Introduction

The presentation of the Union Budget for 2024 by India's Finance Minister, Ms. Nirmala Sitharaman, marked a turning point in the country's economic history. This budget sketches out a strategic vision that would foster continuous growth and progress. It forebodes the strong aspiration of India to become the world's third-largest economy, with a forecast that charts above 7 percent annual growth.

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Majorly Focused Area of Union Budget 2024

The Union Budget 2024 majorly emphasizes or focuses on several key areas for the fastest inclusive growth and economic development. The primary focus areas are as follows:
Key Areas of Focus: The budget 2024 prioritizes specifically the middle class, employment, skilling, and MSMEs.

• Women-Centric Initiatives: Issuing of ₹3 lakh crore announced for women-centric schemes.
• Employment Generation: Nine priorities are decided for generating employment, including productivity, jobs, social justice, urban development, energy security, infrastructure, and reforms.
• Support Packages: A total ₹2 lakh crore package was announced for five key schemes.
• Focus on Vulnerable Groups: The budget mainly focused or enhanced support for the poor, women, youth, and farmers.

The government's Vision is to Improve Living Standards By Implementing Multi-Sector Reforms

• Economic and Infrastructural Development

A good portion of the expenditure thus goes into infrastructure and housing. The government announced the construction of 2 crore additional houses under PMAY for rural areas and brought in a new scheme to help middle-class families purchase or build homes. This forms a part of the general idea of the government to upgrade living standards and economic conditions for one and all.

• Taxation and Fiscal Management

Notably, it kept the current tax rates but extended tax benefits to start-ups and sovereign wealth funds. It has additionally mentioned improvements in the efficiency of tax administration, with the most significant one being the reduction of income tax return processing time from 93 days to only 10 days. The fiscal deficit for FY24 has been revised to 5.8% of GDP, having a target of 5.1% for FY25, emphasizing that though committed to fiscal discipline, the efforts towards growth are being strengthened by the government.

• Social and Agricultural Initiatives

The budget lays strong emphasis on social initiatives, especially women's empowerment and healthcare. The names of ladies recorded as sole or joint beneficiaries will likely be on more than 70% of newly affirmed houses under PMAY. To emphasize commitment to open health, the budget incorporates a proposition to give complimentary cervical cancer vaccines for young ladies aged 9 to 14.

The development of the Pradhan Mantri Matsya Sampada Yojana into the agriculture industry is aimed at upgrading seafood exports and job creation between the ages of 9-14 years to underline the commitment to public health. Which explicitly speaks volumes about modernizing agriculture and enhancing productivity.

New Tax Slabs under the New Tax Regime

Income Tax slabs for (FY) Fiscal year 2024-25 for the new tax regime have been revised. The new tax regime tax slabs are:

Realising of New TDS Section 194T

An updated Tax Deducted at Source (TDS) rule has been presented in the 2024 Budget inside section 194T. This rule relates to installments made to accomplices by companies, counting Limited Liability Partnerships (LLPs) and association firms.

This includes installments in the form of commissions, rewards, interest, and salaries. Any installment over the sum of Rs. 20,000 will presently have a 10% TDS deduction applied.

Explanation of TDS Rates

To upgrade adherence from citizens and streamline company capacities, Budget 2024 has diminished the TDS rates on various payments. The updated TDS rates will come into drive on either October 1, 2024, or April 1, 2025. The list given below traces the exact payments affected by these changes.

Reductions and Exemptions in customs duties

Here’s a table of list which is summarizing the reductions and exemptions in customs duties for crucial goods :

What budget is announced for MSMEs?

A few measures have been proposed in the 2024 Budget to help Micro, Small, and Medium-Sized Enterprises (MSMEs), with a particular center on labor-intensive manufacturing divisions. These activities offer assistance to MSMEs to develop and compete universally by offering financing, altering controls, and advertising specialized help. The fundamental announcements of the budget are outlined as follows:

• The maximum amount accessible for Mudra: It has been expanded from ₹10 lakh to ₹20 lakh for people who have borrowed and reimbursed credits beneath the TARUN category.
• The turnover limit for required registered: On the (TReDS) platform has been decreased from ₹500 crore to ₹250 crore to help MSMEs free up their working capital through changing over exchange receivables into cash. By making this move, the stage will see an increment of 7000 extra businesses and 22 more CPSEs.
• New credit ensure plans for MSMEs: It will offer an ensure cover of ₹100 crore for larger loan amounts.
• SIDBI's growth plan: It includes building up 24 new branches over the three a long time to upgrade back for MSMEs and broaden its outreach.
• Financial help: It will be given to establish fifty food illumination units for different items and one hundred testing research facilities for food quality and safety.
• Establishing public-private association: The e-commerce trade center points will help MSMEs and traditional craftspeople offer their goods in global marketplaces.

Changes in GST Law by Union Budget 2024

• Extra Neutral Alcohol: Change to take off Additional Impartial Liquor out of the jurisdiction of Central Tax.
• Changes were executed to standardize: The common practice with respect to non-levy and short-levy of central tax.
• Amendment to simplify the due dates: to take advantage of the Input Assess Credit. A change was made to allow the Input Administrations Distributor to utilize transitional credit.
• Amend to restrict: The prevention of claiming Input Charge Credit for taxes paid under Section 74.
• Orders and Demands: A new rule will set a consistent due date for issuing orders and notices of demands.
• Pre-Deposit for Requests: A modification to decrease the highest required upfront installments sometime recently filed an appeal.
• Interest or penalties: They are waived as a conditional exception for particular tax periods.
• Change to GST Re-appraising: Tribunal engaging Government to advise Tribunal on anti-profiteering cases and add a sunset clause.
• Explanation around the Insurance industry: This clarifies that certain exercises in the protections division are not classified as the delivery of products or services.
• Time of provision in reverse charge: Correction to clarify the timing of services provided under the reverse charge mechanism.
• Registration cancellation: It is being modified to incorporate particular terms and limitations for denying registrations.
• Revision expressing: When invoices must be issued by beneficiaries of supplies under the reverse charge mechanism.
• Amendment ordering: TDS deductors to submit monthly returns for taxes deducted at source.
• Verify to prohibit: It reimbursements in the zero-rated arrangement of goods that can be traded without duty
• Penalties for Electronic Commerce Administrators: It will be changed to restrict criminal punishments under Section 122(1B) to those who deduct TCS.
• The CGST Act has been corrected: Due to the consideration of new Section 74A, leading to significant changes.

Conclusion

The Union Budget of 2024 has, therefore, reaffirmed the commitment of India to its stride in economic growth, social equity, and sustainable development. It contains a clear-cut roadmap toward infrastructural expansion, social welfare, and fiscal prudence that could fast-track the country toward an aspirational future through prosperity and inclusiveness.