Budget 2024: Uday Kotak praises Nirmala Sitharaman’s Budget 2024 for fiscal discipline and support to MSMEs
Uday Kotak, former Managing Director and CEO of Kotak Mahindra Bank, lauded the Budget 2024 as he praised the well-rounded approach taken by Finance minister Nirmala Sitharaman towards fiscal discipline, employment generation and support for Micro, Small and Medium Enterprises (MSMEs).
Budget 2024: Founder and former MD & CEO, Kotak Mahindra Bank, Uday Kotak. is seen. (PTI)
Uday Kotak praised simplification of capital gains tax and said that the strategic increase in the Securities Transaction Tax (STT) is a necessary measure to manage high derivative volumes.
He wrote in a post on X (formerly Twitter), “Well thought out budget. Fiscal discipline maintained. Right focus on employment and MSMEs. Capital gains tax is smartly simplified, leaning in favour of revenue. STT increase is necessary sand in the wheels of high derivative volumes. The paradigm shift of saver to investor continues.”
Nirmala Sitharaman raised short-term capital gains tax from 15% to 20% while long-term capital gains tax has been increased from 10% to 12.5%. The securities transaction tax (STT) on futures has been increased from 0.0125% to 0.02% and on options from 0.0625% to 0.1% in the Budget.
