Government to appear in February 2025 Union budget Can make big announcements in The finance ministry is preparing for large reforms. The government is doing extensive review of the Income Tax Act. There is also a preparation for change in the Customs Act. The duty of many things can change. These measures will help in making tax related laws easier. The government wants to make tax related rules and laws according to modern and global standards. Finance Minister Nirmala Sitharaman herself is showing interest in it. Extensive discussion continues with officers and all the parties associated with the case.
Finance Minister has negotiated with secretaries
A government official told Moneycontrol, “Reforms may be announced in the budget of 2025. Finance Minister last week Nirmala sitharaman Talked with all the secretaries of the Finance Ministry. During this time, there was talk of announcement of big changes in the budget. “The government had talked about reviewing the Income Tax Act in the budget of 2024-25. An internal committee has been formed under the Chief Commissioner of Income Tax VK Gupta. Under this committee, 22 sub-committee has been formed. They have to consider many aspects related to the law.
The government has also sought opinion of common people
The sub-committee is taking feedback from experts about the issue. The Finance Ministry has also sought the opinion of common people about this. For this, a portal was started on 6 October. This portal has received more than 6,500 suggestions. “The aim of the government is to make the Income Tax Act easier,” the official said. The government wants to eliminate very old provisions. These changes will also help in modernizing the tax system.
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Preparations for changes in custom duty of many things
The government also wants to change the rates of custom duty on many things. The government announced this year’s union budget in this regard. The government wants to eliminate the problem of duty inversion by making it easier by making the crown structure easier. This will reduce cases of controversy related to custom duty. Duty innovation means a situation when duty is more on raw materials than finished product. This causes many discrepancies.