- By Aditya Pratap Singh
- Tue, 16 Jul 2024 07:43 PM (IST)
- Source:JND
Finance Minister Nirmala Sitharaman is scheduled to introduce the Budget for the fiscal year 2024-25 in the Lok Sabha on July 23. This will be the first full budget of the Modi 3.0 government after it formed a coalition government post-general elections in 2024. As most experts are anticipating policy continuity, meanwhile expectations and demands are pouring in from across the sectors.
Below are the demands of the experts from the finance sector.
"Increase the principal repayment deduction under Section 80C from the current ₹1.5 lakh to ₹2.5 lakh. This would provide substantial relief to homebuyers, making home loans more affordable. It would also stimulate investment in the real estate sector, encouraging more people to buy homes. This potential increase in deductions would not only ease the financial burden on individual homebuyers but also contribute to the growth of the housing market." Atul Monga - CEO& Co-founder, BASIC Home Loan.
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Sachin Kothari Director Of Augmont demands changes in import duty.
"Changes in import duty are the top priority. The market expects an Import duty cut in Gold from 15% to 10% and for Silver import duty to be at par with Gold under CEPA. Some refineries in India have been importing unrefined gold (gold dore) from LDCs under zero duty, so stopping Import Duty benefits from LDC and FTA countries is expected as it distorts a level playing field," Sachin Kothari, Director Of Augmont - Gold For All
"With IIBX at GIFT city emerging as a gateway to import bullion, bullion players want all import and export of gold to happen through IIBX. A special benefit of 0.5% should be given for importing gold. Market participants also like the setting of a Jewellery Export Center at GIFT City for domestic smaller traders," he added.
The insurance industry demands a reduction in Goods and Service Tax.
"The Union Finance Budget is around the corner, and like every time, the insurance industry has certain expectations from the government and the finance minister. These are not new topics or new prospects, but the ones that are in long-standing demand from the industry. The first and foremost is the reduction in the Goods and Services Tax (GST) on insurance premiums. Currently, GST on insurance premiums is 18 percent, which is considered high and a deterrent for potential policy buyers. If there is a reduction in GST, it will help the industry in a big way. Secondly, the policyholders should receive higher tax benefits for their medical insurance," Rakesh Goyal, Managing Director, Probusinsurance
We should raise the limit to Rs 50,000 for self, spouse, and children, and Rs 1 lakh for senior citizens. Finally, increase the limits for the Income Tax Act 80C. Right now, Indians get a tax exemption of Rs 1.5 lakh every year, but it's crowded with various financial products. We would expect the limit to increase or to establish a separate exemption limit specifically for life insurance premiums. This move would help increase countrywide insurance penetration," he added.