RPG Enterprises Chairman Harsh Goenka, known for his witty and amusing posts on X, has shared a video of Rajya Sabha member Ramdas Athawale, the president of the Republican Party of India, giving an interview following the Union Budget announcement. Goenka’s reaction, “Every year, thousands share their thoughts on the budget. But this statement remains an all-time favorite! Such pure and deep dissection…..,” highlights the viral nature of Athawale’s commentary and the public’s interest in the budget’s implications.
The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman on July 23, 2024, focused on various sectors. Provisions for the agricultural sector, new employment schemes, loan initiatives, and financial support for the MSME sector were announced. The budget also addressed infrastructural development and aimed to reduce the fiscal deficit to 4.5% from 4.9%.
In a significant move, the government made changes to capital gains taxes, implementing a revised tax policy that aimed to encourage investment. The budget removed the indexation benefit on property sales and lowered the long-term capital gains tax to 12.5%. This change replaced the previous 20% tax rate with indexation benefit.
Finance Minister Sitharaman clarified that the average taxation for asset classes has been reduced, encouraging investment. She emphasized the need to widen the tax net for both direct and indirect taxes. The budget also included an increase in the Securities Transaction Tax (STT) on F&O, which will come into effect on October 1, 2024.
