#EYonBudget2024

Macro Fiscal | Key Highlights

► Growth: Government of India’s (GoI’s) Financial ► Transfer to states: Compared to the interim
Year (FY) 2025 final budget did not change its budget, higher transfers to the states in terms
nominal Gross Domestic Product (GDP) growth of tax devolution to the tune of INR27,428

Highlights
assumption as compared to that in the interim crore have been provided Shap reduction in fiscal
budget. The Economic Survey (FY24) deficit to GDP ratio
► Expenditure priorities: from 9.2% in FY21 to
projected a real GDP growth in the range of 4.9% in FY25
6.5% to 7% for FY25. Taking its mid-point at ► Infrastructure investment: GoI’s capital
6.75% and combining with an implicit price expenditure retained at INR11.1 lakh crore
deflator (IPD)-based inflation of 3.5% would or 3.4% of GDP in FY25 and allocation of
give a nominal GDP growth of 10.5%. INR1.5 lakh crore for long-term interest
free loans for states
► Tax revenues highlights: Continued Subsidy
► The increase in revenue expenditure has Reforms
► Gross Tax Revenue (GTR) growth is Major subsidies to GDP
mainly been allocated to labour and
budgeted to be lower at 10.8% in FY25 (BE) ratio fell from 1.4% in
employment, housing, urban development,
as compared to 13.4% in FY24 FY24 to 1.2% in FY25
agriculture and renewable energy
► Growth in GoIs GTR is primarily driven by ► Highest priority to fiscal consolidation: The
higher buoyancy of direct taxes at 1.86 in fiscal deficit to GDP ratio is budgeted to fall to
FY24 and 1.22 in FY25 (BE) 4.9% of GDP in FY25 (BE) from 5.1% in the
► Direct tax growth is budgeted at 12.9% in interim budget. Going forward, considering Co-opting states in
FY25 (BE) as compared to 17.9% in FY24 annual reduction of about 0.6% points, the GoI capital expenditure:
may reach the FRBM target of 3% by FY28 increased devolution,
► Indirect tax growth is budgeted to be
interest free loans,
unchanged at 8.2% in FY25 (BE) ► A new employment linked incentive scheme: Purvodaya scheme
As a counterpart to production linked
► Indirect tax buoyancy is estimated to be
incentives (PLI), the budget has introduced a
lower than 1 at 0.85 in FY24, falling further
new incentive window through an
to 0.78 in FY25 (BE) owing to subdued
employment-linked incentive (ELI) scheme
performance of union excise duties (UED) as
well as customs duty revenues
2
 Policy | Key Highlights (1/2)

► Agriculture allocation stands as INR1.52 lakh Identification Number (ULPIN) or Bhu-Aadhaar

crore. Highlights include the mission for pulses for all rural lands, digitization of cadastral maps
New policies for pumped
and oilseeds to strengthen their production, and establishment of land registry. Urban Land

Highlights
storage, nuclear energy and
storage and marketing and encouraging records to be digitized with GIS mapping
energy transition pathways
shrimp farming, processing and export ► Minerals for manufacturing: Critical Mineral
► Thrust on employment: three major schemes Mission for domestic production, recycling of
to boost employment - scheme for first timers critical minerals, and overseas acquisition of
in formal economy; scheme to incentivize critical mineral assets. Launch of auction of
additional employment in the manufacturing first tranche of offshore blocks for mining Promoting digitization of land
records, introduction of
sector and employer incentive scheme for Bhu-Aadhaar for rural land
► Sustained energy transition efforts
additional employment. New scheme for
providing internship opportunities in 500 top ► Pumped storage policy to be brought out to
companies to 1 crore youth in 5 years. 20 lakh enhance electricity storage to support
youth to be skilled and 1,000 Industrial renewable energy-based power generation
Training Institutes to be upgraded ► Partnering with private sector on nuclear Three new employment
► Support for MSMEs in the manufacturing energy - Setting up Bharat Small Reactors, schemes; internship to 1
sector: these include credit guarantee cover R&D of Bharat Small Modular Reactor, and crore youth
up to INR100 crore, limit of Mudra loans to be R&D of newer technologies for nuclear
enhanced to INR20 lakh, new SIDBI branches energy
in MSME clusters and e-commerce Export ► Policy document on energy transition
Hubs to be set up in public-private-partnership pathways to be introduced that balances Critical minerals mission to
(PPP) mode to connect MSMEs to international employment, growth and environmental support Defence, Telecom,
markets sustainability. Energy audit of traditional Nuclear energy and Space
sectors
► Digitization of land records: rural land reforms MSMES in 60 clusters. Financial support to
include assignment of Unique Land Parcel be provided to shifting them to cleaner
energy

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 Policy | Key Highlights (2/2)

► Taxonomy for climate finance to be developed

for enhancing the availability of capital for
climate adaptation and mitigation
► Focus on urban development: PM Awas Yojana
Urban 2.0 to cater to housing needs of 1 crore
urban poor and middle-class families with an
investment of INR10 lakh crore
► FDI rules to be simplified to facilitate
investments, nudge prioritization, and
encourage use of Indian Rupee as a currency
for overseas investments
► Space economy aims to be increased by five
times in the next 10 years and a venture
capital fund of INR1,000 crore to be set up

4
 Corporate Tax | Key Highlights (1/5)

Business income computation is as follows:

► Disallowance of expenses incurred on settlement in relation to contravention under any law to be notified by the Central Government, w.e.f. financial year
2024-25.
► Presumptive tax regime introduced for non-resident engaged in the business of operation of cruise ship to deem 20% of the aggregate amount received/
receivable by the non-resident from such activity as profit/ gains from business of cruise ship operation.
► Income from lease rentals of cruise ship of a foreign company received from another foreign company opting for presumptive tax regime applicable for
operator of cruise ships shall be exempt from tax in the hands of a foreign entity provided that both the companies are held by same parent up to financial
year 2029-30.
Changes in relation capital gains computation:
► The holding period for all listed securities, including units of business trust, will now be a common period of 12 months to be classified as long-term capital
assets. All other assets will qualify as long-term capital assets if held for 24 months or more.
► Gains from unlisted bonds and debentures transferred, redeemed or maturing on or after 23 July 2024 will be treated as Short-term Capital Gains (STCG)
irrespective of the holding period.
► No indexation benefit in case of any long-term capital assets.

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 Corporate Tax | Key Highlights (2/5)

► Capital Gains Tax rates applicable in respect of various assets is as tabulated below:

DescriptionCapital Gains Tax rates applicable in respect of various assets is as Proposed rate * (%) w.e.f. 23 July
Existing rate * (%)
tabulated below: 2024
STCG under section 111A (STT paid equity shares, units of equity oriented mutual fund
15 20
and unit of a business trust)
STCG of specified Funds or Foreign institutional investors under section 115AD 30 30
Other STCG Applicable slab rates Applicable slab rates
LTCG under 112A (STT paid equity shares, units of equity oriented mutual fund and unit 10 above LTCG of
12.5 above LTCG of INR1.25 lakhs
of a business trust) INR1 lakh
Listed bonds and debentures 10 12.5
Other LTCG 20 12.5

► Charity related changes:

► Presently, charitable institutions can claim income exemption either under S. 10(23C) regime or S. 11 regime. Exemption under both these regimes is
conditions-ridden and subject to various procedural compliances.
► In order to merge the two regimes and to phase out section 10(23C) regime, Finance Bill (FB) 2024 now provides that :
► No fresh application can be made for seeking approval under S. 10(23C) regime from 1 October 2024.
► Existing approved charitable institutions under s .10(23C) regime shall continue to claim exemption under that regime until expiry of their existing
approval. Thereafter, such institutions shall be required to migrate under S. 11 regime for claiming charity exemption.

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 Corporate Tax | Key Highlights (3/5)

The Finance Bill 2024 provides that merger of one registered charitable institution into another trust will now not be exposed to exit tax levy subject to
satisfaction of certain condition.
Obtaining charity registration / re-registration within a specified time is condition precedent for claiming charity exemption. Failure to seek charity registration
or delay thereof may also expose trust to exit tax levy. FB 2024 now allows Tax Authority to condone the delay in filing registration or re-registration application
if there exist reasonable cause for such delay.
Section 80G of the Income-tax Act, 1961, provides for the grant of approval to certain funds or institution of receiving donations. Time limit for disposing of
application for such approval has been revised to six months from the end of the quarter in which application is received.
TDS/TCS related changes:
► Change in TDS rates w.e.f 1 October 2024.

Nature of payment Existing Proposed

Commission for soliciting or procuring insurance business received by a person other than 5% 2%
companies (Section 194D) w.e.f 1 April 2025
Payment in respect of taxable insurance policies (Section 194DA)
Commission of sale of lottery tickets (Section 194G)
Other commission or brokerage (Section 194H)
Rent paid by certain individuals or HUF (Section 194-IB)
Payment of certain sums by certain

individuals or HUF (Section 194-M)

Payments from e-commerce operators to participants (194-O) 1% 0.10%
Repurchase of units by MF or UTI eligible for deduction under section 80CCB (Section 194-F) 20% Omitted

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 Corporate Tax | Key Highlights (4/5)

TDS @10% to now apply on payment of:

► Salary, remuneration, interest, bonus or commission exceeding INR20,000 in a financial year to partners by partnership firm w.e.f. 1 April 2025.
► Interest exceeding INR10,000 on Floating Rate Savings (Taxable) Bonds (FRSB) 2020 w.e.f. 1 October 2024.
Specific exclusion of income covered under section 194J from section 194C w.e.f. 1 October 2024.
The monetary limit of INR50 lakh for withholding of taxes on payment of consideration for transfer of certain immovable property is now to be seen qua the
amount of consideration paid by all transferors to all transferees in respect of the immovable property on an aggregate basis w.e.f 1 October 2024.
Scope of TCS provision expanded on purchase of high value (> INR10 lakhs) other luxury goods (in addition to motor vehicles) as may be notified by the Central
Government w.e.f 1 January 2025.
TCS provisions will now not apply or will apply at a lower rate in respect of specified transactions with certain categories of notified taxpayers w.e.f 1 October
2024.
Employers may now consider TCS suffered by employees when calculating TDS on employee salary payments w.e.f 1 October 2024.
TCS credit of minor allowed to be claimed in hands of parent when income is clubbed w.e.f 1 January 2025.
Higher interest rate of 1.5% is now applicable on delayed payment to the government of TCS already collected w.e.f. 1 April 2025.

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 Corporate Tax | Key Highlights (5/5)

Procedural aspects:
► Block assessment procedure for search proceedings reintroduced for searches conducted on or after 1 September 2024. Block assessment will now cover a
period of 6 years preceding the year of search. Total income so assessed (undisclosed or disclosed) under block assessment will be taxed at a flat rate of 60%
(plus applicable cess at 4%).
► Reduction in limitation period for reopening of high value cases involving undisclosed income over INR50 lakhs represented in the form of an asset,
expenditure or book entry reduced from 11 years from the end of the relevant financial year sought to be reopened up to six years and three months from
the end of the relevant financial year sought to be reopened.
► Taxpayer will now be able to appeal before the Income tax appellate tribunal (ITAT) against the penalty orders issued in case of search proceedings.
► With effect from 1 October 2024, the time limit for appeal before ITAT is revised to two months from the end of the month in which order sought to be
appealed is communicated to the taxpayer or Principal Commissioner or Commissioner of income tax as the case may be.
Others:
► Introduction of Direct Tax Vivad se Vishwas Scheme, 2024 for providing a mechanism of settlement of disputed issues. Date of applicability of the proposed
scheme is yet to be notified.
► Relaxation of penal consequences under the Black Money Act on non-furnishing details of movable property or assets outside India in the return of income,
where the aggregate value of such assets does not exceed INR20 lakhs, w.e.f. 1 October 2024.

9
 International Tax | Key Highlights

► E-commerce equalisation levy (e-com EL) on ► Interest limitation rules not to apply to
non-residents withdrawn financial companies operating in IFSC
Withdrawal of

Highlights
► Proposal to withdraw the equalisation levy ► Interest limitation rules essentially restrict
of 2% applicable on the e-commerce supply the interest deductibility in the hands of e-com EL
or services Indian taxpayers to a defined threshold, i.e.,
30% of EBITDA. The excess can be carried
► This amendment will be effective from 1
for future eight years

40% 35%
August 2024
► Proposal to exempt finance companies
► Corresponding income exemption for the
located in the IFSC from interest limitation
Indian corporate tax purposes for the
rules
non-resident taxpayers will be available Reduction in tax rates boosts
up to 31 July 2024 ► This amendment will be effective from 1 globalization
April 2024
► Advertisement EL continues to apply to all
advertising revenues earned by the non-
residents ► Introduction of penalty provisions for non- IFSCs not subject to
► No changes proposed to the SEP rules filing of certain financial information by non- interest limitation
residents’ liaison offices in India
No specific proposal on Pillar Two/ Global
Minimum Tax implementation in India ► Proposal to introduce a penalty for liaison
offices for non-compliance in filing
► Reduction in corporate tax rate for foreign Statement of Financial Transactions
companies ► The penalty will amount from daily fines of Penalty introduced for
► The corporate tax rate in the case of foreign INR1,000 up to three months and a fixed liaison offices in India
companies has been reduced from penalty of INR1 lakh thereafter
40% to 35%
► This amendment will be effective from
1 April 2024
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 Transaction Tax | Key Highlights

► Premium/ Angel Tax abolished from 01 April 2024

► Cost of acquisition (COA) for equity shares (acquired prior to 01 February 2018) sold under ‘Offer

Highlights
for sale’ to be computed based on indexed cost of acquisition for the financial year 2017-18. This
amendment will apply from the assessment year 2018-19
Sum paid by a company for the purchase of its own shares shall be treated as a dividend in the
Angel Tax
►
hands of shareholders and charged to income-tax at applicable rates
► No deduction for expenses shall be available against such dividend income while determining
income from other sources Abolished from FY25
► The entire COA of the shares which have been bought back would generate a capital loss in the
hands of the shareholder and will be available for set-off against other capital gains
► Specific capital gains tax exemption on transfer under a gift or will or an irrevocable trust has
been restricted to transfer by an individual and Hindu Undivided Family (HUF) only

Buyback
Taxable as dividend

11
 Transfer Pricing Amendments | Key Highlights

► Scope of Transfer Pricing (TP) assessment of Specified Domestic Transactions (SDTs) expanded
► Scope of Transfer Pricing assessment expanded to enable the Transfer Pricing Officer (TPO) to audit SDTs which
► have not been referred by the Assessing Officer (AO) and/ or
► have been identified by the TPO during the course of the assessment proceeding
► Current assessment scope for SDTs was limited to SDTs referred by the AO
► Objections to Dispute Resolution Panel (DRP)
► Taxpayers who have undisclosed income pursuant to a search not eligible to file objections before DRP against variations proposed to the income by the
Assessing officer
► Taxpayers in this category are only permitted to file an appeal with the Commissioner of Income Tax (Appeals)
► Dispute resolution
► Vivad se Vishwas Scheme, 2024 (Tax Amnesty Scheme, 2024) introduced to enable expeditious disposal of pending disputes/litigations by way of a
settlement mechanism
► Mechanism will apply to TP adjustments and TP disputes as well
► Stated intent in the Budget Speech of the Finance Minister to reduce litigation and provide certainty in international taxation
► Intention to expand coverage of safe harbour rules and streamline transfer pricing assessment procedure
► Detailed amendments/rules likely to be issued later

12
 Goods and Services Tax | Key Highlights (1/2)

► Waiver of interest and penalty will be granted ► The amount of pre-deposit will be reduced in
in non-fraud cases for Financial Year (FY) the following manner:
2017-18 to 2019-20, if entire tax demand as

Highlights
► Before the Appellate Authority, the
per notice or order, as the case may be, is paid maximum amount of pre-deposit is reduced
up to the date to be notified. The following from INR25 crores to INR20 crores (CGST
scenarios will be covered: and SGST each) Amnesty scheme
► notice issued but order has not been for interest and
► Before the GSTAT, the pre-deposit amount
passed, or penalty waiver
is reduced from 25% to 10% of the tax in
► order passed by proper officer, but dispute, with maximum amount reduced
Appellate Authority or Revisional Authority from INR50 crores to INR20 crores (CGST
has not passed the order, or and SGST each)
► order passed by Appellate Authority or ► Time of supply in respect of services received
Revisional Authority, but Tribunal has not from unregistered person and attracting
passed the order reverse charge will be earlier of:
► Waiver will not be available in case of ► Date of payment
erroneous refunds ► Date of issuance of self-invoice
► Time limit to file appeal before GST Appellate ► Government to prescribe the time-limit to Reduction in pre-
Tribunal (GSTAT) will be three months from deposit amount
issue self-invoice in case of reverse charge
the date to be notified or the date of order, supplies received from unregistered persons.
whichever is later
Further, self-invoice will also be required where
► Three-month condonation period will be the supplier is registered solely for the
granted where the Department fails to file purpose of deducting tax at source
appeal before GSTAT within timelines

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 Goods and Services Tax | Key Highlights (2/2)

► Power to be granted to the Government ► ITC on account of any services received prior
regarding non-recovery of duties not levied or to 1 July 2017 by an Input Service Distributor
short-levied as a result of general practice shall be eligible for distribution as GST credit,

Highlights
even if the invoices relating to such services
► From FY 2024-25 onwards, a common time
are received prior to the appointed day
limit will apply for issuance of demand notices
(42 months from the due date of filing ► The Government will specify the sunset date Time limit for
relevant annual return) and demand orders for receipt of any new application w.r.t. anti- availing ITC extended
(12 months from the date of notice), profiteering
irrespective of cases involving fraud or wilful ► Principal bench of GSTAT will handle anti-
misstatement or not profiteering cases.
► Time limit to avail Input tax credit (ITC) for FY ► Refund of integrated tax as well as of
2017-18 to 2020-21 will be extended till 30 unutilized ITC on export of goods shall not be
November 2021 where the relevant GSTR-3B available where the subject goods attract
is filed up to such date export duty. Similar restriction will be placed
► Time limit to avail ITC where registration of the on refund when taxpayer supplies such goods
recipient is cancelled and subsequently to Special Economic Zone (SEZ) developer or
restored will be extended to: unit
GST refund
► 30 November of the subsequent financial ► A person being summoned by proper officer is restricted where
year or bound to appear, either in person or through goods exported
an authorized representative
► 30 days from the date of order of attract export duty
revocation, whichever is later ► Due date to file monthly TDS return will be
prescribed by the Government. Such returns
are mandatorily to be filed even if there are no
deductions made in the month

14
 Customs | Key Highlights

► Custom duty rates are rationalized to further support the “Make In India” initiative
► For claiming preferential duty benefit, importer can also submit a declaration for the purpose of proof of origin
► Government can notify class of goods which shall not be permitted for manufacturing processes and other operations in a warehouse
► Central Board of Indirect Taxes and Customs can prescribe separate procedure or documentation for categories of goods or modes of transportation of goods
for any other person also, in addition to importers or exporters
► The power of Central Government to levy protective duties on certain imported goods shall be omitted
► GST Compensation Cess on imports by SEZ units/ developers for authorized operation will be exempt retrospectively from 1 July 2017

15
 Personal Tax | Key Highlights (1/2)

► Amendment to New Tax regime (NTR) ► Rationalization of capital gains: uniformity in

the holding period of capital assets with a
► Enhancement of standard deduction to
proposal to classify all listed financial assets as

Highlights
INR75,000
► NTR now provides a change in the tax
long-term if held for more than one year and
all unlisted financial assets and non-financial
INR17,500
structure with reduced slabs as under: assets will be considered long term if held for Additional Tax savings
more than two years under NTR
► Up to INR3 lakh – Nil
► Above INR3 lakh to INR7 lakh – 5% ► Short-term capital gains rates on sale of equity
oriented mutual funds and equity shares have
► Above INR7 lakh to INR10 lakh – 10% been increased to 20% from the existing rate
► Above INR10 lakh to INR12 lakh – 15% of 15%. Short-term capital gains on the sale of
other financial assets will be taxed at the
► Above INR12 lakh to INR15 lakh – 20% Simplification of capital
applicable rates
► Above INR15 lakh - 30% gains taxation
► Long-term capital gains on sale of all financial
► Under the NTR, individuals would now save and non-financial assets will attract a tax rate
as much as INR17,500 in taxes of 12.5% as against the existing rate of 10%/
► Deduction available to the employer for 20%
contribution to New Pension Scheme (NPS) ► The limit of exemption for long-term capital
enhanced from 10% to 14% of the employee’s gains will be enhanced to INR1.25 lakh per
salary year from the existing threshold of INR1 lakh Credit allowed for TCS
per year for STT-paid equity shares and units and TDS on all incomes/
► Deduction available for family pension to payments
pensioners is enhanced from INR15,000 to of equity-oriented funds
INR25,000 ► Unlisted bonds and debentures will attract tax
on capital gains at applicable rates,
irrespective of the period of holding

16
 Personal Tax | Key Highlights (2/2)

► Indexation benefit available for long-term ► Penal provisions under the Black Money Act
capital assets is now removed for the shall not apply for individual taxpayers (Indian
calculation of long-term capital gains. professionals having foreign ESOPs,
investments in movable assets abroad, etc.) in
► Exemption available to shareholders for the
respect of assets (other than immovable
buy-back of shares is now withdrawn and will
property) where the aggregate value of such
be treated as a deemed dividend.
asset or assets does not exceed INR20 lakh
► Credit for tax collected at source (TCS) will be
► Increase in rates of securities transaction tax
available against the tax withheld on salary
on sale of an option in securities from
income by the employer, which will ease the
0.0625% to 0.1% of the option premium and
cash flow issue for the employee and avoid
on sale of a futures in securities from 0.0125%
potential refund claims at the time of filing the
to 0.02% of the price at which such “futures”
return of income.
are traded
► Re-assessments can be initiated beyond three
years from the end of the assessment year
only if the escaped income is INR50 lakh or
more, and up to a maximum period of five
years from the end of the assessment year.
Similarly, in search cases, the time limit is now
reduced to six years before the year of search,
from the existing limit of 10 years.

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 Budget 2024 | Sectors wise data

Consumer
product and Financial Pharma and
Agriculture Automotive Chemicals retail Defense services Infrastructure life Sciences

Power and Media and Oil and Real Startup Technology Telecom
utility entertainment gas estate

Click on each tab to know more

18
 Agriculture (1/4)

The Union Budget 2024 has put forth nine areas as key priorities and a number of them focus on
agriculture, discussed below:

Highlights
Priority 1: Productivity and resilience in agriculture
Transforming agriculture research INR1.52 lakh crore
allotment for agriculture
► Comprehensive review of the agriculture research setup to focus on increasing productivity and and allied sectors
developing climate-resilient crop varieties
► National Cooperation Policy to be developed for systematic, orderly and all-round development of
the co-operative sector
► 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops to be
released for cultivation by farmers
Natural farming
10,000
► One crore farmers to be initiated into natural farming, supported by certification and branding in bio-input resource centers
the next two years
► 10,000 need-based bio-input resource centers to be established
Digital Public Infrastructure (DPI)
► DPI to be implemented for coverage of farmers and their lands in three years 6 crore
► Digital crop survey to be undertaken in 400 districts farmers and their lands to
be added in farmer and land
► Jan Samarth based Kisan Credit Cards to be issued registries
► Details of 6 crore farmers and their lands to be brought into the farmer and land registries
Shrimp production and export
► Financing for shrimp farming, processing and export to be facilitated through the National Bank
for Agriculture and Rural Development (NABARD)
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 Agriculture (2/4)

Mission for pulses and oilseeds

► Strategy to be developed to achieve Atmanirbharta and strengthen production, storage and

Highlights
marketing of oilseeds, such as mustard, groundnut, sesame, soybean, and sunflower and pulses
Vegetable production and supply chains
► Promotion of farmer-producer organizations, cooperatives and start-ups for vegetable supply Financial support for
chains, including collection, storage, and marketing irrigation projects and other
ongoing schemes
Priority 3 - Inclusive Human Resource (HR) development and social justice
► Various programs to be implemented for all-pervasive and all-inclusive development of people with
a special focus on farmers, youth, women and poor
► Allocation of more than INR3 lakh crore towards schemes benefitting women and girls with an aim
of enhancing women’s role in economic development 50
► Financing and early completion of the Polavaram Irrigation Project to ensure food security Food irradiation units
Priority 4 – Manufacturing and services
► Financial support for setting up of 50 multi-product food irradiation units in the MSME sector to be
provided
► Credit guarantee scheme to be introduced for facilitating MSMEs to purchase machinery and
equipment without collateral or third-party guarantee
100
Food quality and safety
► New assessment model to be developed for MSME credit by public sector banks testing labs
► Credit support to be provided to MSMEs during the stress period
► 100 food quality and safety testing labs with NABL accreditation to be set up
► The services of the Centre for Processing Accelerated Corporate Exit (C-PACE) to be extended for
voluntary closure of LLPs to reduce the closure time

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 Agriculture (3/4)

Priority 5 – Urban development

► Water supply and sanitation projects announced which shall also consider utilization of treated

Highlights
wastewater for agricultural irrigation
Priority 7 - Infrastructure
► Financial support for Accelerated Irrigation Benefit Programme and 20 other ongoing and new
schemes, including barrages, river pollution abatement, flood mitigation and irrigation projects
Priority 8: Innovation, research and development
► Anusandhan National Research Fund for basic research and prototype development to be
operationalized
► A mechanism to be set up for spurring private sector-driven research and innovation at a
commercial scale with a financing pool of INR1 lakh crore INR1 lakh crore
Priority 9 - Next generation reforms Estimated Healthcare
► Rural land related actions to inter alia, focus on - assignment of Unique Land Parcel Identification expenditure
Number or Bhu-Aadhaar for all lands, establishment of land registry, linking to the farmers’
registry

21
 Agriculture (4/4)

Key tax-related proposals

Direct Tax

Highlights
► No change in the Corporate Tax rates for domestic companies. Corporate Tax rate for foreign
companies reduced to 35% (plus applicable surcharge and cess)
Indirect tax 15%
► Basic Customs Duty rate on shea nuts reduced from 30% to 15% Reduction in BCD
on shea nuts
► Basic Customs Duty rate reduced for products such as live SPF shrimp, live black tiger shrimp, SPF
polychaete worms, oil use in manufacture of aquatic feed (fish lipid, crude fish and algal), prawn
and shrimps feed, fish feed

BCD rate reduced for

shrimp and other
shrimp feeds
Drop

22
 Automotive

► To support domestic manufacturing, deepen local value addition and promote export
competitiveness in the automotive/auto sector, the following changes have been proposed:

Highlights
► Exemption from Customs Duty (Basic Customs Duty (BCD) and Social Welfare Surcharge (SWS))
introduced on critical minerals and further reduction of BCD on few minerals essential for Rationalization
manufacture of battery in India of tax structure
and provision
► Extension of exemption till 31 March 2026 for:
► Specified parts, components for use in manufacture of lithium-ion cells, and lithium-ion
battery and battery pack
► Specified goods for the manufacture of Brushless Direct Current (BLDC) motors
Total budget outlay for the Central
► Inputs, parts or sub-parts for use in the manufacturing of Printed Circuit Board Assembly Sector Schemes allocation

INR6,921 Cr
► To promote manufacture of batteries in India and encourage ACC (advanced chemistry cell) PLI,
BCD exemption has been withdrawn on batteries for electrically operated vehicles, including
two- and three-wheeled electric motor vehicles and such goods would now be subject to BCD at
the rate of 15%
► Auto manufacturers are likely to benefit from the exemptions on certain parts, such as ferro
nickel, blister copper and nickel cathode, for manufacture of connectors and resistors
► To reduce blockage of working capital, the scope of obtaining lower deduction/collection
certificates is widened to cover tax deduction/ collection at the source (TDS/TCS) on purchase/sale Value addition in auto
of goods industry promoted

23
 Chemicals (1/3)

Growth Drivers
► Capital investment outlay is being increased by 11% to INR11.1 lakh crore which is 3.4% of GDP.

Highlights
Further, states to support infrastructure development through INR1.5 lakh crore
long-term interest free loan. This will induce further demand for construction chemicals and other Capital investment
allied chemicals increased by 11% to
INR11.1 lakh crore
► With the aim to support industrial development in the pursuit of Viksit Bharat, following
announcements made to boost the manufacturing sector which in-turn will provide an impetus to
basic chemicals and speciality chemicals, including construction chemicals, paint and adhesives:
► 12 industrial parks to be sanctioned under the National Industrial Corridor Development
Programme and facilitate investment-ready “plug and play” industrial parks
► Focus on infrastructure development in various states including Bihar and Andhra Pradesh
► Three crore additional houses will be developed, with focus on the needs of 1 crore urban poor 12 industrial parks
and middle-class families, with an investment of INR10 lakh crore sanctioned
► Further encouragement for PM Surya Ghar Muft Bijli Yojana to install solar rooftop panels which is
likely to boost the demand of chemicals such as silicon used in manufacturing solar panels
Research and Development
Financing pool of INR1 lakh
► Operationalize the Anusandhan National Research Fund for basic research and prototype crore towards research and
development, and set-up of mechanism for spurring private sector-driven research and innovation development
with a financing pool of INR1 lakh crore, which will boost innovation and research and
development in chemical industry

24
 Chemicals (2/3)

Employment and Skilling

► Three schemes have been announced for employment linked incentives which will include:

Highlights
► One-month wage up to INR15,000 to new entrants with salary up to INR1 lakh in all formal
Three schemes
sectors
developed under
► Incentive to be provided at specified scale to first time employees and employer towards ‘Employment Linked
Employees’ Provident Fund Organisation contribution in first four years in the manufacturing Incentive’
sector
► Employer focus scheme reimbursing INR3,000 per month for two years towards Employees’
Provident Fund Organisation contribution for each employee within a salary of INR1 lakh per
month
► Comprehensive scheme for providing internship opportunities in 500 top companies to 1 crore
youth in five years. Companies to bear the training cost and 10% of the internship cost from their
Corporate Social Responsibility funds Comprehensive
internship scheme
Micro, Small and Medium Enterprises (‘MSME’)
► To support MSMEs, several financial policies announced:
► Credit Guarantee Scheme for MSMEs in the Manufacturing Sector
Focus on financial support
► New credit assessment model for MSME credit to MSME
► Credit support to MSMEs during stress period
► Limit for Mudra loans enhanced to INR20 lakhs from INR10 lakhs
► Enhanced scope for mandatory onboarding in TReDS
► SIDBI branches in MSME clusters
► E-Commerce Export Hubs

25
 Chemicals (3/3)

Key tax related proposals

► Direct tax

Highlights
► No change in the corporate tax rates for domestic companies. Corporate tax rate for foreign
companies reduced to 35% (plus applicable surcharge and cess)
► No specific announcement for chemical sector
► Indirect tax
BCD rate increased for
► Chemicals and Plastics chemical and plastics and
laboratory chemicals
► Basic Customs Duty rate for Ammonium Nitrate increased to 5% from 2.5%
► Basic Customs Duty rate for Poly Vinyl Chloride (PVC) Flex films increased to 25% from 10%
► Laboratory Chemicals
► Basic Customs Duty rate increased to 150% from 10% falling under Chapter 98020000
► Critical Minerals
► 25 Critical Minerals has been exempted from Basic Customs Duty to boost sector
► Others
BCD rate reduced on MDI to
► Effective Basic Customs Duty on Methylene Diphenyl Di-isocyanate (MDI) for use in the promote export
manufacture of Spandex Yarn is reduced to 5% from 7.5% subject to ICGR competitiveness and reduce
input costs
► Effective Basic Customs Duty on specified parts falling under Chapter 28, 29 or 38 for use in
manufacture of connectors is reduced to NIL from 5%/7.5%

26
 Consumer product and retail (1/2)

► Five schemes and initiatives to facilitate employment (including participation of women in

workforce), skilling and other opportunities. The schemes will target 4.1 crore youth over the next
five years, with a budgetary allocation of INR2 lakh crore

Highlights
► Government of India will launch three schemes for employment-linked incentives i.e., one month INR2 lakh crore
wage to first-time enrollers to Employees' Provident Fund Organisation, incentive to employer
linked with employment of first-time employees, and support to employers providing additional Employment, skilling and
employment other oppurtunities
► As part of skilling, 20 lakh youth would be skilled over a five-year period and 1,000 industrial
training institutes would be upgraded in hub and spoke arrangements. Skilling and educational
loans would be provided with guarantee/ financial support/ subsidy from government
► Financial support for setting up of 50 multi-product food irradiation units in the Micro Small and TCS introduced on luxury
goods, and TDS on payments
Medium Enterprises (MSME) sector will be provided. Setting up of 100 food quality and safety made by e-commerce
testing labs with National Accreditation Board for Testing and Calibration Laboratories (NABL) operators reduced
accreditation will be facilitated
► E-commerce export hubs will be set up in public-private-partnership (PPP) mode to enable MSMEs
and traditional artisans to sell their products in international markets
► Further, credit guarantee schemes for MSMEs will be introduced. A guarantee cover of INR100

►
crore will be provided for the higher amount of loan
Taxes Collected at Source (‘TCS’) at 1% on luxury goods (goods of value over INR10 lakh)
MSME
introduced effective 1 January 2025 Raised loan limits and credit
► Tax Deducted at Source (‘TDS’) by e-commerce operators on payments to e-commerce participants guarantees to be provided
will be reduced to 0.1% from 1% effective 1 October 2024

27
 Consumer product and retail (2/2)

► Foreign mining companies selling raw diamonds in the country can now benefit from safe harbour
rates — guidelines to be notified

Highlights
► Total Customs Duty rate for gold and silver bars reduced from 15% to 6%, gold and silver dores
reduced from 14.35% to 5.35%, and platinum reduced from 15.4% to 6.4%.
► Basic Customs Duty (‘BCD’) on cellular mobile phone and its charger/ adapted reduced from 20% to Safe Harbour Rules
15%
► BCD reduced from 7.5% to 5% on MDI for manufacture of spandex yarn to rectify duty inversion, Employment, skilling and
other oppurtunities
subject to conditions
► BCD reduced from 30% to 10% on Real Down Filling material from duck or goose for use in the
manufacture of textile or leather garments for export
► Exemption extended to wet white leather, crust and finished leather for manufacture of textile or
leather garments, leather /synthetic footwear or other leather products for export
► Exemption also extended to certain additional accessories and embellishments for manufacture of
textile or leather garments, leather/synthetic footwear or other leather products for export

Customs Duty rates

reduced for various
products

28
 Defense

► Budget allocation for the Ministry of Defence is INR6,21,941 crore, reflecting a 0.06% increase
over allocation in the Interim Budget. This increase is primarily directed towards investment in
public enterprises

Highlights
► Allocation of INR1,72,000 crore for capital outlay and INR2,82,773 crore for revenue expenditure
remains the same as in the Interim Budget
► 5.78% increase in the budgetary allocation for capital outlay and a 4.68% increase for revenue
expenditure in INR terms over the Financial Year (FY) 2023-24 Budget Estimates ~13%
► Basic Customs Duty (BCD) exemptions have been extended up to 31 March 2026 and 31 March of the total Budget
2029 for certain specified goods pertaining to aerospace and defense sector
► Duration for the export of aircraft and vessels imported for maintenance, repair and overhauling
has been increased from six months to one year, with the possibility of an additional one-year
extension

Allocation kept at
the same level as in
the Interim Budget

29
 Financial services

Policy Proposals
► Proposed to introduce a financial sector vision and strategy document to set out the agenda for From To

Highlights
the sector for the next five years and guide the workings of government, regulators, financial
institutions and market participants (including simplification of FDI and OI) STCG 15% 20%
► Introduction of a ‘variable capital company structure’ under the regulations, inter alia, for pooling LTCG 10% / 20% 12.5%
funds for private equity players Applicable for assets transferred on or
Tax Proposals after 23 July 2024
► Proposal to tax LTCG at 12.5% from existing tax rate of 10%/ 20% and removal of indexation
benefit going forward to all taxpayers including offshore fund, foreign portfolio investors, etc.
► Proposal to tax short-term capital gains on STT paid equity shares, units of equity oriented mutual
fund and unit of a business trust to be increased to 20% from 15%
► STT rate on sale of options/ futures increased to 0.1%/ 0.02% from 0.0625%/ 0.0125% Introduction of variable
capital company structure
► Proposal to abolish buy-back tax levied on companies and to tax income from buy-back as ‘deemed
dividend’ in hands of shareholder
► Angel tax applicable on issuance of shares of closely held companies proposed to be abolished
► Proposal to amend the manner of computation of income of life insurance companies by
disallowing certain expenses from 1 April 2025 onwards No Equalisation Levy
► Tax exemptions framework prescribed for Retail schemes and ETFs set up in IFSC on e-commerce supply
and services
► Thin capitalization exemption to IFSC Finance Companies

30
 Infrastructure (1/2)

► Government is committed to investing in the sector, promoting viability gap funding, and enabling
policies and regulations to encourage private participation

Highlights
► Industrial parks:
► Development of ‘plug and play’ industrial parks in 100 cities
► 12 new parks proposed to be sanctioned under the National Industrial Corridor Development Balancing public investment
Programme with private sector
► Reforms relating to ownership, lease and flag of ships to be proposed with an objective to provide participation
an impetus to the Indian shipping industry and generating employment
► Government to formulate an all-round development (including infrastructure) plan for Purvodaya Total Capital Expenditure outlay of
(i.e., eastern states of India) covering Bihar, Jharkhand, West Bengal, Odisha, and other states INR11.11 lakh crore; major outlay
► Announcements to facilitate infrastructure developments in Bihar: for roads INR2.72lakh crore
(24.50%) and railways INR2.52 lakh
► Industrial node at Gaya on the Amritsar-Kolkata Industrial Corridor
crore (22.68%)
► Road connectivity projects worth INR26,000 crore
► New airports, medical colleges and sports infrastructure in Bihar
► Government to fund development of essential infrastructure for specific projects in Andhra
Pradesh to fulfill commitments under the Andhra Pradesh Reorganization Act
Proposal to seek legislative approval to bring in efficiency and flexibility in funding the lease of
►
New tax regime introduced
aircraft and ships, and pooled funds of private equity through a ‘variable company structure’
for non-resident
cruise operators

31
 Infrastructure (2/2)

► Direct tax proposals for cruise shipping (effective from 1 April 2024):
► New presumptive tax regime introduced for non-residents engaged in the business of operating cruise ships
► Tax exemption, subject to conditions, granted to foreign companies in respect of lease rentals from specified companies engaged in operating domestic
cruise ships in India.
► Indirect tax proposals:
► Basic Customs Duty (BCD) exemption is extended to the import of:
► Components and consumables for manufacture of specified vessels
► Technical documentation and spare parts for construction of warships
► BCD exemption for the import of the following items has been extended up to 31 March 2029:
► Spare parts and consumables for repairs of ocean-going vessels registered in India
► Capital goods, raw materials and spares for repairs of ocean-going vessel
•

32
 Pharma and Life Sciences

► Government to operationalize the Anusandhan National Research fund for basic research and
prototype development

Highlights
► Government to set-up a mechanism for private sector driven research and innovation at
commercial scale with a financing pool of INR1 lakh crore
► Focus on skill improvement by aligning course content and design to the skills of the industry and
introduction of new courses to align with emerging needs
► Package formulated for MSMEs covering financing, regulatory changes and technology support to
help them grow and compete globally
► No deduction of settlement expenses incurred for infraction/ contravention of law (to be notified)
► Estimated PLI allocation for pharmaceutical industry for financial year (FY) 2024-25 shall be Estimated Healthcare
INR2,143 crores expenditure
► Abolishment of angel tax – a welcome move to the pharma ecosystem
► Simplification of foreign direct investment and overseas investment INR89,287
► New medical colleges to be constructed in the state of Bihar crores
► Proposal to exempt customs duty on three more medicines for cancer treatment and reduction of
BCD on x-ray tubes and flat panel detectors under the Phased Manufacturing Programme
► Sunset clause extended from 30 September 2024 to 31 March 2029 for goods falling under
chapter 30 of first schedule of Customs tariff Act 1975, for supply under Patient Assistance
Programme run by specified pharmaceutical companies

33
 Power and utility

► Pumped storage policy: To promote pumped storage projects for electricity storage and smooth
integration of the growing share of renewable energy in the overall energy mix

Highlights
► Nuclear energy: Partnerships with the private sector to (1) set up Bharat Small Reactors, (2) R&D
of Bharat Small Modular Reactor, and (3) R&D of newer technologies for nuclear energy Customs Duty on solar
► Transition to Indian Carbon Market mode for 'hard-to-abate’ industries: Formulation of a roadmap glass and tinned
for transitioning these industries from ‘energy efficiency’ targets to ‘emission targets’ copper interconnects
► JV between NTPC and BHEL to set up an 800 MW commercial plant using indigenously developed
Advanced Ultra Super Critical (AUSC) technology
► Support for traditional micro and small industries: Financial support for transitioning to cleaner
energy forms and implementation of energy efficiency measures 800 MW plant 2400 MW plant
► PM Surya Ghar Muft Bijli Yojana (announced during the interim budget): Further impetus to
installation of rooftop solar plants (enable 1 crore households obtain free electricity up to 300 JV of NTPC and in Pirpainti,
units/ month) BHEL Bihar
► Power projects, including the new 2400 MW power plant at Pirpainti, Bihar, at a cost of INR21,400
crore
► A policy document on appropriate energy transition pathways that balances the imperatives of
employment, growth and environmental sustainability to be released
7.5% 0%
Reduction in Customs Duty
► Reduction in Customs Duty for certain additional capital goods for use in manufacturing of solar
on certain capital goods
cells and modules from 7.5% to NIL
used in manufacturing of
► Exemption in Customs Duty on solar glass and tinned copper interconnects (used in manufacturing solar cells and modules
of solar cells) not extended, resulting in applicability of Customs Duty at 10% and 5% respectively,
with effect from October 2024

34
 Media and entertainment

► Government continues to focus on digital infrastructure and technology, one of the nine priorities
being Innovation, Research and Development

Highlights
► Withdrawal of 2% Equalisation Levy (‘EL’) on e-commerce supply of services provided or facilitated
by non-residents on or after 1 August 2024
0.1% from 1%
► 6% EL on payment for online advertisement, provision for digital advertising space continues to TDS rate for e-commerce
be applicable Drop operator payments
► With a view to bringing parity with offline transactions, tax deducted at source on e-commerce
transactions reduced from 1% to 0.1% with effect from 1 October 2024
► Corporate tax rate for a foreign company reduced from 40% to 35% with effect from 1 April 2024
► Basic custom duty exemption to motion picture, music and gaming software for use in gaming
console printed or recorded on media extended till March 2026 35% from 40%
Corporate tax rate for
► Rationalization of tax deducted at source rates foreign company
Drop

Withdrawal of 2% Equalisation levy

35
 Oil and gas

► A policy paper will be released, outlining suitable energy transition strategies that harmonize the
needs of employment, economic development, and environmental sustainability

Highlights
► Corporate Tax rate for foreign companies reduced from 40% to 35%. This will result in a reduction
of effective tax rate for non-residents operating in the Oil and Gas sector. Same has been
Policy paper to be
tabulated as under: released outlining energy
transition strategies
Existing maximum Proposed maximum
effective tax rate effective tax rate
Non-resident engaged in providing 4.368% of gross receipts 3.822% of gross receipts
services for prospecting, extraction,
or production of mineral oils, opting Corporate Tax rate for
to be taxed on gross basis under foreign companies reduced
Section 44BB of the Income-tax Act,
1961 to 35% from 40%
Non-resident offering income on net 43.68% on income 38.22% on income
basis computed on net basis computed on net basis

► Additional goods have been included in Customs exemption entry for petroleum exploration Additional goods
operations (S No 404 of Notification no 50/2017-customs) included in Customs
► The customs exemption under S No 403/ 404 (for petroleum exploration operations) is proposed
exemption entry
to be extended till 31 March 2026 only

36
 Real estate

► Housing need of 1 crore urban poor and middle-class families to be addressed with an investment
of INR10 lakh crore
Listed units of REITs

Highlights
► Establishment of “plug and play” industrial parks across 100 cities
Holding period
► Rental housing with dormitory type accommodation for industrial workers to be created through 12 months
36 months
PPP mode
► Transit oriented development plans for 14 cities with a population in excess of 30 lakh STCG 15% 20%
► State governments encouraged to reduce stamp duty, especially on women-owned property LTCG 10% 12.5%
► Land reforms to be accelerated through digitization of land records and unique land identification
numbers Immovable property
► Tax reforms:
► Period of holding for listed units of REITs for Long-term Capital Gains (LTCG) treatment reduced LTCG 20% 12.5%
to 12 months (effective from 23 July 2024)
► Capital Gains Tax rates on listed units of REITs increased — STCG @20% and LTCG @12.5% No indexation benefit
(effective from 23 July 2024)
► LTCG on immovable property reduced to 12.5% without indexation benefit (effective from 23
July 2024) • Industrial parks across
100 cities
► TDS on rent paid by individual/Hindu Undivided Family (HUF) to a resident reduced to 2% under • Investment of INR10 lakh
section 194-IB from 5% (effective from 1 October 2024) crore
► Rental income from residential houses to be taxed as ‘Income from House Property’ (effective • Land reforms
from 1 April 2025)
► In the case of co-owned property, TDS on transfer of immovable property @1% where aggregate
consideration of all co-owners exceeds INR50 lakh (effective from 1 October 2024)

37
 Startup

► Angel Tax to be abolished with effect from assessment year 2025-26

► Sum paid by a company for the purchase of its own shares shall be treated as a dividend in the

Highlights
hands of shareholders and charged to income tax at applicable rates
► No deduction for expenses shall be available against such dividend income while determining Angel Tax to be
income from other sources abolished
► Entire cost of acquisition of the shares which have been bought back would generate a capital
loss in the hands of the shareholder and available for set-off against other capital gains
► TDS rate on payments by e-commerce operators reduced from 1% to 0.1%
► Withdrawal of 2% Equalisation Levy (EL) on e-commerce supply of services provided or facilitated
by the non-residents on or after 1 August 2024. 6% EL on payment for online advertisement, Buy-back taxable
provision for digital advertising space continues to be applicable as dividend in the
hands of
► Capital gains tax regime simplified as under: shareholders
► Only two holding periods – 12 months (for listed securities) and 24 months (for others)
► Tax rate for Long-term Capital Gains (LTCG) proposed at 12.5% on all categories of assets
► Tax rate for Short-term Capital Gains (STCG) on sale of listed shares (with payment of STT)
proposed at 20% Capital Gains Tax
► Indexation not available on cost of acquisition provisions
simplified
► Capital gains on all unlisted debentures and unlisted bonds proposed to be taxed at the applicable
rate, whether short-term or long-term
► Specific Capital Gains Tax exemption on transfer under a gift or will or an irrevocable trust has
been restricted to transfer by an individual and Hindu Undivided Family (HUF) only

38
 Technology

► Union Budget 2024 showcases continued focus on use of technology and commitment to step-up
adoption towards digitalization of the economy

Highlights
► Technology as an enabler for key reforms covering:
► Allocation of INR551 crores towards “India AI” mission
Data governance and management by utilization of sectoral databases and technology tools
Digitalization
►
under the Digital India mission
► Digitalization of taxpayer services to make all Customs and Income Tax services paperless within
the next two years of the economy to
continue
► Establishment of integrated technology platform for IBC ecosystem to improve consistency,
transparency and better oversight
► Customs exemption/ reduction on critical minerals for high-tech electronics sector, exempting BCD
on oxygen-free copper for manufacture of resistors/ connectors
► Digital tax/ equalisation levy on online sale of goods/ services by foreign companies abolished with
effect from 1 August 2024
► With intention to promote foreign investment and ease of doing business, angel tax provisions
abolished Abolished
► Buy back tax regime to be transitioned into dividend taxation and tax rate for foreign companies
reduced from 40% to 35% Digital tax and angel
► Comprehensive review of Income-tax Act, 1961 to be undertaken within 6 months
tax
► Litigation provisions being rationalized with revamped re-assessment/ search regime and, Vivad
Se Vishwas Scheme, 2024 to be introduced

39
 Telecom

► Enhanced budget allocation towards BharatNet, incentive schemes and capital infusion in BSNL to
provide impetus on domestic value addition in view of preference to Make-in-India policy

Highlights
► FDI and ODI regulations to be simplified to facilitate inflow and promote the use of INR for overseas
investment BCD increased on PCBA and
budget allocation to bolster
► Corporate Tax rate on business income of foreign companies to be reduced from 40% to 35% domestic value addition
► To incentivize domestic manufacturing, Basic Customs Duty (BCD) on Printed Circuit Board
Assembly (PCBA) of a specified telecom equipment increased from 10% to 15%
► Basic Customs Duty (BCD) reduced to 15% on mobile phones, chargers, adaptors and Printed
Circuit Board Assembly (PCBA) of cellular phones
Exemption from Customs
► Exemption from Customs Duty on import of rare earth minerals, including lithium, copper, cobalt, Duty for rare earth minerals
etc., to be used in strategic sectors, such as telecommunication, space, high-tech electronics, to be used in
among others telecommunication
► Venture capital fund of INR1,000 crore to be set up for Space Economy

Reduction in
Corporate Tax rate for
foreign companies

40
 Glossary

EBITDA - Earnings before interest, tax, depreciation and amortization

E-com - e-commerce
EL - equalisation levy
IFSC - International Financial Services Centre
SEP - Significant Economic Presence

41
 For details on other sectors and solutions visit our website

Union Budget 2024

Also watch our Budget 2024 webcast on our YouTube channel

Decoding Budget 2024

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