India’s highest applicable tax rate after surcharges has decreased from 42.7% to 39.0%, and there will be no tax on income up to Rs. 7 lakh per year.
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The new regime will reduce the number of tax slabs from seven to just five. Up to Rs. 3 lakh of income will not be subject to tax.
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The government has identified seven priority areas: unleashing potential, green growth, youth power, infrastructure and investment, and the financial sector.
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The goal for agricultural credit has been raised to 20 lakh crore, and in yet another populist move, funding for the PM Awas Yojna has increased by 66% to more than 79,000 crores.
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The minister announced a 2.4 lakh crore outlay for railways, the highest in nearly a decade and four times the previous year’s Budget.
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Permanent Account Number (PAN) will be used as a unique identifier for all digital systems of the government agencies listed.
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Ms Sitharaman stated that the government aims to produce 5 MT of Green Hydrogen by 2030, focusing on switching to green fuel.