New Delhi, Feb 1: Finance Minister Nirmala Sitharaman announced on Thursday that there will be no changes in tax rates for direct and indirect taxes, including import duties. She highlighted a significant increase in the number of tax filers, which has grown 2.4 times, and a threefold rise in direct tax collection since 2014.

Sitharaman also noted the reduction in the processing time of tax returns from 93 days in FY14 to just 10 days. The government aims to continue fiscal consolidation, targeting a reduction of the fiscal deficit to 4.5% in 2025-26.

Additionally, she mentioned that the tax base of Goods and Services Tax (GST) has more than doubled since FY14.

Finance Minister Nirmala Sitharaman presented what is considered the Narendra Modi government’s “last” budget on Thursday. Marking her sixth consecutive budget, Sitharaman presented a pre-election budget, technically a vote on account.

This interim budget covered essential expenditure for the first four months of the upcoming fiscal year starting in April. A new government, expected to be elected after the April/May general elections, will then present the full budget, likely in July.

Also Read : PM Modi’s Assam visit on Feb 3: Launching projects valued at over Rs 11,000 Crore

Also Watch

Find latest news from every corner of Northeast India at hubnetwork.in, your online source for breaking news, video coverage.

Also, Follow us on-

Twitter-twitter.com/nemediahub

Youtube channel- www.youtube.com/@NortheastMediaHub2020

Instagram- www.instagram.com/nemediahub