🚀 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.
