New Delhi : Finance Minister Nirmala Sitharaman responded to criticism from the Opposition, which accused the budget of favoring states governed by supporting parties. She argued that alliances with fewer than 230 seats lack the authority to question allocations, asserting that the Centre has ensured fair distribution of funds to all states. Regarding the Rs 60,000 crore projects announced for Bihar and the commitment to secure multilateral assistance for Bihar and Andhra Pradesh, she clarified that the budget includes a pledge of Rs 1.5 lakh crore in assistance for all states.
During a press conference outlining key aspects of Union Budget 2024, Finance Minister Nirmala Sitharaman emphasized efforts to simplify taxation. She explained, "Our aim was to streamline the tax system, including capital gains. Additionally, we have reduced the average taxation rate to 12.5%. This reduction across different asset classes aims to encourage increased investment in the market."
While addressing questions about whether the government plans to phase out the old tax regime and shift focus solely to the new tax regime, the Finance Minister stated that she cannot make a definitive decision on eliminating the old tax regime but emphasized the intention to simplify the tax structure. She clarified that there is no sunset clause for the old tax regime.