Budget LIVE | Aim is to widen tax net either directly or indirectly: Sitharaman
Govt will strive to further simplify, rationalise GST tax structure: FM
Finance Minister Nirmala Sitharaman on Tuesday said the government will strive to further simplify, and rationalise GST (Goods and Services Tax), a move which would help promote ease of doing business.
The government also proposed to rationalise customs duty rates.
The minister announced customs duty exemptions on three more cancer treatment drugs.
She added that GST has decreased tax incidence on the common man, and reduced logistics cost for industry.
GST was rolled out on July 1, 2017. It subsumed 17 taxes and 13 cesses into a 5-tier structure, thereby, simplifying the tax regime.
Govt to come out with economic policy framework for next gen reforms: FM; assistance for Odisha tourism
Finance Minister Nirmala Sitharaman on Tuesday said the government will come out with an economic policy framework to usher in next-generation reforms to boost economic growth.
Sitharaman said the Centre will provide assistance to Odisha for development of tourism.
The government will operationalise Anusandhan National Research Fund, she added.
The finance minister also proposed to support development of corridors at Vishnupad Temple and Mahabodhi Temple in line with Kashi Vishwanath Temple.
Boost for Andhra Pradesh in Budget
The Central government will provide Rs 15,000 crore financial assistance for Andhra Pradesh for the purpose of development of Amaravati, Union Finance Minister Nirmala Sitharaman said on Tuesday.
Presenting the Budget for 2024-25 in the Lok Sabha, she further said the NDA government at the Centre is fully committed to financing and early completion of Polavaram Irrigation project, which is considered as a lifeline for Andhra Pradesh and its farmers.
"Our government has made concerted efforts to fulfil the commitments in Andhra Pradesh Reorganisation Act. We are recognising the state's need for a capital. We will facilitate special financial support through multilateral development agencies. In the current financial year, Rs15,000 crore will be arranged with additional amounts in future years," she said.
Sitharaman further said under the AP Reorganisation Act, for promoting industrial developments, funds will be provided for essential infrastructure such as water, power, railways, and roads and also grants for backward regions of Rayalaseema, Prakasam North coastal Andhra Pradesh, as stated in the Act will be provided.