???? Union Budget 2025 – Key Taxation Insights:
The Union Budget 2025 brings significant Income Tax & GST reforms, impacting individuals, businesses, and the economy.
Some of the major highlights include:
???? Revision in the limits for MSMEs.
???? New Income Tax bill to be proposed in this week on the table of the House.
???? Income Tax Updates
✅ Changes in tax slabs & rebates under the new tax regime – Relief to Middle Class persons
✅ Extended time limits for filing updated returns
✅ Revised TDS/TCS provisions for better compliance
✅ Change in set off and carry forward provisions in case of Amalgamations / Merger
✅ Proposal aiming at Charitable Institutions and Trust
✅ Introduction of Block Concept in case of Transfer Pricing Provisions
✅ Proposals aiming at reducing the litigations
✅ Proposals aiming at Start Up and IFSC
✅ Many more..
???? GST
✅ ITC distribution updates for ISDs
✅ Introduction of track & trace mechanisms for supply chains
✅ “Plant or Machinery vs. “Plant and Machinery
✅ Additional Burden in case of issuance of credit note for reduction of outward supply tax liability.
✅ Change in Pre-Deposit criteria for order levying Penalty without levying tax.
✅ Change in Schedule III of the GST law.
✅ Many more..
This budget sets the stage for growth, compliance simplification, and digital transformation in taxation.
???? Stay informed—download the full report or connect with us to discuss the key takeaways.
