Page 59 - Union Budget

Budget 2024: How India's Railway Budget has changed over the years

John Mathai, an economist, was independent India's first railway minister and presented the first independent Railway Budget in 1947

Budgetary allocation to road ministry jumps to Rs 2.7 trillion in 2023-24

The average annual budgetary allocation of the Ministry of Road Transport & Highways has increased by 940% from Rs 25,872 crore per year during 2009-14 to Rs 2.7 trillion during 2023-24

At Rs 10.6 trillion, net direct tax collection rises 23.4% in Apr-Nov

Net direct tax collection in the eight months of the current fiscal touched 58.34 per cent of Budget Estimates (BE) at Rs 10.64 lakh crore. The net tax collection for April-November stood at Rs 10.64 lakh crore, which is 23.4 per cent higher than the corresponding period of last year, the Ministry of Finance said. Gross collections, before issuing refunds, grew 17.7 per cent to Rs 12.67 lakh crore in the April-November period. Refunds amounting to Rs 2.03 lakh crore issued from April to November of the current fiscal. Special initiative was taken for cases where refunds had failed initially and subsequently issued to validated bank accounts, the ministry said. In the current fiscal, Rs 18.23 lakh crore is expected to be collected in direct taxes (personal income tax and corporate tax), and Rs 15.38 lakh crore from indirect taxes (GST, customs, excise). Earlier this week, a senior finance ministry official said that the government is likely to stick to the budgeted estimate of a t

Market outlook 2024: Over to the interim Budget, general elections

The only concern for the markets, analysts say, is whether the cumulative rate hikes executed across the globe would lead to growth slowdown, or will the global economy recover significantly

Govt may address inverted duty structure for certain products in Budget

The government is likely to address the issue of inverted duty structure for certain products in the forthcoming Budget to boost domestic manufacturing, an official said. Inverted duty structure refers to taxation of inputs at higher rates than finished products that result in the build-up of credits and cascading costs. The official said that the Commerce and Industry Ministry has shared a list of 13-14 products with the finance ministry to look at the inverted duty structure issues. "The ministry always shares such list of goods, where customs duties on components are higher than the finished products, We have given our inputs to the finance ministry to look at that. Inverted duty structure is not economically efficient," the official said. Inverted duty structure impacts the domestic industry as manufacturers have to pay a higher price for raw materials in terms of duty, while the finished products land at lower duty and cost. Finance Minister Nirmala Sitharaman is scheduled to

MGNREGS job demand dips for first time FY24 in Nov, compared to FY23

Around 17.67 million households sought work under the scheme in November 2023, which was almost 5 per cent less than the same month of the 2022-23 financial year

Budget 2024: Budget preparation, its purpose, halwa ceremony, presentation

Union Budget 2024: Preparing the Budget is a long-drawn process which involves multiple steps and consultations. Read on to find out how it is done

Budget Speech: All you need to know about the FM's address to Parliament

Here is everything you need to know about what a Budget speech ahead of the Union Budget 2024, the different parts it has, Budget at a Glance, Finance Bill, and more

The sanctity of an interim Budget

The Finance Minister's bold announcement of no big schemes on February 1 is commendable

Budget 2024: Here are 5 lesser-known facts about the Union Budget of India

The history of India's Union Budget over the years is a fascinating one. Here's a look at some lesser-known facts about the Union Budget

TMS Ep582: North-South divide, govt's cash outgo, markets, interim budget

Is the North-South divide real? What will higher cash outgo mean for govt finances? What will keep the markets busy this week? What is an interim budget? All answers here

No 'spectacular announcements' in interim Budget, says FM Sitharaman

"Budget that will be announced will just be a vote on account because we will be in election mode, and elections will happen during the coming summer", the FM said

No 'spectacular announcement' likely in Feb 1 Budget, says finance minister

Finance Minister Nirmala Sitharaman on Thursday said the budget to be presented on February 1, 2024 would not have any "spectacular announcement" as it would be a vote on account in run up to the general elections. "It is a matter of truth that February 1, 2024 budget that will be announced will just be a vote on account because we will be in an election mode. So the budget that the government presents will just be to meet the expenditure of the government till a new government comes to play," she said. Speaking at the CII Global Economic Policy Forum, Sitharaman said the country would be preparing for the Lok Sabha elections which are due in the summer of 2024. Hence the February 1 budget, following the British tradition, is called vote on account. "No spectacular announcements come in that time (in vote on account). So you will have to wait till after new government comes in and presents next full Budget in July 2024," Sitharaman said. On February 1, 2024, Sitharaman will presen

Interim Budget: All you need to know about the budgets during election year

Here is everything you need to know about the meaning of interim Budget, why and when it is presented, vote-on-account, and more

Govt's fiscal deficit rises to 39.3% of annual target in H1 of FY24

The fiscal deficit was 6.4 per cent of the GDP in 2022-23 against the earlier estimate of 6.71 per cent

An insider's tell-all tales

In his revealing memoir, former finance secretary Subhash Chandra Garg offers a glimpse into what goes on behind closed-door meetings and in the corridors of power

Centre, RBI officials to finalise 2nd half borrowing plan today: Report

India plans to borrow about Rs 6.55 trillion in the second half of the current fiscal year that started April 1, according to government's budget estimates

Rs 1 trillion allotted for STC funds for tribal welfare and development

The Ministry of Tribal Affairs is working towards providing essential infrastructure facilities in 36,428 villages that have 50% tribal population and are home to 500 Scheduled Tribes

Leave encashment limit hiked to Rs 25 lakh: What does it mean for you?

The relief was announced by Finance Minister Nirmala Sitharaman in the Union Budget 2023 and the proposed hike has come into place since April 1, 2023, a circular from CBDT stated

Mahila Samman Savings Certificates: All you need to know about the scheme

There are no upper limits to the number of accounts. However, there is a cap on the maximum deposit limit. Additionally, there should be a gap of at least 3 months between opening of any two accounts