In the latest tax regime, individuals earning up to Rs 7.27 lakh per annum will enjoy the benefit of no income tax, said Finance Minister Nirmala Sitharaman. The government, led by Prime Minister Narendra Modi, aims to extend tax advantages to the middle-class segment. To address concerns raised by certain groups, the decision to grant income tax exemption for those earning up to Rs 7 lakh was included in the Union Budget for 2023-24.

The primary skepticism revolved around the treatment of individuals earning slightly above Rs 7 lakh. Minister Sitharaman clarified that the government conducted a comprehensive analysis to determine the tax payment threshold for every additional rupee earned. For instance, individuals earning up to Rs 7.27 lakh will be exempt from taxation, and the break-even point begins at Rs 27,000. Only after surpassing this threshold will they become liable to pay taxes.

Minister Sitharaman also highlighted the government's achievements, particularly in the Micro, Small, and Medium Enterprises (MSME) sector. The budgetary allocation for MSMEs has witnessed a significant increase from Rs 3,185 crore in 2013-14 to Rs 22,138 crore for 2023-24. This remarkable growth represents a nearly seven-fold jump over the span of nine years, emphasizing the government's steadfast dedication to empowering the MSME sector.

Moreover, she announced the successful implementation of the 'Public Procurement Policy for Micro and Small Enterprises' scheme. It is noteworthy that 33 percent of the total procurement carried out by 158 Central Public Sector Enterprises has been directed towards MSMEs, marking an all-time high in this aspect.

GST Council to Deliberate Legal Perspective on Taxing Online Gaming

FM urges PSUs to take swift action against frauds, wilful defaulters

FM urges banks: Boost lending to small farmers in Agriculture sector