No alterations in tax rates for I-T, GST, Excise, customs

Mumbai: There is absence of alterations in tax rates for Income Tax, GST, Excise, or customs, feel experts.

Finance Minister Nirmala Sitaraman’s speech resembled more of a report card for the past decade under the Modi Government and the roadmap for the future years.

Talking to Bizz Buzz, a tax expert Abhishek Aneja says, “The most noteworthy aspect was the absence of alterations in tax rates for Income Tax, GST, Excise, or customs.”

However, the Finance Minister didn’t arrive empty-handed. She brought forth some small gifts for individual taxpayers and the startups.

It’s noteworthy that in this interim budget, there are no substantial alterations in tax structures, whether direct or indirect, including import duties. According to Aneja, “However, we still have to wait for the newly elected Government after the General Elections to come out with the complete budget proposals for, says, the Financial Year 2024-25. Because ‘Picture abhi baki hai’.” As an interim budget preceding general elections, the focus on social welfare and empowerment initiatives for the masses is a notable highlight.

Prateek Bansal, Partner, Taxation, White & Brief, Advocates & Solicitors says, “We acknowledge the government’s strategic approach in prioritizing the general public, women’s empowerment, and schemes aimed at uplifting the underprivileged segments of society.”

The emphasis on people-centric policies rather than significant changes in taxation aligns with the inclusive spirit of the budget, he said.

The proposal to withdraw outstanding direct tax demands up to Rs 25,000 reflects a considerate approach towards individuals, particularly those in the lower income brackets. While the budget doesn’t heavily target the high-income group, the assurance of no tax liability for income up to Rs 7 lakh demonstrates a commitment to easing the burden on middle-income individuals.