NITI Aayog Vice Chairman Suman Bery on Budget 2024-25 Reforms

NITI Aayog Vice Chairman Suman Bery discusses the Budget 2024-25, highlighting the review of direct tax and customs duty rates. The Budget aims to improve labor productivity, ease of trade, and fiscal consolidation. Finance Minister Nirmala Sitharaman introduces measures to simplify the Income Tax Act, aiming for clarity and reduced litigation.

NITI Aayog Vice Chairman Suman Bery on Wednesday stated that the review of direct tax and customs duty rates announced in the Budget 2024-25 will lay the foundation for long-term reforms.

Bery emphasized that the budget focuses on improving labor productivity by strengthening the relationship between the workforce and the private sector.

Finance Minister Nirmala Sitharaman announced upcoming changes to simplify and rationalize the Income Tax Act, aiming to reduce disputes and make the Act easier to understand.

(With inputs from agencies.)