Budget 2024 Live Updates: Current Year GST Growth Very Healthy, Says CBDT Chairman

The interim budget 2024 is very growth-oriented and puts the economics at the center, according to Anish Shah, president of the Federation of Indian Chambers of Commerce and Industry.

“The budget puts economics in the center, includes no politics, not much of a populous measure, which has been the theme for the past budgets,” he told NDTV Profit on Thursday.

The central government has increased allocation for a scheme that incentivises automobile manufacturing in India, even as it sets aside less cash for subsidising electric vehicles.

The interim budget for FY25 has allocated Rs 3,500 crore towards a production-linked incentive for automobiles and auto components, according to documents released by the Finance Ministry on Thursday. In FY24, the outlay stood revised to a mere Rs 484 crore.

Tax department is trying to improve the relationship with the taxpayer with schemes such as faceless appeal and faceless assessment, says CBDT Chairman Nitin Gupta.

• Urge taxpayers to honestly report taxes and help India become Viksit Bharat 2047

• The tax department has embraced technology in a big way and that is paying dividends now

• GST Return filing has gone up by 90%

• The department is using big data to help analyse and level the playing field for the honest taxpayer

FY25 targets are not conservative but realistic as the indirect tax receipts also include custom duties and excise duties, says CBDT Chairman Nitin Gupta .

• Processing of returns has been very quick

• 22% returns processed in one day

• In the current year, we are growing at 20%, net of refunds.

• And net 2.78 lakh crore refunds processed

"We aren’t assuming a big kicker from exports sector, given the uncertain global environment. We are expanding our basket of exportable goods and countries too," says Anantha Nageswaran, Chief Economic Advisor.