Key Highlights of the Proposed GST Amendments in the Interim Budget 2024-25 for Simplified Understanding

The Interim Budget 2024-25 was presented in Parliament on Thursday, February 01, 2024, by the Hon’ble Finance Minister, Smt. Nirmala Sitharaman, marking a transformative milestone in India’s economic journey over the past decade.

Over the last ten years, the Indian economy has undergone a remarkable transformation, aligning with the vision of making India Viksit by 2047. The government’s resilience in overcoming the challenges posed by the COVID-19 pandemic has been commendable, with a dedicated focus on social justice and inclusive growth.

In terms of financial matters, the budget outlines a revised fiscal deficit of 5.8% for FY24 and a commitment to bring it below 4% of GDP by 2025-26.

The budget places a strong emphasis on governance, development, and performance, with significant progress in infrastructure development, research, and innovation, along with prudent fiscal management. The expansion of the tax base facilitated by the GST is expected to fortify the finances of both Union and state governments, fostering public growth. Since its introduction in July 2017, GST has witnessed a substantial increase in average gross monthly collections, soaring from 0.9 lakh crore in 2018 to 1.5 lakh crore in 2023. The number of GST-registered taxpayers has also seen a substantial rise, reaching 1.4 crore in 2023 compared to 66 lakhs at its inception, with a notable influx of smaller businesses into the regime.

This document simplifies the main points of the GST Proposals for easy understanding.

You can find the entire document here:
SUMMARY OF THE INTERIM UNION BUDGET 2024-25