Budget 2024 Highlights: Nirmala Sitharaman chairs several pre-budget meets

• GST Council has proposed the exemption for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions.
• The sale of platform tickets and services such as retiring rooms, waiting rooms, cloakroom facilities, and battery-operated car services are now exempt from GST.
• Accommodation services valued up to ₹20,000 per person per month, provided for a continuous period of at least 90 days, will also be exempt. This exemption will benefit hostels and similar accommodations run by various social and community organizations.
• The Council also recommended the phased rollout of biometric-based Aadhaar authentication for GST registration applicants across India.

• A uniform rate of 5% IGST will apply to imports of aircraft parts, components, testing equipment, tools, and toolkits, irrespective of their HS classification, to provide a fillip to MRO activities subject to specified conditions.
• All milk cans (of steel, iron and aluminium), irrespective of their use, will attract 12% GST.
• A 12% GST rate was also recommended for all types of carton boxes and cases made from both corrugated and non-corrugated paper or paperboard.
• All solar cookers, whether single or dual energy source, to attract 12% GST.
• The council has clarified that all types of sprinklers, including fire water sprinklers, to attract 12% GST.

"After the introduction of GST, goods for household use have become much cheaper," the Prime Minister posted on "X" (formerly Twitter).

The Prime Minister also emphasized that the implementation of GST led to increased savings for the poor and common man as taxes wee lowered on essential household items such as flour, curd, and detergent, making daily necessities more affordable.

Nirmala Sitharaman formally assumed office as the Finance and Corporate Affairs Minister on June 12.

She said that the government is fully committed to ensuring ‘Ease of Living’ for its citizens and will continue to take further steps in this regard.

Sitharaman, credited with carrying forward second-generation reforms in her last term, would be creating a record by presenting the seventh Budget in a row and sixth full Budget consecutively.

The Budget for the financial year 2024-'25 is likely to be presented to the newly formed 18th Lok Sabha next month.

Investors tracking JPMorgan Chase & Co.’s emerging markets bond index have already positioned for India’s inclusion, with 3.6% of their assets allocated to the nation’s sovereign debt at end-May, according to Morgan Stanley.

The first session of the 18th Lok Sabha will begin on Monday, which will witness the oath-taking ceremony of newly-elected Members of Parliament, including Prime Minister Narendra Modi.

Reserve Bank Governor Shaktikanta Das said that timely actions on unsecured loans have successfully moderated their growth. He said, “We believed it was prudent to act proactively and decelerate credit growth in these segments.”