A country’s budget is one of the most important factors in deciding its upcoming growth and taxation. For India, the Union Budget for 2024 is scheduled to be announced on February 1st. However, besides the annual financial statement, the most important part of a budget lies in its audio, i.e. The Speech.

What is the Budget speech?

Established by the Ministry of Finance for the upcoming fiscal year, the Union Budget of India, also known as the yearly Financial Statement under Article 112 of the Indian Constitution, is the yearly budget of the Republic of India. The budget in India is presented in two formats to the audience. This includes the lesser-seen written financial statement and the most widely heard speech.

The government’s goals for growth, priority areas, and the path it wants to take in the upcoming fiscal year are all outlined in the financial plan speech. In the speech, the Finance Minister outlines the main tax policy initiatives that the government is going to take and possible steps and measures the government is going to take to gain a hold on inflation.

Why is this year’s union budget speech important?

This year’s union budget speech holds a very important place for India and its people. Besides the general idea of giving an insight into the economic policy of the government, this year’s financial plan will also have an impact on the upcoming elections.

India is anticipated to hold general elections in April and May of 2024 to choose 543 Lok Sabha members. This means that the budget that will be presented in February will be an interim budget. Once the result of the elections arrives, the new government will then go ahead to present to full financial plan.

In the wake of the upcoming elections, the financial plan this year is going to play a very crucial role in how the audience is going to view the government.

Additionally, the FM’s speech is significant because it provides an assessment of the main points of the budget together with a discussion of the government’s policy direction and new laws.

Another important part of the speech will include understanding the fiscal deficit. When the government spends more money than it brings in within a given fiscal year, there is a fiscal deficit.

Where can we watch the budget speech live?

The Indian budget speech will be taken up the the current Finance Minister, Nirmala Sitharaman. The budget speech will be addressed at around 11:00 AM and will be available for everybody to view.

The official website of the Indian government for the Union budget allows viewers to watch the session live. Additionally, it will be shown live on national broadcasting channels like Sansad TV, Doordarshan, and other news networks.

Which part of the budget speech is important?

The Union Budget speech provides a detailed description of the anticipated government payables and receivables for a certain fiscal year. The two primary elements of this budget statement are the revenue budget and the capital budget. Additionally, the third part of the speech entails the fiscal deficit.

The government’s revenue budget shows both the input and outflow of revenue. Tax revenue and non-tax revenue are the two types of revenue receipts. Revenue expenditures are the costs incurred to maintain the government’s smooth operations and provide residents with a range of services. The government has a revenue deficit when revenue outlays surpass revenue receipts.

The capital budget includes all capital receipts and payments made by the government. The majority of the government’s capital receipts come from loans made by the RBI, other governments, and the general public.

What are crypto investors expecting from the budget?

The previous Indian fiscal plan saw several rules being implied for crypto investors in the country. If cryptocurrency or NFTs are held as investments, Indian investors who trade in them must report their profits from such transactions as capital gains. Earnings from holding cryptocurrency or NFTs for trading are regarded as business income.

The government also demanded that starting from July 1, 2022, 1% TDS will be applied to all sales of virtual digital assets (VDAs), including cryptocurrencies and NFTs.

At present, the Indian cryptocurrency sector looks forward to a more progressive and equitable tax structure. According to many in the sector, the obstacles are the existing 1% TDS on transactions and the absence of offset.

In light of India’s leading role in the mass adoption of cryptocurrency, the market will eagerly wait for the budget speech to understand the government’s stance on digital assets, current or future TDS, Tax relaxations, or any dovish commentary.

 

 

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Filed under: News - @ January 1, 1970 12:00 am