Budget 2024: No Changes in Tax Rates, Announces FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said that there will be no alterations in tax rates, whether direct or indirect, including import duties.

No changes in Income Tax rates, Union Finance Minister Nirmala Sitharaman presents Interim Budget 2024-25. pic.twitter.com/H90QxEmaCt

— ANI (@ANI) February 1, 2024

I propose to retain the same tax rates for direct and indirect taxes," Sitharaman stated. She highlighted that the revised estimate of the fiscal deficit stands at 5.8% of GDP, showing improvement from the budget estimate despite a decline in nominal growth projections.

In her budget speech, Sitharaman outlined key fiscal metrics for the fiscal year 2024:

Fiscal deficit for FY24 projected at 5.8% of GDP
Total expenditure for FY24 revised to Rs 44.90 lakh crore
Total receipts, excluding borrowings, amount to Rs 27.56 lakh crore for FY24
Tax receipts estimated at Rs 23.24 lakh crore for FY24
Projected fiscal deficit for FY25 stands at 5.1%
Aim to reduce fiscal deficit to below 4.5% by FY26
Gross market borrowing for FY25 anticipated to be Rs 14.13 lakh crore