- विज्ञापन -
New Delhi: Finance Secretary Tuhin Kanta Pandey has reiterated the government’s dedication to upholding fiscal discipline while promoting economic growth, asserting that the Union Budget for 2024-25 is “entirely non-inflationary.” During an event hosted by the PHD Chamber of Commerce and Industry (PHDCCI), he outlined the government’s long-term strategy for India’s economic development and the critical policy initiatives aimed at supporting businesses, startups, and encouraging voluntary tax compliance.
Acknowledging the current global economic climate, Pandey noted that the environment for trade and growth is not particularly favorable. He emphasized the ambitious vision of achieving “Viksit Bharat” by 2047, highlighting the measures taken to support startups, including an extended tax holiday and an additional five-year period for incorporation, along with a ₹10,000 crore fund of funds.
Pandey also discussed the government’s initiatives to improve voluntary tax compliance, revealing that 99.7% of tax returns are self-assessed, with only 0.3% subject to scrutiny. “We advocate for voluntary compliance,” he said, mentioning that nearly a crore of updated returns contributed an extra ₹8,000 to ₹9,000 crore in taxes. He clarified a misconception about the tax on updated returns, stating that the 70% figure refers to additional tax, not the total tax rate.
CBIC Chairman Sanjay Kumar Agarwal provided insights into the government’s customs duty rationalization efforts set to begin post-July 2024. He noted that out of 12,500 tariff lines, 8,500 related to industry have been rationalized, while food and textile tariffs remain unchanged. Additionally, he mentioned exemptions for certain items, such as capital goods for manufacturing lithium-ion cells for electric vehicles and mobile phones.
Agarwal emphasized the measures taken to enhance exports, including a two-year limit for the provisional assessment of customs duties. “We have implemented various steps in this budget to promote exports, ensuring that we do not overreach, as our goal is not to maximize revenue but to collect what is due to the government,” he stated.
