New delhi: Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Tuesday Announced that the new income tax bill will be taken up for discusation during the monsoon session of parliament. Speaking Extensively About The Finance Bill 2025 in Parliament Today, Finance Minister Sitharaman Emphasized that the Bill Provides Unprectedned Tax RLIEF to Honor Taxpayers.
The new income tax bill, Tabled in Lok Sabha by Sitharaman on February 13, AIMS to replace the existing income tax act of 1961 and introduce reforting variables, taxpayer cats, incidence Individuals, businesses, and non-protrofit organizations. As part of the July 2024 budget, the government proposed a comprehensive review of the income tax act of 1961 to make it More concise, clear, and Reduce Disputes and Litigation.
On March 18, the government invited stakers to submit their suggestions on the newly introduced income tax bill 2025. The bill is currently under review by the select committee for detailed. Responding to questions on the finance bill 2025 today, sitharaman reaffirmed the union government’s commission to providing tax certain and streamlining business regulations as part of our Viksit Bharat by 2047.
“The budget aims to implement reforms to build viksit bharat by 2047. It focuses on tax certain, ease of doing business, and includes a new income tax bill, which is curren Special Committee. This bill is not a part of the finance, “Sitharaman stated.
Tax and tariff reforms
Elaborating on tax reforms, she announced a reduction in customers tariff rates on Industrial Goods, Cutting the number of tariffs Slabs from 21 to just egg. She also Clarified that Under Direct Tax Provisions, Eiter a Cess or A Surcharge – But Not Both – Can Be Levied on An ITEM.
“We have Removed Seven Custom Tariff Rates on Industrial Goods, Reducing the number from 21 to 8. Said Sitharaman, Speaking on Direct Taxes.
Exemptions on indirect taxes and gst adjustments
Addressing Concerns Over Indirect Taxation, Sitharaman Assured that Prasadam from Temples, Mosques, Churches, and Gurdwaras will remove exempt from gst. She Further Mentioned that a group of ministers (gom) is evaluating GST Reductions on Ingredients Used in Preparaing these Prasadam.
Adding further, she announced that important drugs for rare diseases, bee individual patients or research organizations, have been exampted from integrated GST (iGST).
Customs and Trade Policies
Highlighting the customs proposal, sitharaman said that the government aims to rationalize tariff structures and address duty inversion, ensuring a more balanced and competitive trade. “These reforms will support domestic manufacturing, enhance value addition, boost expenses, facilitate trade, and provide related to Relief to the Common People,” She Added.
She Further Emphasized, “In Budget 2025, We AIM to Boost Domestic Production and Enhance Export Competitiveness by Reducing Duties on Raw Materials and Inputs, Making Domestic Products More Cost-effective. “