Union Budget 2024 Live Update

"A comprehensive review of the customs duty structure over the next 6 months. TDS rate on e-commerce to be reduced to 0.1%. I propose that two tax exemption regimes for charities merge into one. I propose to decriminalize TDS delay up to the filing of tax date," Sitharaman said.

Sitharaman declare that a thorough examination of the 1961 Income Tax Act. Litigation and disagreements will decrease as a result. Six months are suggested as the completion time.

She noted that the Custom duties on gold, silver reduced to 6%

She announced that "Research and development of small and modular nuclear reactors - nuclear energy is expected to form a very significant part of the energy mix for 'Viksit Bharat'. Towards that pursuit, our government will partner with private sector for

1.) Setting up Bharat Small Reactors;

2.) Research and development of Bharat Small Modular Reactor;

3.) Research and development of newer technologies for nuclear energy. The R&D funding announced the in the interim Budget will be made available for this sector also."

She noted that "Tourism has always been a part of our civilisation. Our efforts to position India as a global destination will also create jobs and unlock opportunities in other sectors. I propose Vishnupath temple at Gaya, and Mahabodhi temple in Bodhgaya are of immense spiritual importance. We will develop corridors there on the model of the successful Kashi Vishwanath corridor to make them a world-class tourist destination. A comprehensive development initiative for Rajgir and Nalanda, in Bihar will be pursued. We will support tourism in Odisha that has scenic beauty, temples, craftsmanship, natural landscapes, wildlife sanctuaries and pristine beaches,"

According to Sitharaman, the government will provide funding for loans of up to Rs 10 lakh for higher education at domestic universities. This assistance will be offered in the form of e-vouchers, which will be immediately distributed to one lakh students each year, along with a three percent interest subvention of the loan amount. The finance minister also presented a number of ideas for the field of skill development. These include updating the model skill loan program, matching course content to industry skill requirements, and modernizing 1,000 Industrial Training Institutes (ITIs) using the hub and spoke architecture.

The government's dedication to empowering the youth and improving their skills for improved employment chances is demonstrated by the allocation of Rs 1.48 lakh crore for education, employment, and skilling projects throughout the country in the Union Budget for 2024–2025.

The minister of finance added that for the ensuing five years, the government would continue to provide substantial financial support for infrastructure projects.

She declared that Viability Gap Funding will enable private sector investment in infrastructure. In addition, the government plans to introduce Phase IV of the PM Gram Sadak Yojana in 25 rural communities as a result of the population growth.