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Budget 2025: Finance Minister Nirmala Sitharaman is going to present the Union Budget 2025 on Saturday 1 February. In which recommendations have been made by various industry associations to improve income tax, reduce excise duty and increase government benefits for middle class. However, on the other hand, the general public has expressed the possibility of no major change in the budget. Let us know what Nirmala Sitharaman can improve in the budget?
New bracket will be brought for income tax
The central government can make many improvements to promote the new tax system. Currently many taxpayers are giving priority to the old tax system. Keeping this in mind, the government can include many benefits in the new tax system. It can also introduce a new bracket of 25 percent. Currently, 5%on income of 3 to 7 lakh, 10%on income of 7 to 10 lakh, 15%on income of 10 to 12 lakhs, 20%on income of 12 to 15 lakh and 30%tax on income. Is. 1.5 million. In which it can implement a new tax slab of 25 percent on income of 15 to 20 lakhs.
Petrol and diesel will be cheaper
Inflation in the current financial year has disturbed the common man. While crude oil prices have fallen globally, OMC has not benefited due to the fall in petrol and diesel prices due to the weakening of the rupee. Keeping this in mind, the government can reduce excise duty on fossil fuels. Currently, petrol is charged at the rate of 21 percent and diesel at 18 percent. In the last budget, the government had reduced the import duty on gold from 15 percent to 6 percent. As a result, gold imports in 2024 will increase by 104 percent to $ 10.06 billion, the government can reopen the import duty of gold in the budget this year.
Advertisement is targeting farmers
In this budget, Sitharaman can increase government support schemes. In which the Standing Committee of Parliament increased the Kisan Samman Nidhi by Rs 20. 12 thousand was recommended. Currently Rs. There is 6000 as well as budget allocation can be increased to provide more facilities in Ayushman Bharat Scheme. There has been no change in the Atal Pension Yojana launched in 2015. The central government can also amend it.