Question

    Consider the following statements in regards to Union

    Budget 2023-24: 1.    The Government intends to bring the fiscal deficit below 4.5 per cent of GDP by 2025-26 2.    The highest surcharge rate on income above 5 crores from 37% to 25% 3.    Taxes on cigarettes increased by 20 per cent   Which of the statements given above is/are incorrect?
    A 1 only Correct Answer Incorrect Answer
    B 2 only Correct Answer Incorrect Answer
    C 3 only Correct Answer Incorrect Answer
    D All Correct Answer Incorrect Answer
    E None Correct Answer Incorrect Answer

    Solution

    The Government intends to bring the fiscal deficit below 4.5 per cent of GDP by 2025-26. The highest surcharge rate on income above 5 crores from 37% to 25%, which will reduce the Maximum Marginal rate of Tax from 42.74% to 39% of income. The duty hike on cigarettes by 16 per cent announced in the Union Budget 2023-24 would have a nominal impact of around 7-12 paise per stick.  

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