Updates ahead of Budget 2024: The much-awaited Indian Budget 2024, announced by Finance Minister Nirmala Sitharaman on February 1, has generated excitement across sectors including cryptocurrency, finance and technology. In a unique development, the Indian cryptocurrency community has recently taken to social media with the hashtag #ReduceCryptoTax, calling for changes to the tax regime for cryptocurrencies.
Despite persistent appeals over the past two years, the government has yet to review these laws, raising concerns that they may stifle the growth of cryptocurrencies and cause a talent drain. The crypto industry has taken to social media to demand more flexible tax brackets, a reduction in tax deducted at source (TDS) on each transaction from 1% to 0.01%, and the ability to carry forward losses in line with stock market practices. Attention is now focused on the Union Budget 2024 to see what changes will be brought about in the crypto tax regime.
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06:52:23 PM IST, January 31, 2024
Ahead of Budget 2024: Real estate industry expects GST cut
Tapan Mohanty, Managing Director, Z Estates, recently said that the domestic real estate sector is expecting a reduction in GST levies on construction materials.The current situation is volatile and GST rates are at a high of 28% and need to be revised urgently.
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06:23:09 PM IST, January 31, 2024
Live before Budget 2024 announcement: Will the private sector benefit most?
President of India Sumti Drupadi Murmu's recent speech in the Indian Parliament ahead of the interim budget highlighted India's private sector and its vast potential. The President stated that the government “believes in the capabilities of India's private sector”, garnering attention across the nation. FICCI further commented on the President's firm belief and shared its views that reflect the government's stance towards the private sector. In line with this, the public is keeping an eye on notable announcements regarding the private sector in the upcoming Union Budget.
FICCI welcomes the address made by the President of India Sumti Drupadi Murmu in Parliament today, where he said that the government has “confidence in the capabilities of India's private sector”. FICCI members, be they large, medium or MSMEs, appreciate the more favourable environment that has emerged. pic.twitter.com/SRtLFPoIOo
— FICCI (@ficci_india) January 31, 2024
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January 31, 2024 5:53:06 PM IST
Pre-Budget 2024: Proposals to strengthen global trade
CII today made key recommendations to strengthen the country's international trade environment in the upcoming Union Budget. In this regard, the organisation suggested rationalising import duties on raw materials and intermediaries ahead of the interim budget. Further, it also advocated for setting up of a trade promotion agency with international offices. Meanwhile, significant support is expected to be given to small and medium enterprises in export activities.
and #InterimBudget2024 The CII, a few hours away, shares recommendations for strengthening #global Trade.#CII Recommendations Rationalization of import duties on raw materials and intermediate products.#CII4Interim Budget 2024 #Budget2024 Follow translation: India pic.twitter.com/CCyAmlhQAI
— Confederation of Indian Industry (@FollowCII) January 31, 2024
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31 January 2024 5:26:21 PM IST
Budget 2024 announcement: CII proposes support for R&D and technology sector
The Confederation of Indian Industry (CII) recently recommended fostering research and development partnerships between public sector organizations, academic institutions and industry across the country in the upcoming interim budget.
First #InterimBudget2024CII: #technology and #the study & #development.#CII Recommendations Strengthen research and development partnerships between public sector, academic institutions and industry. #CII4Interim Budget 2024 #Budget2024 Follow translation:… pic.twitter.com/L3ShSMc8NG
— Confederation of Indian Industry (@FollowCII) January 31, 2024
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05:00:42 PM IST, January 31, 2024
Pre-Budget 2024 Live: Will India's Municipal Bond Market be Affected?
As the interim Budget 2024 approaches, bond market experts expect efforts to strengthen India's municipal bond market while also encouraging investor participation across the country.
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January 31, 2024 4:35:10 PM IST
Pre-Budget 2024 Live: NPS hike expected
The Indian government is likely to rule out a more attractive policy for the National Pension System (NPS) and extend tax benefits on contributions and withdrawals for citizens above the age of 75. Pension fund regulator PFRDA is eyeing “parity” with the Employees' Mutual Fund Authority (EPFO) from the next interim budget.
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January 31, 2024 3:59:26 PM IST
Ahead of Budget 2024: CII releases key recommendations for manufacturing
As the Union Budget 2024 looms over the country's economic prospects, the Confederation of Indian Industry (CII) has come out with some notable recommendations for the upcoming budget. The organisation is considering phasing out cross-subsidies in railway and power tariffs from the February 1 budget.
The countdown #InterimBudget2024 CII: #Manufacturing sector.#CIIRecommendations Cross-subsidies between rail and electricity tariffs will be phased out.#CII4Interim Budget 2024 #Budget2024 Follow translation: India pic.twitter.com/a4wwQn61sE
— Confederation of Indian Industry (@FollowCII) January 31, 2024
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January 31, 2024 3:38:26 PM IST
Live Ahead of Budget 2024 Announcement: WazirX CEO Spotlights Demands from Indian Crypto Community
WazirX CEO Nishal Shetty recently shared his views on what the Indian crypto community wants from the upcoming Union Budget. Reduction in TDS to 0.01%, taxation of profits at existing rates, and allowance for offsetting losses are some of the key demands from the Indian crypto industry.
Day 729
The demands coming from across the Indian crypto ecosystem are as follows:
1. TDS reduced to 0.01%
2. Profits taxed at existing rates
3. Allow offsetting of lossesTaxation is one of the biggest limitations to ecosystem growth and keeps the ecosystem…
— Nischal (Shahdeum) 🔼 (@NischalShetty) January 31, 2024
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03:03:40 PM IST, January 31, 2024
Ahead of Budget 2024 presentation: MPs question India's status as fastest-growing economy
As the Prime Minister criticised lawmakers for “creating chaos”, NCP's Dr Fauzia Khan defended the Opposition's actions and highlighted their demand for a statement on Parliament security. She referred to the protests carried out by the BJP when it was in opposition. Shifting focus to the IMF's prediction that India will be the fastest growing major economy, Dr Khan questioned the government on the widening wealth gap, asking, “What is happening to the gap between the rich and the poor?”
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January 31, 2024 1:53:15 PM IST
Live before Budget 2024 announcement: CoinDCX CEO joins the #ReduceCryptoTax frenzy
Sumit Gupta, CEO and co-founder of CoinDCX, appeared on X and revealed key measures for the Indian cryptocurrency industry. He proposed lowering the withholding tax rate from 1% to 0.01% and bringing the tax rate on cryptocurrencies to 30%, in line with other assets. Gupta further emphasized the need for a self-regulatory body, which he believes will be a catalyst for innovation and growth and is essential for the Indian cryptocurrency industry to compete globally. He also called for responsible governance to create a stable environment for Web3 investors.
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01:08:23 PM IST, January 31, 2024
Update ahead of Budget 2024 announcement: Will the government cut taxes?
CA Chirag Chauhan recently appeared on X where he argued that the Indian government should reduce the top income tax to 30% from the current 42%.Furthermore, he advocated for tax cuts on annual income up to Rs 1 million.
Now is the right time to lower the top personal income tax rate from 42% to 30%
Income up to 1 million rupees is tax-free
Shar FM translation: Offer relief?
RT if you agree #Budget2024 pic.twitter.com/kX3AZqvfLk
— CA Chirag Chauhan (@CAChirag) January 30, 2024
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January 31, 2024 12:26:03 PM IST
Pre-Budget 2024 Update: Digital India Reforms a Success
At the start of his Interim Budget 2024 presentation, President Drupadi Murmu spoke about the success of the Digital India reforms. He added that the move has helped people's lifestyle and the economy as a whole. He further highlighted that India accounts for 46% of the world's real-time digital transactions. He added that last year India recorded a record high of Rs 1.8 lakh crore worth of UPI transactions.
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January 31, 2024 12:03:54 PM IST
Ahead of Budget 2024 update: President Drupadi praises government's efforts in inflation and tax control
President Drupadi Murmu commended the government for managing inflation skillfully during the global crisis and preventing undue burden on the common man. He noted that a significant portion of past tax revenues had been dedicated to supporting youth, women, farmers and the poor. He highlighted the government's commitment to social welfare in difficult times.
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10:50:31 AM IST, January 31, 2024
Ahead of Budget 2024 announcement: What does the steel industry expect?
Lalit Beriwala, Managing Director of Shyam Steel Industries, said he did not expect any major changes in the interim budget and called for a reduction in personal income tax for salaried workers. Beriwala has proposed doubling the income tax rate and extending corporate tax incentives for new investments. He stressed the resumption of Indian Railways' “Wagon Investment Scheme” to match the growth and production of the Indian steel industry.
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The presented content may contain the personal opinions of the author and are subject to market conditions. Please conduct market research before investing in cryptocurrencies. The author or publication is not responsible for any of your personal financial losses.
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