Govt to Decriminalize more Offences: FM During Union Budget
It was stated by the FM in her speech that through the Jan Vishwas Act 2023, more than 180 legal provisions were decriminalized
Union Budget – Union Budget of 2025 – FM – taxscan
Union Budget – Union Budget of 2025 – FM – taxscan
The Union Finance Minister, Nirmala Sitharaman presented the Union Budget of 2025 before the parliament today at 11 pm. The Finance Minister, in her speech, stated that the central government aims to decriminalise more offences.
This is the eighth time the FM is presenting her budget, which is indeed a record for Indian FM. It is a much-highlighted fact that flexibility in policymaking is the need of the hour. The FM has propped the introduction of the Jan Vishwas Bill 2.0. Let's hope this bill is friendly and helpful to the citizens.
It was stated by the FM in her speech that through the Jan Vishwas Act 2023, more than 180 legal provisions were decriminalized.
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Jan Vishwas Bill , which was approved by the Rajya Sabha on August 2, 2023, and the Lok Sabha on July 27, 2023, and received presidential assent on August 11, 2023, intends to reduce the workload on the courts, expedite legal procedures, and foster confidence in residents and enterprises.
The proposed bill aims to decriminalize more than 100 additional provisions across various laws, reducing compliance burdens and promoting ease of doing business in India. This bill 2.0 is being brought due to the government’s goal of making tax compliance effective.
The idea behind this reform is that the businesses should not have to worry about jail time for small regulatory lapses. Instead of criminal charges, the government plans to replace such penalties with monetary fines or administrative actions. By doing so, it hopes to encourage investment, foster innovation, and create a more predictable legal environment for businesses of all sizes.
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The budget contains a comprehensive roadmap for the coming year. The FM in her budget speech, the minister addressed the 6 sectors the Union budget is focusing on. The minister also said that she will be presenting the new Income Tax Bill next week.
According to the FM, with the first quarter of the 21st century getting over, the Viksit Bhart, scheme is marching forward confidently.
The main focus is being emphasised on taxational reforms. The major focus is on simplifying the tax structure to enhance compliance and reduce litigation. The minister also said that she will be presenting the new Income Tax Bill next week.
[BREAKING] No Income Tax up to Rs. 12 Lakh Income, proposes FM during Budget 2025
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