The Lok Sabha passed the Finance Bill, 2024 on February 07, 2024, marking the completion of the interim budget exercise for the fiscal year 2024-25.
No Proposed Changes in Tax Structure
- The Finance Bill, 2024, does not introduce any alterations to the existing tax framework, with the final budget slated for presentation in July post the upcoming general elections.
Emphasis on Development Despite Interim Budget
- Minister of State for Finance Pankaj Chaudhary affirmed that the interim budget prioritizes developmental initiatives, despite its pre-election presentation.
Approval of Interim Budget and Supplementary Demands
- The Lok Sabha endorsed the Rs 47.66-lakh crore interim budget for 2024-25 along with the second batch of supplementary demands for grants.
Authorization for Expenditure and Union Territory Budget Approval
- The House sanctioned the Appropriation Bill, granting authorization for government expenses for the initial four months of the forthcoming financial year. Additionally, the budget of Rs 1.8 lakh crore for the Union Territory of Jammu and Kashmir was also approved.
Copy of the Finance Bill, 2024: https://www.indiabudget.gov.in/doc/Finance_Bill.pdf