Will Budget provide some relief for the common man on income tax front?
The government's revenue collections are robust, with a 12% increase in GST collections and a 17-18% increase in direct tax collections. The fiscal deficit numbers are expected to be better than estimated for FY24, and the revised target for FY25 will be lower based on a projected nominal GDP growth of 10.5% to 11%. There may be a rebalancing from capex to subsidies, which would benefit the common man by providing relief from high food inflation.
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