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As India enters the New Year, the government has prioritized the simplification of direct and indirect tax policies, aiming to reduce compliance burdens and foster a taxpayer-friendly environment. After significant progress in 2024, including reviewing the Income Tax Act, 1961 and initiating discuss
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FAQ :
The main goal is to simplify direct and indirect tax policies, reduce compliance burdens, and foster a taxpayer-friendly environment.
The government is reviewing the Income Tax Act, 1961, to remove obsolete provisions and simplify the law. Amendments are expected in the Budget session.
Plans include rationalising GST rates and slabs, introducing biometric authentication for high-risk businesses, and implementing an Invoice Matching System to combat fake Input Tax Credit (ITC) claims.
Technology will be used through an Invoice Matching System for automated reconciliation, expansion of B2C e-invoicing, and multi-factor authentication for the GSTN portal.
GST Appellate Tribunals are being operationalised to expedite dispute resolution and reduce litigation for businesses.
Tax experts caution that small taxpayers might face challenges in adapting to new compliance systems.
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