Consider the following statements regarding the Union Budget 2023 - 24:
I. The Government intends to bring the fiscal deficit below 4.5% of GDP by 2025 - 26.
II. The highest surcharge rate on income above ₹5 crore has been reduced from 37% to 25%.
III. Taxes on cigarettes increased by 20%.
Which of the above statements is/are incorrect?
1.I only
2.II only
3.III only
4.All
5.None
Correct Answer : 3
Solution :
• Statement I: Correct. The government has set a target to reduce the fiscal deficit below 4.5% of GDP by 2025 - 26.
• Statement II: Correct. In the new tax regime, the highest surcharge rate on income above ₹5 crore has been reduced from 37% to 25%.
• Statement III: Incorrect. The Union Budget 2023 - 24 proposed a 16% increase in the National Calamity Contingent Duty (NCCD) on certain cigarettes, not a 20% increase in taxes.
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