As the Union Finance Minister Nirmala Sitharaman prepares to announce the Annual Financial Statement for FY 2024-2025 by the end of July, the focus is on potential changes to benefit the middle class and small farmers. Here’s what to expect:
Tax Relief for the Middle Class:
- Consumption Boosting Measures: The Modi government is considering measures worth over Rs 50,000 crore to stimulate consumption.
- Tax Cuts: Possible tax cuts for individuals earning between Rs 5-10 lakh annually.
- New Tax Slab: Introduction of a new tax slab to further reduce the tax burden on middle-class taxpayers.
Increase in PM-KISAN Cash Assistance:
- Cash Handout Hike: The government may increase the annual cash assistance for small farmers under the PM-KISAN Needhi Samman scheme from Rs 6,000 to Rs 8,000.
Pre-Budget Meeting:
- Consultations: Finance Minister Nirmala Sitharaman chaired consultations with state finance ministers and other officials to incorporate their views into the Union Budget.
GST Council Meeting:
- Agenda: The 53rd meeting of the GST Council will address key issues such as taxation on fertilizers, chemicals, online gaming, and possible amendments for retrospective tax demands and reinsurance exemptions.
These anticipated measures highlight the government’s efforts to support the middle class and boost agricultural support, aiming to drive economic growth and stability.
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