add to the title 02 Click here to add to the title 03 Click here to add to the title 04 Click here to add to the title 05 MANUFACTURING & SERVICES Credit guarantee scheme upto Rs.100 crores to MSME’s to faciliatate purchase of machinery and equipment without collateral The limit of Mudra loans has been enhanced to Rs.2000000/- to those enterpreneurs who have already paid their existing loans The turnover threashold for mandatory onboarding on TREDS platform has reduced to Rs.250 crores. Setting up of 100 food quality and safety testing labs with NABL accreditation will be facilitated. Setting of e-commerce export hubs to faciliatate selling of producst internationally Critical mineral mission for domestic production, recycling and overseas acquisition.

6. CONTENTS INFRASTRUCTURE & URBAN DEVELOPMENT Purvodaya a programme launched for development of Bihar, Jharkhand, Odhisha, West Bengal and Andhrapradesh. Initiating following raod connectivity projects- Patna-Purnea Expressway, Buxar-Bhagalpur Expressway, 2 lane bridge over river Ganga, 2400 MW powerplant in pirpainti. More than 100 barnches of India Post Payment Bank will be setup in north eastern states to facilitate banking services. Development of 100weekly hats or street food hubs in cities. Moderating stamp duty on purchase of properties by women. Following areas will be redeveloped for tourism purpose- Vishnupad Temple, Mahabhodi Temple,Saptharishi,Nalanda University.

7. PM Surya Ghar Muft Bijli Yojana introduced to intall rooftop solar plants to enable 1 cr households to obtain free electricity upto 300 units pm A JV between NTPC and BHEL to setup full scale 800MW commercial plant using advanced ultra super citical thermal power plant A provision of Rs. 1000crores by setting up a venture capital fund to expand space economy. NPS Vatsalya a plan for contribution of parents and guardian for minors will be started. Other Sectoral Reforms

8. 01 Click here to add to the title Click to add text Period for export of goods imported in India for repairs has been enhanced from 6 months to 1 year. The time limit for reimport of goods under warranty has been extended from 3 years to 5 years. Section 9 under GST Act has been ammended to include extra neutral alcohol used in the manufacture of alcoholic liquor for human consumption. This will be outside the purview of GST law. Section 16(5) of CGST Act has been added mentioning ITC for Invoices/debit notes for FY 2017-18;2018-19;2019-20;2020-21 can be availed in the returns filed up to 30th nov2021

9. 01 Click here to add to the title Click to add text Section 16(6) of CGST Act has been added mentioning Period for availing ITC for returns filed post revocation of cancellation of registration will be from the date of cancellation of registration till date of filing of GSTR 3B if the return has been filed within 30 days of order of revocation of cancellation of registration Section 74A has been ammended to increase the timelimit for taxpayers to pay tax demanded alon wiht reduced penalty from 30 to 60 days Section 107 of CGST Act has modified the amount of predeposit from Rs 25crores to Rs 20crores Section 112 of CGST Act has modified the amount of predeposit as 10% of remaining tax amount with a maximum of Rs 20crores. Refund of integrated tax paid or unutilised ITC on zero rated supply of goods subject to export duty has been prohibited

10. 01 Click here to add to the title Click to add text Penal provisions u/s 122 of CGST Act has been restricted only to those e-commerce operators who are required to collect tax at source u/s 52 of CGST Act. Exemption from basic custom duty and AIDC on imports of crude soyabean oil and crude sunflower seed oil. GST compensation cess has been exempted wef 01/07/2017 on imports in SEZ ny SEZ units or developer in SEZ for authorised operations. Custom duties for following goods have been reduced- SHEA NUTS- 15% PRAWNS & SHRIMP- 5% FISH FEED- 5% ARTEMIA- 0% POLYCHAETE WORMS- 5% INSECT MEAL- 5%

11. SINGLE CELL PROTEIN FROM NATURAL GAS- 5% CRITICAL MINERALS- 0% GRAPHITE- 2.5% SILICON DI OXIDE/QUARTZ- 2.5% CANCER DRUGS- 0% GOLD/SILVER BARS- 6% PLATINUM- 6.4% COINS OF PRECIOUS METALS- 6% MDI for manufacture of spandex yarn- 5% Custom duties for following goods have been increased- AMMONIUM NITRATE- 10% LABORATORY CHEMICALS- 150% SOLAR GLASS for manufacture of solarcells -10% ROASTED NUTS AND SEEDS- 150%

12. RAW HIDES AND SKIN - 40% RAW HIDE AND SKIN OF BUFFALO- 30% RAW FURAND SKIN-40% CRUST LEATHER- 20% TANNED FUR SKIN- 20% An assessment can be reopened beyond 3 years from the end of the assessment year only if the escaped income is Rs.5000000 or more upto max of 5 years. Tax rate on STCG on listed financial assets u/s 111A of Icome tax Act has been enhanced to 20% Tax rate on LTCG on listed financial assets u/s 112A of Income Tax Act has been enhanced to 12.5% and the exemption limit has been enhanced to 1.25 lakhs

13. Monetary limits for filing appeals are as follows- Direc tax- Rs 6000000 Excise- Rs 2crores GST- Rs 5 crores Corporate taxes for foreign companies have been reduced to 35% Equalisation levy of 2% has been withdrawn STT on futures and options have been modified to 0.02% and 0.1% resp New tax Regime is as follows- 0-3 lakh- 0% 3-7 lakh- 5% 7-10 lakh- 10% 10-12 lakh- 15% 12-15 lakh- 20% Above 15 lakh- 30%

14. For those opting for new tax regime standard deduction has been increased to Rs 75000. Family pension deduction has been increased to Rs 25000. Revised TDS rates for some sections- 194D- 2% 194DA- 2% 194G- 2% 194H- 2% 194IB- 2% 194M-2% 194O-0.1% Delay in interest payment increased from 1 to 1.5% Income from letting out of house property will be chargeable only under the head “IFHP”

15. TDs on payments made by firm to its partners in nature of salary, remuneration, commission, bonus shall be subject to TDS @10% for aggregate amounts more than Rs.20000 in a FY TCS on luxury goods @ 1% on value exceeding Rs 100000/- New fund has been introduced under section 80 G named National Sports Development Fund.

16. Thankyou