The Major Changes of Budget 2024: A Comprehensive Overview

Major Key Point of Budget 2024

01^st February 2024, Honorable Finance Minister, present the Union Budget 2024 in the Parliament. This is a Interim Budget which is applicable from 01^st April 2024 after the passed by parliament and The president of India. Final budget will be announce after the General Election 2024. This snapshot delves into major aspects, from unchanged income tax slabs to crucial amendments in GST, providing a comprehensive overview. 

Below are the Few Major point of the Union Budget 2024.

1. No changes in Income Tax Slab rate for FY 2024-25, It means the old rate as it is apply for Financial year 2024-25 as it was for FY 2023-24. Then the slab rate applicable are below.

Flat exemption in new tax regime up to income of Rs. 700,000/- and in old regime up to 500,000/-.

2. The government withdrew income tax demands up to ₹25,000 (till 2009-10) and ₹10,000 from 2010-11 to 2014-15. This will benefit about one crore taxpayers.

3. Tax benefits to start-ups and investments made by sovereign wealth or pension funds extended by 1 year till March 31, 2025

4. The government propose to amend in GST Section-2(61) definition of “Input Tax Distributor”.

5. ‘(61) “Input Service Distributor” means an office of the supplier of goods or services or both which receives tax invoices towards the receipt of input services, including invoices in respect of services liable to tax under sub-section (3) or sub-section (4) of section 9, for or on behalf of distinct persons referred to in section 25, and liable to distribute the input tax credit in respect of such invoices in the manner provided in section 20;

6. The government propose to substituted in GST Section-20. Manner of distribution of credit by Input Service Distributor.

7. The government propose to insert new section-122A Penalty for failure to register certain machines used in manufacture of goods as per special procedure.

8. In contravention of the said special procedure, be liable to pay a penalty equal to an amount of one lakh rupees for every machine not so registered

The bill represented in parliament and after consent from respective houses and the President this will be part of our Law. GST provision will be after notification issued by government.

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Adv Rajbir Singh – IGTM Tax Advisory

Disclaimer: The information contained in this write up is to provide a general knowledge to the intended user. Hence, we recommend that professional advice is sought before taking any action on specific issues before entering into any investment or financial obligation based on this Content.