Taxation a Main Focus: Union Budget 2025 Focuses on These 6 Sectors
The main focus is being emphasised on taxational reforms
Union Budget 2025 – Taxation a Main Focus – Budget 2025 – Finance Minister Budget speech 2025 – Taxscan
Union Budget 2025 – Taxation a Main Focus – Budget 2025 – Finance Minister Budget speech 2025 – Taxscan
Finance Minister Nirmala Sitharaman presented the Union Budget of 2025 before the parliament today at 11 pm. 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. Taxation has been seen as the main focus of the 2025 budget landscape. The Budget session is still going on.
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. In order to enhance the growth of the Viksit Bharat, the FM has proposed to focus on these 6 sectors, namely:
- Taxation
- Power sector
- Urban development
- Mining
- Financial sector
- Regulatory reforms
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The main focus is being emphasised on taxational reforms. 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 in next week.
These initiatives reflect the government's strategy to balance fiscal consolidation with growth, aiming for sustainable and inclusive economic development. With the country facing inflation, it is expected that the budget for 2025 would regularise the taxes and reduce the burden on the common man.
The minister, in her speech, strongly said that the budget aims to enhance the spending power of India’s middle class.
To know if the previous budget promises were fulfilled, read more: FY 2024-2025 Budget Progress Report: Were the Promises Kept? [Part 2]
Read More: https://www.taxscan.in/budget-progress-report-fy-were-the-promises-kept-part/484047/
The government is working on making the tax system easier to understand and follow. This means people won’t have to struggle as much to figure out their tax obligations. With fewer complications, more people are likely to comply without issues. Plus, a simpler system should help cut down on legal disputes over taxes.
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