Budget for Viksit Bharat shows PM's resolve to fulfill dreams: Scindia

Additionally, Union Minister Jyotiraditya Scindia added that it is a composite budget that will take India forward

Reacting to Union Budget 2025 presented in the Lok Sabha on Saturday, Union Minister Jyotiraditya Scindia said that the Budget is for the Viksit Bharat and for Prime Minister Narendra Modi's resolve to fulfill the dream of a new and energetic India.

Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025 in the Lok Sabha outlining a roadmap for India's continued economic expansion, emphasizing agriculture, micro, small, and medium enterprises (MSMEs), investment, and exports.

"This budget is for Viksit Bharat and for PM Modi's resolve to fulfil the dream of a new and energetic India. Every sector, be it agriculture, manufacturing, services, infrastructure or innovation, a new map has been drawn after having a proper study of every sector. A great relief has been provided to our tax payers. No tax up to Rs 12 Lakh annual income and even relief has been given to high income taxpayers," Scindia said.

Additionally, he added that it is a composite budget that will take India forward. This budget will not only make India self-reliant but establish it as the Vishwaguru.

BJP MP Rajiv Pratap Rudy said, "Overall the budget is balanced, non-inflationary and has an infrastructural incentive along with a lot of societal inputs that will create a balanced social lifeline. Also, a lot of things have been given to the state of Bihar, which the state has been lagging behind in many cases. After the 2015 package, this is a new proposal that has come to Bihar, be it airports, IITs, education, Makhana board, I think Bihar deserves what it has got... Thanks to the PM and Finance Minister."

Finance Minister Nirmala Sitharaman, during her Union Budget 2025 speech, announced that no income tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers especially the middle class.

"To taxpayers up to Rs 12 lakh of normal income (other than special rate income such as capital gains) tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them," said Sitharaman.

The announcement from the Finance Minister of this big relief to the middle class was met by loud thumping of the desks by the treasury benches led by PM Narendra Modi.

The finance minister announced changes in income tax slabs and rates across the board, ensuring a more progressive taxation system.

Sitharaman said, "Slabs and rates are being changed across the board to benefit all tax-payers. The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment."

Under the new tax slabs income of up to Rs 4 lakh will have to pay Nil tax hiked from Rs 3 lakh. A tax payer in the new regime with an income of Rs 12 lakh will get a benefit of 'Rs 80,000 in tax.

A person having income of Rs 18 lakh will get a benefit of Rs 70,000 in tax. A person with an income of Rs 25 lakh gets a benefit of Rs 1,10,000 under the new tax slabs.

"The total tax benefit of slab rate changes and rebate at different income levels can be illustrated with a few examples, a taxpayer in the new regime with an income of 12 lakh rupees will get a benefit of 80,000 rupees in tax, which is 100% of tax payable as per the existing rates. A person having income, a person having income of 18 lakh rupees will get a benefit of 70,000 rupees in tax, that is 30% of tax payable as per existing base. A person with an income of 25 lakh gets a benefit of one lakh 10,000 rupees, that is 25% office tax payable as per existing rates," the Finance Minister said.

As a result of these proposals, revenue of about Rs 1 lakh crore in direct taxes and Rs 2600 crore in indirect taxes will be forgone.