Budget 2025: Many big announcements can be made in the Union Budget to be presented on February 1, 2025. It is said that the annual instalment of Rs 6,000 received under the Pradhan Mantri Kisan Samman Nidhi scheme can be increased to Rs 10,000 in the budget. Let us tell you that this budget will be the first entire budget of the third term of the Modi government.
Like every time, the general public has high expectations for this budget. Their eyes are fixed on Finance Minister Nirmala Sitharaman’s possible announcements.
On February 1, 2025, Finance Minister Nirmala Sitharaman will present the country’s budget. The gold world has recommended that the Finance Minister reduce the GST on gold in the upcoming budget. Currently, 3 per cent GST is levied on gold, gold jewellery and gems, which has been demanded to be reduced to 1 per cent.
Custom duty was reduced in the last budget.
In the last budget, the central government reduced the customs duty on gold imports from 15per cent to 6per cent. This was the most significant duty cut after July 2013, after which the customs duty reached its lowest level. The demand for gold and gold jewellery is continuously increasing in India.
That is why there is a demand to reduce the GST on gold and reduce the industry’s Revenue Equivalence Ratio to one per cent; if this happens, gold buyers can benefit greatly.
The Gold Jewellery Domestic Council has demanded that the government reduce the 3 per cent GST on gold to 1 per cent so that the gold sector, which plays a vital role in India’s economy, becomes more competitive.
PM Kisan Yojana
Farmers and experts say that due to inflation and increasing farming expenses,f Rs 6,000 is insufficient. Farmers can invest better in farming with more money, strengthening the rural economy. The government is also considering increasing this amount to Rs 10,000, but no decision has been made yet.