All You Need to Know About the Upcoming Budget (2025-26)
Amidst the economy slowing down and uncertainties rising in Asia's third-largest economy, Nirmala Sitharaman, Finance Minister of India, is set to unveil the Union Budget 2025 on February 1, which is next month. One of the biggest things everyone is looking out for is any news about income tax rebates.
Taxpayers are really looking forward to this budget, hoping for some relief through tax changes. There's a lot of talk about possibly raising the basic exemption limit in both the old and new tax systems. The big question is: will Sitharaman bring any good news for individual taxpayers to help ease the pain of rising costs? Stay tuned for the latest updates and answers to all your questions!
1. Has the final budget of 2025 been presented?
No, the final 2025 Union Budget hasn’t been presented yet. The Budget for 2025 is all set to be revealed on February 1, 2025. Following the annual practice, Finance Minister Nirmala Sitharaman will present the government's fiscal strategies and policies for the financial year 2025-26 for the eighth time in a row.
2. What is the Union Budget, and why is it important for the economy?
The Union Budget is a fiscal document issued by the Indian government that outlines its expenditures for a single financial year. Essentially, the Union Budget comprises a collection of documents that collectively provide a thorough overview of the government's financial situation.
According to Article 112 of the Indian Constitution, a budget must be submitted to Parliament before the commencement of each fiscal year. For the upcoming fiscal year, which begins on April 1 and concludes on March 31 of the subsequent year, the Union Budget is anticipated to reflect some favourable adjustments aimed at alleviating the impact of inflation.
3. When is the union budget 2025 expected to occur?
The Union Finance Minister, Nirmala Sitharaman, is set to present the second comprehensive Budget of the Narendra Modi administration following the 2024 Lok Sabha Elections starting at 11 am on 1st February 2025. Reports suggest that the government might propose tax incentives for individual taxpayers and implement new initiatives to enhance the appeal of the new tax structure.
4. Why is the budget presented on February 1?
Since the year 2017, the Budget has been consistently presented on February 1, thereby allowing adequate time for effective policy implementation prior to the commencement of the new financial year on April 1. This year, the stock market will remain operational, despite February 1 falling on a Saturday, and there will be live broadcast of the Budget live across various channels and online platforms.
5. What will be cheaper after budget 2025?
The Union Budget 2025 is likely to emphasise strategies that encourage growth and consumption. Additionally, the budget might tackle fundamental issues in the healthcare sector, including the lack of medical professionals and insufficient hospital facilities.
It is anticipated that the Union Budget 2025 could lead to lower prices for the following categories: medical devices, electronics, real estate, consumer products, and personal income tax.
6. What is the key demand of India's restaurant business?
As India prepares itself for the Union Budget 2025, the hospitality and food & beverage sectors are keen on receiving specific reforms that could enhance growth and sustainability. The National Restaurant Association of India (NRAI) has put forth several important suggestions to the government, such as restoring the GST input tax credit, reinstating the (Service Export from India Scheme), reviewing GST on commercial leases, and lowering GST on environmentally friendly materials like bagasse.
7. Will there be live streaming of Budget 2025?
Yes, the budget presentation will be aired live on Doordarshan and Sansad TV. For online viewers, the live broadcast will be accessible on the Press Information Bureau, the Sansad TV YouTube channels, and the Ministry of Finance.
8. When will the Union Budget 2025-26 be announced in India?
The Union Budget for 2025 is set to be presented on February 1, 2025, at 11:00 AM. The initial segment of the Parliament's Budget session is confirmed to commence on January 31 and will continue until February 13, 2025.
9. Will the new budget bring changes to the income tax slab for 2025?
It has been indicated that the government may consider expanding the 20% tax slab under the new regime to encompass individuals with annual earnings of up to ₹18 lakh or ₹20 lakh. Furthermore, a 30% tax bracket may be applied to incomes exceeding ₹18 lakh or ₹20 lakh.
10. How will the budget impact GST rates across various sectors?
We anticipate a reduction in the Goods and Services Tax (GST) rate, which would significantly benefit Micro, Small, and Medium Enterprises (MSMEs) and start-ups. The current GST rate of 18% on insurance premiums poses a considerable obstacle, particularly for low-income groups. The combination of high premiums and GST renders insurance products unaffordable for many individuals. A reduction in the GST rate would directly advantage policyholders, making insurance more accessible and financially manageable. This initiative is vital for enhancing penetration in underinsured demographics, thereby promoting greater financial inclusion.
Keep an eye on our website for the latest information on the Union Budget 2025. Stay Tuned!
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Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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