Budget 2025-26: People eagerly await the budget to be presented on February 1, 2025, for the financial year 2025-26. It is being said that many big announcements can be made in the budget to be presented on February 1, 202,5, keeping in mind the ordinary people.
The Confederation of Indian Industry (CII) has suggested reducing excise duty on fuel in its general budget proposal for the financial year 2025-26.
If the Modi government cuts excise duty, petrol and diesel prices may also decrease. Besides this, CII has said that the budget can also consider reducing the marginal tax rate for personal income up to Rs 20 lakh annually.
Inflation has reduced the purchasing power of low and middle-income people. “Central excise duty accounts for about 21 per cent of the retail price of petrol and 18 per cent for diesel,” the industry body said.
According to the report, the government has not yet decided on any reduction. The decision will be taken around February 1. Most of India’s income tax comes from people earning at least Rs 10 lakh, which was taxed at 20 percent under the old tax regime. The report said the government is under political pressure from the middle class, burdened with high taxes. This discontent has also increased due to salary hikes.
According to a report, the upcoming Union Budget 2025-26 can relieve the middle class and boost consumption. According to the information, if taxpayers choose the 2020 tax system, i.e. the new tax system, in which exemptions like house rent have been removed, it will benefit millions of people. There will be.
In India, the components used in making mobile phones still attract a 7 to 7.2 per cent tax, which is higher than in China and Vietnam.