The Union Budget 2025–26 brings key reforms in customs, excise, and service tax to promote domestic manufacturing, streamline tax compliance, and support economic growth. Changes include higher import duties on luxury goods, reduced raw material duties, and dispute resolution for service tax cases. These updates create opportunities for MSMEs, manufacturers, and digital businesses, while import-heavy sectors face challenges. Read on to understand the impact of these tax changes on businesses.

The Income Tax Act's Sections 115BAB and 115BAA, which are intended to give domestic Indian businesses tax advantages, are thoroughly examined in this blog. While Section 115BAA gives existing domestic companies a lower tax rate to improve competitiveness and simplify the tax system, Section 115BAB targets new manufacturing companies with a reduced tax rate to encourage industrial expansion. In order to assist businesses in selecting the section that best meets their needs, the blog provides a comparative study of the salient characteristics, eligibility requirements, benefits, and compliance requirements of each section. Comprehending these provisions can result in noteworthy tax benefits and enhance the financial well-being and expansion of Indian enterprises.