During the Budget Session 2025, which took place from January 31 to April 4, 2025, several key questions were raised in both the Lok Sabha and Rajya Sabha regarding taxation and financial policies. These questions covered a wide range of topics, including GST implementation, income tax reforms, tax exemptions, and revenue collection. The Ministry of Finance and the Finance Minister provided detailed responses addressing the concerns and outlining the government’s stance on various fiscal measures.
Key Points:
GST Implementation and Reforms:
The government has taken significant steps to simplify the Goods and Services Tax (GST) structure, including rate rationalization and measures to reduce compliance burdens for small and medium taxpayers. The GST Council has been actively involved in reviewing and recommending changes to the tax slabs and exemptions.
Income Tax Reforms:
The Finance Minister highlighted the introduction of a new income tax regime aimed at simplifying tax compliance and providing relief to middle-class taxpayers. Key measures include increased basic exemption limits, higher standard deductions, and reduced tax rates for various income slabs.
Revenue Collection and Distribution:
Detailed data on GST and income tax collections were provided, showing an overall increase in revenue despite challenges such as the COVID-19 pandemic. The government emphasized its efforts to ensure equitable distribution of tax revenues among states, in line with the recommendations of the Finance Commission.
Tax Exemptions and Benefits:
The government has introduced various tax exemptions and benefits to promote economic growth, encourage investment, and support specific sectors such as healthcare and education. These measures are aimed at reducing the tax burden on individuals and businesses while maintaining fiscal stability.
Future Plans and Policy Directions:
The Finance Minister outlined future plans for further simplifying tax laws, enhancing digital compliance, and promoting ease of doing business. The government is committed to continuous review and improvement of tax policies to foster economic development and ensure social equity.
For the Complete Q&A Book of Lok Sabha, CLICK HERE
For the Complete Q&A Book of Rajya Sabha, CLICK HERE
