No tax

Nirmala sitharaman
Nirmala sitharaman

Nirmala Sitharaman, the Union Finance Minister, complimented Prime Minister Narendra Modi’s leadership on Friday and claimed that the government has provided middle-class citizens with numerous tax benefits. According to the minister, under the new tax system, incomes up to 7.27 lakh rupees are exempt from paying income tax.


Nirmala Sitharaman also addressed the concerns that had been expressed in various quarters following the government’s decision to exempt persons earning up to $7 lakh from paying income tax in the Union Budget for 2023–2024.


As a result, “we met as a team and looked into the information (to figure out) at what time you pay tax for every additional Re 1 you make… (for example), you don’t pay any tax today for 7.27 lakh. Only at $27,000 does the break-even point occur. You start paying taxes after that, according to the finance minister.


“You also have a 50,000 standard deduction. The complaint with the new system was that there was no standard deduction. It is presently given. Nirmala Sitharaman continued, “We have simplified the paying rate and the compliance aspect.
Massive rise in the MSME budget
Nirmala Sitharaman brought out the increased budget for the Micro Small and Medium Enterprises (MSME) sector, which grew to 22,138 crore for 2023–2024 from 3,185 crore in 2013–2014, when discussing the accomplishments of the Union Government.

According to Nirmala Sitharaman, the ‘Public Procurement Policy for Micro and Small Enterprises’ program has led to MSMEs making up 33% of all purchases made by 158 Central Public Sector Enterprises. The highest percentage to date is represented by this accomplishment.
We created the Trade Receivables Discounting System (TReDS) platform, she continued, “so that MSMEs and other businesses wouldn’t experience any cash flow problems as a result of a customer’s failure to pay.”

The Open Network for Digital Commerce (ONDC) has given India’s public platforms, which are akin to the “Amazons of the world,” the opportunity to benefit from a sizable consumer base, according to the Finance Minister. Additionally, she brought up India’s rise in the Ease of Doing Business Index rankings, which went from 142 in 2014 to 63 in 2019.