Eng Medium Interim Union Budget 2024-25 PDF

Study For Civil Services SCSGYAN @studyforcivilservices English Medium – INTERIM UNION BUDGET 2024-25 ❖ With the ‘mantra’ of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the whole of nation approach of “Sabka Prayas”,...

Study For Civil Services SCSGYAN @studyforcivilservices English Medium – INTERIM UNION BUDGET 2024-25 ❖ With the ‘mantra’ of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the whole of nation approach of “Sabka Prayas”, the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Interim Union Budget 2024-25 in Parliament on 1 February 2024. ❖ Finance Minister Nirmala Sitharaman has presented her 6th budget. Between 2019 and 2024, he has presented 5 full budgets and one interim budget. ❖ At 56 minutes, it was Ms. Sitharaman's shortest budget speech of Interim Budget 2024-25. She also holds the distinction of delivering the longest budget speech at two hours and forty minutes in 2020. ❖ Interim Budget:- Interim Budget is presented in the year in which the tenure of the Lok Sabha ends and elections for the new Lok Sabha are to be held. In such a situation, the interim budget is presented to ensure that essential services like salaries, pensions and welfare programs can continue uninterrupted. The Interim Budget is a temporary financial plan announced before a new government is set to come in after general elections. It can be understood as a provisional arrangement to meet the expenditure of the government for a short period till the new government comes in and makes the new full budget. An Interim Budget allocates funds for essential government operations, ongoing schemes and urgent requirements. Since it is not a budget for a full year, it refrains from policy reforms. The Interim Budget also has lesser scrutiny and debate in the Parliament. Only approval for necessary expenditure if sought until the new government presents a comprehensive budget. Full Year Union Budget - The full-year Union Budget is a comprehensive financial plan to cover all the aspects of government spending, revenue generation, policy reforms and more for an entire fiscal year. The Union Budget takes into account all the revenues and expenditures, introduces new policies, schemes and reforms aimed at economic and social growth, as well as undergoes a strict examination and discussion in the Parliament. INTERIM UNION BUDGET 2024-25 – IMPORTANT DATA In RE 2023-24, the total expenditure has been estimated at 44,90,486 crore and is more than Actuals of FY 2022-23 by `2,97,328 crore. The total capital expenditure in RE 2023-24 is estimated at 9,50,246 crore. The expenditure in the interim budget 2024-25 is estimated at Rs 47,65,768 crore, which is 6.1% more than the revised estimate (Rs 4490486 crore) for the financial year 2023-24. The total expenditure in BE 2024-25 is estimated at 47,65,768 crore of which total capital expenditure is `11,11,111 crore. Budget 2024-25 reflects continuing strong commitment of the Union Government to boost economic growth by investing in infrastructure development leading to an increase in capital expenditure by 16.9 per cent over RE 2023-24. Effective Capital Expenditure, at 14,96,693 crore in BE 2024-25, shows an increase of 17.7 per cent over RE 2023-24. Total resources being transferred to the States including the devolution of State’s share, Grants/Loans and releases under Centrally Sponsored Schemes, etc. in BE 2024-25 is 22,22,264 crore, which shows an increase of 4,13,848 crore over Actuals of FY 2022-23. The Budget Allocation for the FY 2024-25 of ₹73,498 crore is the highest ever for the Department of School Education & Literacy. There has been an overall increase of ₹12,024 crore (19.56%) in the Budget Allocation of Department of School Education and Literacy in the FY 2024-25 from RE 2023-24. The highest ever Budget Allocation may be seen in the Autonomous Bodies of KVS & NVS at ₹9,302 cr. and ₹5,800 cr respectively. The overall Budget Allocation in FY 2024-25 for Department of Higher Education is Rs. 47619.77 Cr out of which Scheme allocation is Rs. 7487.87 cr and Non-Scheme allocation is Rs. 40131.90 cr. There has been an overall increase of Rs. 3525.15 Cr (7.99%) in the Budget Allocation of Department of Higher Education in the FY 2024-25 with respect to FY 2023-24. For RUSA, the budget has been kept at Rs.1814.94 Cr for FY 2024-25, which is Rs. 314.94 cr more than BE 2023-24 An allocation of Rs.1800 Cr has been kept for Institutions of Eminence (IOE), which is Rs. 300 Cr more than BE 2023-24 For the scheme ‘Pradhan Mantri Uchhatar ShikshaProtsahan Yojna’(PM-USP), the budget allocation has been kept at Rs.1558 Cr in FY 2024-25, which is Rs.4 Cr more than BE 2023-24 In the scheme ‘National Apprenticeship Training Scheme (NATS)’, an allocation of Rs.600 Cr has been made in FY 2024-25, which is Rs.160 Cr more than BE 2023-24 In the scheme ‘National Mission in Education through ICT’, an allocation of Rs.480 Cr has been made in FY 2024-25, which is Rs.80 Cr more than BE 2023-24 In the scheme ‘Multidisciplinary Education and Research Improvement in Technical Education-EAP (MERITE)’, an allocation of Rs.200 Cr has been made in FY 2024-25, a 100% increase over the allocation in 2023-24. The scheme ‘Establishment of 3 Centres of Excellence (CoEs) in Artificial Intelligence (AI)’ was a budget announcement in FY 2023-24, an allocation of Rs.255 Cr has been made in FY 2024-25. TREND IN NET RECEIPT OF THE CENTRE (Budget Estimates 2024-25) = 1. Net-Centre’s Tax Revenue (Rs 26.0 For Paid Group Call /WhatsApp 8564880530 or 7523864455 or 9696066089 Gyan Sir WhatsApp = 7838692618 Page - 1  Study For Civil Services SCSGYAN @studyforcivilservices lakh crore) 2. Non-Tax Revenue (Rs 4.0 lakh crore) 3. Non-Debt Capital Receipt (Rs 0.8 lakh crore) TREND IN TAX RECEIPTS (Budget Estimates 2024-25) = 1. Gross Tax Receipt (11.7% of GDP) 2. Direct Tax (6.7% of GDP) 3. Indirect Tax (4.9% of GDP) TOTAL TRANSFERS TO STATES AND UTs (Budget Estimates 2024-25) = Rs 22.75 lakh crore COMPOSITION OF TRANSFERS TO STATES AND UTs (Budget Estimates 2024-25) = Devolution>Scheme related & other transfers>Finance commission grants Largest SOURCES OF DEFICIT FINANCING (BE 2024-25) = 1. Market Borrowings (G-Sec) 2. Securities against small savings 3. Short Term Borrowings (T-Bills etc.) Tax Revenue (BE 2024-25) = 1. Taxes on Income (Rs 1156000 crore) 2. GST (Rs 1067650 crore) 3. Corporation Tax (Rs 1042830 crore) Budget Estimates (BE) 2024-25 Revised Estimates (RE) 2023-24 Revenue Receipts – Rs 3001275 crore Revenue Receipts – Rs 2699713 crore Capital Receipts – Rs 1764494 crore Capital Receipts – Rs 1790773 crore Total Receipts – Rs 4765768 crore Total Receipts – Rs 4490486 crore Total Expenditure – Rs 4765768 crore Total Expenditure – Rs 4490486 crore Effective Capital Expenditure – Rs 1496693 crore Effective Capital Expenditure – Rs 1271436 crore Revenue Deficit – Rs 653383 crore (2.0 % of GDP) Revenue Deficit – Rs 840527 crore (2.8 % of GDP) Effective Revenue Deficit – Rs 267801 crore (0.8 % of GDP) Effective Revenue Deficit – Rs 519337 crore (1.8 % of GDP) Fiscal Deficit – Rs 1685494 crore (5.1 % of GDP) Fiscal Deficit – Rs 1734773 crore (5.8 % of GDP) Primary Deficit – Rs 495054 crore (1.5% of GDP) Primary Deficit – Rs 679346 crore (2.3 % of GDP) Budget Estimates (BE) 2024-25 Revised Estimates (RE) 2023-24 In Year 2024-25, the total receipts other than borrowings The Revised Estimate of the total receipts other than and the total expenditure are estimated at 30.80 and 47.66 borrowings is 27.56 lakh crore, of which the tax receipts are lakh crore respectively. The tax receipts are estimated at 23.24 lakh crore. 26.02 lakh crore. The Revised Estimate of the total expenditure is 44.90 lakh Scheme of fifty-year interest free loan for capital crore. expenditure to states to be continued this year with total The revenue receipts at 30.03 lakh crore are expected to be outlay of Rs.1.3 lakh crore. higher than the Budget Estimate, reflecting strong growth Fiscal deficit in 2024-25 is estimated to be 5.1 per cent of momentum and formalization in the economy. GDP. The Revised Estimate of the fiscal deficit is 5.8 per cent of Gross and net market borrowings through dated securities GDP for 2023-24. during 2024-25 are estimated at Rs.14.13 and Rs.11.75 lakh crore respectively. Rupee comes from (top 5 sources) = 1. Borrowing and Other Rupee Goes to (top 5 sources) = 1. Interest Payments (20%) 2. Liabilities (28%) 2. Income Tax (19%) 3. GST and other taxes (18%) States' share of Taxes and Duties (20%) 3. Central Sector Schemes 4. Corporation tax (17%) 5. Non-Tax Receipts (7%) (16%) 4. Other Expenditure (9%) 5. Centrally Sponsored Schemes रुपया कहाां से आता है (शीर्ष 5 स्रोत) = 1. उधार और अन्य देयताएं (28%) 2. आयकर (8%), Defense (8%), Finance Commission & other transfers (8%) (19%) 3. जीएसटी और अन्य कर (18%) 4. निगम कर (17%) 5. ऋण-भिन्न प्रानियां रुपया कहाां जाता है (शीर्ष 5 स्रोत) = 1. ब्याज अदायगी (20%) 2. करों और शुल्कों में (7%) राज्यों का हिस्सा (20%) 3. केन्द्र क्षेत्र की योजिाएं (16%) 4. अन्य व्यय (9%) 5. केन्द्रीय प्रायोजजत योजिाएं (8%), रक्षा (8%), नित्त आयोग एिं अन्य स्थािान्तरण (8%) For Paid Group Call /WhatsApp 8564880530 or 7523864455 or 9696066089 Gyan Sir WhatsApp = 7838692618 Page - 2  Study For Civil Services SCSGYAN @studyforcivilservices Allocation for Specific Ministries (Budget Estimates 2024-25) Sr. No. Ministry in ₹ Lakh Sr. No. Ministry in ₹ Lakh Crore Crore 1. Ministry of Defence (maximum 6.2 6. Ministry of Rural Development 1.77 allocation) 2. Ministry of Road Transport and 2.78 7. Ministry of Chemicals and Fertilizers 1.68 Highways 3. Ministry of Railways 2.55 8. Ministry of Communications 1.37 4. Ministry of Consumer Affairs, Food & 2.13 9. Ministry of Agriculture and Farmer's 1.27 Public Distribution Welfare 5. Ministry of Home Affairs 2.03 10. Jal Shakti Ministry 98418 crore ✓ The Ministry of Defense (MoD) has received the highest allocation among ministries in the interim Budget 2024-25. ✓ The defense budget in the financial year 2024-25 is Rs 6,21,540.85 crore. This is 13.04 percent of the total Union Budget. ✓ The budgetary allocation for defense for financial year 2024-25 is 4.72 percent more than the allocation for financial year 2023- 24. Allocation to Major Schemes (in ₹ crore) Sr. No. Schemes 2023-24(BE) 2023-24 2024-25(BE) (RE) 1. Mahatma Gandhi National Rural Employment Guarantee 60,000 86000 86,000 Scheme 2. Ayushman Bharat-PMJAY 7200 6881 7500 3. Production Linked Incentive Scheme (PLI) (MEITY) 4,645 4560 6,200 4. Modified Programme for Development of Semi- 3,000 1503 6,903 conductors and display manufacturing ecosystem 5. Solar Power (Grid) 4,970 4757 8,500 6. National Green Hydrogen Mission 297 100 600 7. Pradhan Mantri Awas Yojna (PMAY) 79590 54103 80671 8. Jal Jeevan Mission (JJM)/National 70000 70000 70163 Rural Drinking Water Mission 9. Pradhan Mantri Kisan Samman Nidhi (PM-Kisan) 60000 60000 60000 10. Pradhan Mantri Crop Insurance Scheme 13625 15000 14600 11. National Health Mission 36785 33886 38183 12. Pradhan Mantri Gram Sadak Yojna 19000 17000 19000 13. Pradhan Mantri Krishi Sinchai Yojna 10787 8781 11391 14. Pradhan Mantri Poshan Shakti Nirman (PM POSHAN) 11600 10000 12467 15. PM Schools for Rising India (PM SHRI) 4000 2800 6050 16. Samagra Shiksha 37453 33500 37500 17. Swachh Bharat Mission (Urban) 5000 2550 5000 ✓ The highest allocation for MGNREGAS is in Budget Estimates 2024-25. With allocation of ₹86,000 crore for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), the budget for the scheme for the financial year 2024-25 has been hiked by ₹26,000 crore in comparison to the 2023-24 Budget estimates, though it is the same as the revised estimates for the ongoing financial year (2023-24). ✓ The Pradhan Mantri Awas Yojana has the second highest allocation in 2024-25 at Rs 80,671 crore, an increase of 49.1% over the revised estimate of 2023-24. ✓ The Jal Jeevan Mission has the third highest allocation in 2024-25 at Rs 70,163 crore, an increase of 0.2% over the revised estimate of 2023-24. ✓ For Swachh Bharat Mission (Urban), the budgetary estimate for 2023-24 was ₹5,000 crore but it has been reduced to ₹2,550 crore in the revised estimate. ✓ Solar power (GRID): FY 2024-25 budget estimate hiked to Rs 8,500 crore from Rs 4,970 crore in FY 2023-24, a 71 per cent increase. ✓ Modified Programme for Development of Semiconductors and Display Manufacturing Ecosystem: FY 2024-25 allocation hiked to Rs 6,903 crore from Rs 3,000 crore in FY 2023-24, a 130 per cent hike. For Paid Group Call /WhatsApp 8564880530 or 7523864455 or 9696066089 Gyan Sir WhatsApp = 7838692618 Page - 3  Study For Civil Services SCSGYAN @studyforcivilservices BUDGET SPEECH 2024-25 – IMPORTANT FACTS Social Justice Prime Minister to focus on upliftment of four major castes, that is, ‘Garib’ (Poor), ‘Mahilayen’ (Women), ‘Yuva’ (Youth) and ‘Annadata’(Farmer). The government is working to make India a ‘Viksit Bharat’ by 2047. ‘Garib Kalyan, Desh ka Kalyan’ With the pursuit of ‘Sabka ka Saath’ in these 10 years, the Government has assisted 25 crore people to get freedom from multi- dimensional poverty. ‘Direct Benefit Transfer’ of 34 lakh crore from the Government using PM-Jan Dhan accounts has led to savings of ` 2.7 lakh crore for the Government. PM-SVANidhi provided credit assistance to 78 lakh street vendors. 2.3 lakh have received credit for the third time. PM-JANMAN Yojana reaches out to the particularly vulnerable tribal groups, who have remained outside the realm of development so far. PM-Vishwakarma Yojana provides end-to-end support to artisans and crafts people engaged in 18 trades. The poverty headcount ratio is projected to decline sharply from 15% in 2019-21 to 11.3% in 2022-23. Welfare of ‘Annadata’ Every year, under PM-KISAN SAMMAN Yojana, direct financial assistance is provided to 11.8 crore farmers, including marginal and small farmers. Crop insurance is given to 4 crore farmers under PM Fasal Bima Yojana. Electronic National Agriculture Market (e-NAM) integrated 1361 mandis, providing services to 1.8 crore farmers with trading volume of Rs. 3 lakh crore. Empowering Amrit Peedhi, the Yuva The Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth, and established 3000 new ITIs. A large number of new institutions of higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have been set up. PM Mudra Yojana has sanctioned 43 crore loans aggregating to 22.5 lakh crore for entrepreneurial aspirations of our youth. Momentum for Nari Shakti 30 crore Mudra Yojana loans given to women entrepreneurs. Female enrolment in higher education has gone up by 28% in ten years. In STEM courses, girls and women constitute 43% of enrolment, one of the highest in the world. Over 70% houses under PM Awas Yojana given to women from rural areas. Female Labour Force Participation Rate Jumps to 37.0% in year 2022-23. In the year 2017-18 this participation rate was 23.3%. Strategy for ‘Amrit Kaal’ Guided by the principle ‘Reform, Perform, and Transform’, the Government will take up next generation reforms, and build consensus with the states and stakeholders for effective implementation. It is an important policy priority for our Government to ensure timely and adequate finances, relevant technologies and appropriate training for the Micro, Small and Medium Enterprises (MSME) to grow and also compete globally. Orienting the regulatory environment to facilitate their growth will be an important element of this policy mix. PM Awas Yojana (Grameen) Pradhan Mantri Awas Yojana (Grameen) close to achieving target of 3 crore houses, additional 2 crore houses targeted for next 5 years. Housing for Middle Class scheme to be launched to promote middle class to buy/built their own houses. Health Encourage Cervical Cancer Vaccination for girls (9-14 years). Saksham Anganwadi and Poshan 2.0 to be expedited for improved nutrition delivery, early childhood care and development For Paid Group Call /WhatsApp 8564880530 or 7523864455 or 9696066089 Gyan Sir WhatsApp = 7838692618 Page - 4  Study For Civil Services SCSGYAN @studyforcivilservices U-WIN platform for immunisation efforts of Mission Indradhanush to be rolled out Health cover under Ayushman Bharat scheme to be extended to all ASHA, Angawadi workers and helpers Rooftop solarization and muft bijli 1 crore households to obtain 300 units free electricity every month through rooftop solarization. Each household is expected to save Rs.15000 to Rs.18000 annually. The country's installed power generation capacity from non-fossil source is 186.46 gigawatt (GW), which is 43.9 per cent of its total installed capacity as on November 2023. In an effort to promote electrical efficiency, 36.9 crore LED bulbs, 72.2 lakh LED tube lights, and 23.6 lakh energy-efficient fans have been distributed under the UJALA scheme, and 1.3 crore LED streetlights have been installed under the Street Light National Programme. Ayushman Bharat Healthcare cover under Ayushman Bharat scheme to be extended to all ASHA workers, Anganwadi Workers and Helpers. Agriculture and food processing Pradhan Mantri Kisan Sampada Yojana has benefitted 38 lakh farmers and generated 10 lakh employment. Pradhan Mantri Formalisation of Micro Food Processing Enterprises Yojana has assisted 2.4 lakh SHGs and 60000 individuals with credit linkages. Application of Nano-DAP to be expanded in all agro-climatic zones. Atmanirbhar Oil Seeds Abhiyan Building on the initiative announced in 2022, a strategy will be formulated to achieve ‘atmanirbharta’ for oil seeds such as mustard, groundnut, sesame, soybean, and sunflower. This will cover research for high-yielding varieties, widespread adoption of modern farming techniques, market linkages, procurement, value addition, and crop insurance. Matsya Sampada Inland and aquaculture production has doubled as a result of the establishment of a separate Department for Fisheries. Seafood export since 2013-14 has also doubled. Implementation of Pradhan Mantri Matsya Sampada Yojana (PMMSY) will be stepped up to: 1. Enhance aquaculture productivity from existing 3 to 5 tons per hectare, 2. Double exports to 1 lakh crore and 3. Generate 55 lakh employment opportunities in near future. Five integrated aquaparks will be setup. Lakhpati Didi Till now about 1 crore women have become Lakhpati Didi. Buoyed by the success, it has been decided to enhance the target for Lakhpati Didi from 2 crore to 3 crore. Under the 'Lakhpati Didi' scheme, women of self-help groups are helped in earning at least ₹ 1 lakh/year by training them in work like bulb making and drone repairing. Prime Minister Narendra Modi had set a target of creating 2 crore 'Lakhpati Didi'. Research and Innovation for catalyzing growth, employment and development A corpus of Rs.1 lakh crore to be established with fifty-year interest free loan to provide long-term financing or refinancing with long tenors and low or nil interest rates. A new scheme to be launched for strengthening deep-tech technologies for defence purposes and expediting ‘atmanirbharta’. Infrastructure Development Building on the massive tripling of the capital expenditure outlay in the past 4 years resulting in huge multiplier impact on economic growth and employment creation, the outlay for the next year is being increased by 11.1 per cent to eleven lakh, eleven thousand, one hundred and eleven crore rupees (11,11,111 crore). This would be 3.4 per cent of the GDP. Railways 3 major economic railway corridor programmes identified under the PM Gati Shakti to be implemented to improve logistics efficiency and reduce cost - For Paid Group Call /WhatsApp 8564880530 or 7523864455 or 9696066089 Gyan Sir WhatsApp = 7838692618 Page - 5  Study For Civil Services SCSGYAN @studyforcivilservices 1. Energy, mineral and cement corridors 2. Port connectivity corridors 3. High traffic density corridors 40000 normal rail bogies will be converted to the Vande Bharat standards to enhance safety, convenience and comfort of passengers. Aviation Sector Number of airports in the country doubled to 149. 517 new routes are carrying 1.3 crore passengers. Indian carriers have placed orders for over 1000 new aircrafts. Green Energy Towards meeting our commitment for ‘net-zero’ by 2070, the following measures will be taken - 1. Viability gap funding will be provided for harnessing offshore wind energy potential for initial capacity of one giga-watt. 2. Coal gasification and liquefaction capacity of 100 MT will be set up by 2030. This will also help in reducing imports of natural gas, methanol, and ammonia. 3. Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will be mandated. 4. Financial assistance will be provided for procurement of biomass aggregation machinery to support collection. Bio-manufacturing and Bio-foundry For promoting green growth, a new scheme of bio-manufacturing and bio-foundry will be launched. This will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs. This scheme will also help in transforming today’s consumptive manufacturing paradigm to the one based on regenerative principles. Blue Economy 2.0 For promoting climate resilient activities for blue economy 2.0, a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture with integrated and multi-sectoral approach will be launched Tourism sector States to be encouraged to take up comprehensive development of iconic tourist centres including their branding and marketing at global scale. Framework for rating of the tourist centres based on quality of facilities and services to be established. Long-term interest free loans to be provided to States for financing such development on matching basis. Projects for port connectivity, tourism infrastructure, and amenities will be taken up in islands, including Lakshadweep. Promoting Investments The FDI inflow during 2014-23 was USD 596 billion marking a golden era. That is twice the inflow during 2005-14. For encouraging sustained foreign investment, we are negotiating bilateral investment treaties with our foreign partners, in the spirit of ‘first develop India’. Reforms in the States for ‘Viksit Bharat’ A provision of Rs.75,000 crore rupees as fifty-year interest free loan is proposed to support milestone-linked reforms by the State Governments. For Paid Group Call /WhatsApp 8564880530 or 7523864455 or 9696066089 Gyan Sir WhatsApp = 7838692618 Page - 6  Study For Civil Services SCSGYAN @studyforcivilservices Direct taxes Over the last ten years, the direct tax collections have more than trebled and the return filers swelled to 2.4 times. Under the new tax scheme, there is now no tax liability for tax payers with income up to ₹ 7 lakh. There was no tax liability for taxpayers with income up to ₹2.2 lakh in the financial year 2013–14. The threshold for presumptive taxation for retail businesses was increased from ₹ 2 crore to ₹ 3 crore. Similarly, the threshold for professionals eligible for presumptive taxation was increased from ₹ 50 lakh to ₹ 75 Lakh. Also, corporate tax rate was decreased from 30 per cent to 22 per cent for existing domestic companies and to 15 per cent for certain new manufacturing companies. Finance Minister proposes to retain same tax rates for direct taxes. Indirect taxes Finance Minister proposes to retain same tax rates for indirect taxes and import duties GST unified the highly fragmented indirect tax regime in India. At the same time, tax base of GST more than doubled and the average monthly gross GST collection has almost doubled to ₹ 1.66 lakh crore, this year. States too have benefited. States’ SGST revenue, including compensation released to states, in the post-GST period of 2017-18 to 2022-23, has achieved a buoyancy of 1.22. In contrast, the tax buoyancy of State revenues from subsumed taxes in the pre-GST four-year period of 2012-13 to 2015-16 was a mere 0.72. 94% of industry leaders view transition to GST as largely positive. Tax proposals No changes were proposed in relating to taxation. It is proposed to keep the tax rates unchanged in respect of direct taxes and indirect taxes including import duties. Tax exemption on certain income of IFSC units extended by a year to 31.03.2025 from 31.03.2024. Outstanding direct tax demands upto Rs 25000 pertaining to the period upto FY 2009-10 withdrawn. Outstanding direct tax demands upto Rs 10000 for financial years 2010-11 to 2014-15 withdrawn. This will benefit one crore tax payers. Tax benefits to Start-Ups, investments made by Sovereign wealth funds or pension funds extended to 31.03.2025 Tax rationalization efforts over the years No tax liability for income upto Rs 7 lakh, up from Rs 2.2 lakh in FY 2013-14. Presumptive taxation threshold for retail businesses increased to Rs 3 crore from Rs 2 crore. Presumptive taxation threshold for professionals increased to Rs 75 lakh from Rs 50 lakh. Corporate income tax decreased to 22% from 30% for existing domestic companies. Corporate income tax rate at 15% for new manufacturing companies. Achievements in tax-payer services Average processing time of tax returns has reduced to 10 days in FY 2023-24 from 93 days in FY 2013-14. Faceless Assessment and Appeal introduced for greater efficiency. Updated income tax returns, new form 26AS and prefilled tax returns for simplified return filing. Reforms in customs leading to reduced Import release time - ▪ Reduction by 47% to 71 hours at Inland Container Depots ▪ Reduction by 28% to 44 hours at Air Cargo complexes ▪ Reduction by 27% to 85 hours at Sea Ports Expenditure of Major Items Sr.No. Items 2024-25 (BE) क्र.सां. Items 2024-25 (BE) ((In ₹ crore) ((In ₹ crore) 1 Interest 1055427 7 Commerce and Industry 45958 2 Transport 544039 8 Development of North East 5900 3 Defence 454773 9 Education# 124638 4 Subsidy 381175 10 Energy 76302 5 Pension 239612 11 External Affairs 22155 6 Agriculture and Allied 146819 12 Finance 87642 For Paid Group Call /WhatsApp 8564880530 or 7523864455 or 9696066089 Gyan Sir WhatsApp = 7838692618 Page - 7  Study For Civil Services SCSGYAN @studyforcivilservices Share in central taxes and duties received by the states in the Union Budget Estimates 2024-25 - Uttar Pradesh has the highest share (₹2.18 lakh crore) in the central taxes and duties allocated to individual states for 2024-25 by the central government in the interim budget. Uttar Pradesh has received 17.9% of the total allocation. This includes ₹68,715 crore of corporation tax, ₹75,716 crore of income tax and ₹66,898 crore of central GST. STATE-WISE DISTRIBUTION OF NET PROCEEDS OF UNION TAXES AND DUTIES FOR BE 2024-25 Top 5 States Bottom 5 States Sr. No. State Share in % ₹ in crore Sr. No. State Share in % ₹ in crore 1 Uttar Pradesh 17.939 218816.84 1 Goa 0.386 4708.37 2 Bihar 10.058 122685.76 2 Sikkim 0.388 4732.76 3 Madhya Pradesh 7.850 95752.96 3 Mizoram 0.500 6098.93 4 West Bengal 7.523 91764.26 4 Nagaland 0.569 6940.56 5 Maharashtra 6.317 77053.69 5 Tripura 0.708 8636.05 For Paid Group Call /WhatsApp 8564880530 or 7523864455 or 9696066089 Gyan Sir WhatsApp = 7838692618 Page - 8