Budget 2024: Where The Government Earns From And Where It Spends
Budget 2024 focuses on social welfare without major tax changes. Fiscal deficit revised to 5.8% of GDP, with total expenditure estimated at Rs 47.66 lakh crore for FY25.
Finance Minister Nirmala Sitharaman presented the interim budget on Thursday with a focus on infrastructure, housing and growth while maintaining its fiscal consolidation path.
Keeping the upcoming elections in mind, the Finance Minister has made no changes in the direct and indirect tax structures and has set the tax receipts target at Rs 26.02 lakh crore.
The government has also withdrawn tax demands of up to Rs 25,000 pending till the financial year 2010 for individual taxpayers and proposed to withdraw disputed tax demands of up to Rs 10,000 till FY11–15.
The fiscal deficit for FY24 has been revised to 5.8% of GDP, in comparison with 5.9% earlier. According to the budget, total expenditure has been estimated at Rs 47.66 lakh crore for FY25.
Other major proposals in the budget include housing facilities for the middle class, a vaccination programme against cervical cancer, and more.
Here is the breakup of government's income and spending: