Finance Bill 2025: Historic Tax Relief of Up to ₹12 Lakh Approved, Financial Freedom Within Reach!
India’s Lok Sabha Passes Finance Bill 2025: A Boost for Economies and Entrepreneurs?
The Lok Sabha has recently approved the Finance Bill 2025, which aims to implement the fiscal proposals for the financial year 2025-2026. Union Finance Minister Nirmala Sitharaman presented the bill, highlighting its key features, including unprecedented tax relief and ease of doing business. According to the minister, the new tax regime will offer zero income tax for individuals with an annual income of up to 12 lakh rupees, a move expected to benefit over 1 crore people.
The bill also seeks to promote export competitiveness by reducing duties on raw materials, simplify the customs tariff structure, and provide relief to common people. Additionally, the government has proposed to remove seven custom tariff rates for industrial goods, exempt 35 products from duty for battery manufacturing, and add 28 capital goods to the exempt list for mobile phone battery manufacturing. These measures are expected to boost domestic production and facilitate trade.
During the discussion, S. Jothimani of the Congress party raised concerns about unemployment, alleging that the government has failed to provide relief to the common man. However, Jagdambika Pal of the BJP defended the government’s initiatives, stating that India is the world’s fastest-growing economy and one of the top five economies worldwide.
The passage of the Finance Bill 2025 is seen as a significant step towards achieving the goal of “Viksit Bharat” by 2047. The bill’s key provisions are expected to provide relief to taxpayers, simplify the business environment, and promote India’s economic growth. With this legislation, the Indian government is likely to continue its efforts to boost domestic production, enhance export competitiveness, and promote economic development.
In a statement, Minister Sitharaman emphasized that the Union budget 2025-26 aims to guarantee economic growth and stability, stating, “The government has taken numerous measures to honour taxpayers and ease of doing business through this Finance Bill.” The bill is likely to be taken up again for discussion in the next monsoon session. The Indian government’s initiatives are being closely monitored, and its effects on the economy are expected to be a topic of discussion and analysis in the coming months.
Original Source: https://www.newsonair.gov.in/lok-sabha-passes-finance-bill-2025-tax-relief-up-to-%E2%82%B912-lakh-announced/
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Publish Date: 2025-03-25 18:20:00
