Budget 2025 Update: Union Finance Minister Nirmala Sitharaman will present the entire budget on Saturday. This will be the first budget of Modi government 3.0, and it is expected to provide much relief to all sections. The commoners, such as farmers, labourers, taxpayers, and the corporate sector, are also likely to receive significant gifts.
The government can also open the treasury box for the middle class. The government can increase the standard deduction limit from Rs 75,000 to Rs 1 lakh in this budget. This is expected to give great relief to income tax taxpayers. What are the expectations regarding home loans in the new tax regime? You can quickly know all this by reading the article, which will end all your confusion.
Will the government implement the new tax slab?
The central government will present the entire budget on February 1, 2025, before President Draupadi Murmu’s address takes place on Saturday. Finance Minister Nirmala Sitharaman is going to show the budget. There is a possibility that the income tax slabs will be increased in the new tax system. Taxpayers will likely get tax exemptions for their annual income of up to Rs 10 lakh.
significant improvement in the electric vehicle sector
The government can also give the electric vehicle sector a significant gift. The electric vehicle industry is expected to reach a Rs 20 lakh crore valuation by 2030. More than five crore jobs are expected to be created in this. He says 5 per cent GST has been crucial in adopting EVs. If there is a similar tax system for EV batteries, the cost will be reduced, and the vehicle is expected to become more accessible.
What is the expected GDP
Union Finance Minister Nirmala Sitharaman presented the Economic Survey in Lok Sabha to strengthen the country’s economic condition. The GDP growth rate is expected to be between 6.3 per cent to 6.8 per cent in the current financial year, 2025-26.
Farmers Budget expectation
The central government can announce a significant gift to the farmers. Finance Minister Nirmala Sitharaman is expected to increase the annual instalment amount of the PM Kisan Samman Nidhi Yojana to Rs 12,000 for the entire budget. At present, this amount is only Rs 6,000.