“This is a completely new bill. It is prescribed … will not change (tax rates). ” Pandey was cited as he said.
Later during a conversation at the Ficci conference on the budget of the Union 2025-26, Pandey emphasized that the budget project ensures a rise without fueling inflation pressure.
“When we show the numbers, there is nothing hidden elsewhere. All our loans go to Capex – nothing can be better than that. This is a non -inflation budget, “he said.
The investment expenditure program in the amount of 15.48 RS Crres per budget 12 months 2025-26 includes 11.21 RS CRES in direct government expenditure and 4.27 Lakh Crres in subsidies to countries for capital projects said that often financed expenses for revenues. The government has exceeded its fiscal consolidation goals, reaching a deficit of 4.8 percent in comparison with the forecast 4.9 percent this 12 months, with plans to cut back it to 4.4 percent in the next tax 12 months.
The budget of the Union 2025–26 tries to balance the upcoming challenges related to imperatives on the side of demand and provide. Pandey noticed that the stimulus offered in the budget would increase growth, while supporting macroeconomic stability.
The budget returns RS 1 Lakh Crore to the middle class, designed to work on market mechanisms, not direct government expenditure.
“Regardless of whether citizens save or consume these funds, both results benefit the economy – savings strengthen the bank’s liquidity, while consumer benefits have spread in industries,” Pandey explained.
In general, the topic of the budget was a rise with honesty, trust, first gives a stimulus to the economy and instilling and inspiring entrepreneurship, he concluded.
During the conference, the chairman of the Central Board of Direct Tases, Ravi Agrawal, referred to a basic change in the approach to tax administration, emphasizing the new “cautious” framework: proactive and skilled, based on rules, user -friendly, data creation, create the environment, non -invasive administration and The use of technology with transparency.
“This is no longer against the tax department. This is a participatory approach to develop the economy and improve management, “said Agrawal.
The key initiatives include the extension of the updated returns window from two to 4 years, with about 9 million updated returns submitted over the past two years, generating additional tax revenues in the amount of 8,500 RS.
The government also announced the rationalization of TDS and TCS regulations, optimizing thresholds and rates, while decriminating some regulations. The new simplified tax code is anticipated to be presented directly next week, which implies the first comprehensive review for a long time.
In addition, the chairman for taxes and central customs, Sanjay Kumar Agarwal, emphasized that the government undertook comprehensive rationalization of customs duties on 8,500 tariff lines.
The reform reduced the average customs price of India from 11.65 percent to 10.66 percent, approaching ASEAN standards.
“This exercise was carried out to make simple structures while ensuring the competitiveness of Indian industries,” Agarwal said.
The reforms include the elimination of seven plates of the duties and removal of subsidies on 82 tariff lines to simplify the tax structure. Key means include a discount in the duties on critical minerals for semiconductors and clean energy, extending the export periods for handicrafts from six months to at least one 12 months and reduction of duties to a frozen fishing paste from 30 to five percent to extend maritime exports. The mobile production sector, already export success, will profit from new official dismissals in parts of the components.
On this occasion, industry leaders were satisfied with a balanced budget approach. President Ficci Harsha Vardhan Agarwal called him “a plan of immunity, innovation and long -term economic transformation”, noticing that the tax relief for people earning to 12.75 LAKH per 12 months will increase income and stimulate consumption.
