The most significant adjustment to income tax slabs brought about by the Union Budget 2025 was the exemption of income up to ₹12 lakhs from taxes. Additional changes include a higher standard deduction of ₹75,000 and lower tax rates for those making between ₹8 lakhs and ₹24 lakhs. The goals of these measures are to streamline the tax filing process, promote savings and investments, and give middle-class taxpayers financial relief. The new tax system and its effects on people and the economy as a whole are covered in this blog.

The Indian GST structure saw substantial modifications as a consequence of the 54th GST Council Meeting, which was presided over by Union Finance Minister Nirmala Sitharaman on September 9, 2024. Important results included lower GST rates for medications used in cancer treatment, lower rates for certain foods, and a new GST rate for helicopter services. The introduction of e-invoicing for B2C transactions and the need for clarifications regarding input tax credit were also discussed at the discussion. The Council underlined the need of stakeholder engagement to guarantee that future changes are advantageous and sustainable for the economy, even though several decisions were postponed for more study.

In the 2024 budget, Finance Minister Nirmala Sitharaman introduced significant revisions to several critical tax sections, aimed at simplifying the tax regime and encouraging investment. Key changes include modifications to the angel tax provisions, Securities Transaction Tax (STT), Short-Term Capital Gains (STCG), Long-Term Capital Gains (LTCG), and adjustments to income tax slabs. These reforms are expected to have a substantial impact on taxpayers and investors, offering potential benefits and incentives for compliance and investment. This synopsis delves into the detailed changes and their implications for different stakeholders.

Finance Minister Nirmala Sitharaman presented the Interim Budget 2024-25 in Parliament on Thursday, February 1, following the start of the Budget Session. The full speech of FM is as follows:

Finance Minister Nirmala Sitharaman introduced a new tax regime in the Union Budget 2020-21, with specific conditions.

Explore six noteworthy income tax updates, including changes to the tax regime and rebates, highlighted by Finance Minister Nirmala Sitharaman during the presentation of the Union Budget 2023.

On Tuesday, the Lok Sabha passed an amendment Bill, aligning the Central Goods and Services Tax (CGST) Act, 2017, with the Tribunal Reforms Act, 2021.

Sitharaman reported that a total of 21,791 entities with GST registration, split between state tax and CBIC jurisdictions, were found to be non-existent.