Pre-Budget 2024 LIVE Updates: The eagerly awaited India Budget 2024 announcement by Finance Minister Nirmala Sitharaman on February 1 has sparked expectations across various sectors like crypto, finance, technology, and others. In a unique twist, the Indian crypto community has recently taken to social media with the hashtag ‘#ReduceCryptoTax,’ urging changes in cryptocurrency tax regulations.
Despite persistent appeals over the last two years, the government has yet to revisit these laws, causing concerns about hindering crypto growth and triggering a talent exodus. The crypto sector, through social media, is pushing for more flexible tax slabs, a reduction in Tax Deducted at Source (TDS) from 1% to 0.01% on each transaction, and the allowance of carrying forward losses, mirroring practices in the stock market. All eyes are on Union Budget 2024 for potential shifts in the crypto tax landscape.
Pre-Budget 2024 LIVE: Real Estate Sector Anticipates Reduced GST
The Managing Director at Z Estate, Tapan Mohanty, recently stated that the nation’s real estate sector anticipates reduced GST charges on construction materials. The current state is quite variable, with GST rates reaching as high as 28%, which needs fixing asap.
Pre-Budget 2024 LIVE: Private Sector To Benefit The Most?
In a recent speech by the hon’ble President of India, Smt Droupadi Murmu, the nation’s private sector and its vast potential was spotlighted in the Indian Parliament ahead of the Interim Budget. The President stated that the government ‘believes in the capabilities of India’s private sector,’ drawing attention nationwide. The FICCI further weighed in on the President’s firm belief, sharing sentiments mirroring the government’s stance on the private sector. Aligning with this, the nation eyes noteworthy announcements for the private sector in the upcoming Union Budget.
FICCI welcomes Hon'ble President of India Smt Droupadi Murmu's address to Parliament today, stating that government ‘believes in the capabilities of India’s private sector.’ FICCI members, whether large, medium or MSMEs, have appreciated the more conducive environment for doing… pic.twitter.com/SRtLFPoIOo
— FICCI (@ficci_india) January 31, 2024
Pre-Budget 2024 LIVE: Proposals For Enhancing Global Trade
Today, the CII made key recommendations to enhance the country’s global trading landscape with the upcoming Union Budget. Concerning this, the organization proposed rationalizing import tariffs on raw materials and intermediaries ahead of the Interim Budget. Furthermore, it also advocated setting up a trade promotion body with international offices. Meanwhile, significant aid for MSMEs in export activities is expected.
With the #InterimBudget2024 being a few hours away, CII shares recommendations for strengthening #global trade.#CIIRecommends rationalizing import tariffs on raw materials and intermediaries.#CII4InterimBudget2024 #Budget2024 @nsitharamanoffc @nsitharaman @FinMinIndia pic.twitter.com/CCyAmlhQAI
— Confederation of Indian Industry (@FollowCII) January 31, 2024
Pre-Budget 2024 LIVE: CII Proposes R&D & Technology Sector Aid
The CII (Confederation of Indian Industry) recently recommended nourishing R&D partnerships between public and academic institutions and industries nationwide with the upcoming Interim Budget.
Ahead of the #InterimBudget2024, CII shares recommendations for #technology and #research & #development.#CIIRecommends strengthening R&D partnerships between public and academic institutions and industry. #CII4InterimBudget2024 #Budget2024 @nsitharamanoffc @nsitharaman… pic.twitter.com/L3ShSMc8NG
— Confederation of Indian Industry (@FollowCII) January 31, 2024
Pre-Budget 2024 LIVE: India's Municipal Bond Market Impacted?
As the Interim Budget2024 nears, bond market experts anticipate initiatives to strengthen India’s municipal bond market, while also encouraging more investor participation nationwide.
Pre-Budget 2024 LIVE: NPS Jack Up Anticipated
The Indian Government may rule out more attractive policies orbiting the NPS (National Pension System), extending tax concessions on contributions and withdrawals for citizens above the age of 75. The pension fund regulator PFRDA eyed “parity” with the Employees’ Provident Fund Office (EPFO) from the upcoming Interim Budget.
Pre-Budget 2024 LIVE: CII Unveils Key Recommendations For The Manufacturing Sector
As the Indian Union Budget 2024 looms over the country’s economic horizon, the CII (Confederation of Indian Industry) shared noteworthy recommendations for the upcoming budget. The organization eyes phasing out cross-subsidization of railway and power rates from the February 1 Budget.
As the countdown to the #InterimBudget2024 begins, CII shares recommendations for the #manufacturing sector.#CIIRecommends phasing out cross-subsidization of railway and power rates.#CII4InterimBudget2024 #Budget2024 @nsitharamanoffc @nsitharaman @FinMinIndia pic.twitter.com/a4wwQn61sE
— Confederation of Indian Industry (@FollowCII) January 31, 2024
Pre-Budget 2024 LIVE: WazirX CEO Spotlights Demands From The Indian Crypto Community
WazirX CEO Nischal Shetty recently shared his views on what the Indian crypto community wants from the upcoming Union Budget. TDS reduction to 0.01%, profit taxed under existing slabs, and permitting setoff of losses are some of the top demands from the Indian crypto sector.
Day 729
The entire Indian crypto ecosystem has put forward requests for:
1. TDS reduction to 0.01%
2. Profit taxed under existing slabs
3. Allow setoff of lossesTaxation is one of the biggest limiting factors for the growth of the ecosystem and makes the ecosystem…
— Nischal (Shardeum) 🔼 (@NischalShetty) January 31, 2024
Pre-Budget 2024 LIVE: MP Questions India's Status Of The Fastest-Growing Economy
Responding to the PM’s critique of “disruptive” MPs, NCP’s Dr Fauzia Khan defends opposition’s actions, highlighting their demand for a statement on Parliament security. She notes BJP’s past protests while in opposition. Shifting focus to IMF’s projection of India as the fastest-growing major economy, Khan questions the government on the widening wealth gap, asking, “What about the gap between the rich and the poor?”
Pre-Budget 2024 LIVE: CoinDCX CEO Enters The #ReduceCryptoTax Frenzy
CoinDCX CEO and Co-Founder Sumit Gupta took to X and revealed key measures for India’s crypto industry. He proposed a reduction in TDS rate from 1% to 0.01% and aligning crypto tax rates with other assets at 30%. Furthermore, emphasizing the need for a self-regulatory body, Gupta believes it’s a catalyst for innovation and growth, crucial for India’s crypto industry to compete globally. Moreover, he also called for responsible governance to create a stable environment for Web3 investors.
Pre-Budget 2024 LIVE Updates: Will The Government Provide A Tax Relief?
CA Chirag Chauhan recently took to X and expressed that the Indian government should reduce the maximum income tax to 30% from 42% currently. In addition, he advocated a tax relief for annual income of upto INR 10 lakhs.
The right time to reduce Maximum Income Tax Rate on individuals from 42% to 30% is now
And No Tax upto income of ₹ 10 Lakhs
Shall FM @nsitharaman provide relief?
RT if agree #Budget2024 pic.twitter.com/kX3AZqvfLk
— CA Chirag Chauhan (@CAChirag) January 30, 2024
Pre-Budget 2024 LIVE Updates: Digital India Reform Becomes A Success
During the speech head of the Interim Budget 2024 presentation, President Droupadi Murmu shed light on Digital India reform’s success. She added that the move has aided people’s lifestyle as well as the entire economy. Furthermore, she underscored that India accounts for 46% of real-time digital transactions in the world. The President added that the country registered a record INR 18 lakh crore worth of UPI transactions last year.
Pre-Budget 2024 LIVE Updates: President Droupadi Lauds The Government's Efforts In Managing Inflation & Taxes
President Droupadi Murmu commended the government’s adept handling of inflation during global crises, preventing undue burdens on the common man. She revealed that a substantial portion of past tax revenue had been utilized to empower youth, women, farmers, and the poor. The President highlighted the government’s commitment to social welfare during challenging periods.
Pre-Budget 2024 LIVE Updates: What Does The Steel Industry Expect?
Director Lalit Beriwala of Shyam Steel Industries anticipates no major changes in the interim budget, urging relief on personal income tax for salaried individuals. Beriwala proposes doubling income tax slabs and extending corporate tax benefits for new investments. He underscored that restarting the Indian Railways’ ‘Wagon Investment Scheme’ to align with India’s steel industry growth and production.
