Finance Minister Nirmala Sitharaman on Thursday presented the pre-election Budget for 2024-25 and highlighted Indian economy has been put on strong, sustainable growth path. Sitharaman, the first full-time woman finance minister of the country, has presented five full budgets since July 2019 and will present an interim or vote-on-account budget on Thursday. HIGHLIGHTS
"I propose to retain the same tax rates for direct and indirect taxes including import duties," Sitharaman added. Sitharaman announced that the government proposes to withdraw tax demand of up to Rs 25,000 up to 2009-10, to benefit 1 crore taxpayers.
She added, "...The revised estimate of the fiscal deficit is 5.8% of GDP, improving on the budget estimate notwithstanding moderation in the nominal growth estimates."
The focus of the government has been to improve services for taxpayers, she added. Sitharaman also said the government will set up a high-level committee to consider challenges posed by the fast-growing population.
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