Finance Minister Nirmala Sitharaman said that there will be no alterations in tax rates, whether direct or indirect, including import duties.
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 GDPTotal expenditure for FY24 revised to Rs 44.90 lakh croreTotal receipts, excluding borrowings, amount to Rs 27.56 lakh crore for FY24Tax receipts estimated at Rs 23.24 lakh crore for FY24Projected fiscal deficit for FY25 stands at 5.1%Aim to reduce fiscal deficit to below 4.5% by FY26Gross market borrowing for FY25 anticipated to be Rs 14.13 lakh crore