New Delhi [India]March 25 (ANI): Union Finance and Corporate Affairs Minister Nirmala Sitarman said on Tuesday that a new income tax bill will be taken for discussion in the monsoon session of Parliament.
Finance Minister Sitarman spoke in Parliament today in a big way about the Finance Bill, stating that the Finance Bill gives relief tax relief to honor taxpayers.
Show full article
The new Income Tax Bill, introduced in the Lok Sabha by Union Finance Minister Nirmala Sitarman on 13 February, introduces the current Income Tax Act, 1961 and introduces changes that affect various categories including taxpayers, businesses and non-profit organizations.
In the budget of July 2024, the government proposed a comprehensive review of the Income Tax Act of 1961. The objectives were to brief and clear the Act and reduce disputes and cases.
On March 18, the government encouraged the stakeholders to present their suggestions on the newly introduced Income Tax Bill 2025. The bill is currently under the examination by the selection committee for detailed consideration.
Today, while answering questions on the Finance Bill 2025, FM Sitarman underlined the Central Government’s commitment to grant tax certainty as part of the wider vision for the creation of Wikiyat India and to streamline trade rules.
“The budget aims to improve for the construction of Vikasit Bharat by 2047. It is aimed at providing certainty, ease of doing business. We will also have a new income tax bill which is currently with a special committee. This bill is not brought as part of the finance bill,” Sitarman said.
In detail on tax reforms, he announced a reduction in customs tariff rates on industrial goods, cutting the number of tariff slabs from just eight to eight. Additionally, he clarified that either cess or overload -both can be levied on an item under direct tax provisions.
Speaking on direct taxes, FM Sitarman said, “We have removed seven custom tariff rates on industrial goods, reduced the tariff by 21 to 8 percent. We have ensured that no item is a cess, and an overload can be applied. Only one can be imposed.”
Addressing concerns on indirect taxation, the Finance Minister assured that Prasadam will be free from GST from temples, mosques, churches and gurudwaras.
He also mentioned that a group of ministers (GOM) is evaluating the GST cut on the ingredients used in preparing these offerings. In addition, he announced that drugs were imported for rare diseases – whether by individual patients or research organizations – exempted from integrated GST (IGST).
He also highlighted the proposal related to customs, which aims to rationalize the tariff structure and address duty inverted.
“They will support manufacturing and domestic value joints, promote export, facilitate business and provide relief to common people,” he said.
He further said, “In Budget 2025, we aim to boost domestic production and increase export competition by reducing duties on raw materials and inputs, making domestic products more cost effective.” (AI)
This report has been auto-generated from Ani News Service. ThePrint does not have any responsibility for its content.