Quick Summary
The Finance Bill, 2025, introduces a comprehensive overhaul of India's indirect tax framework, with significant amendments across Customs, Central Excise, and Goods and Services Tax (GST) laws. These changes aim to streamline tax administration, promote ease of doing business, and align with interna
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FAQ :
The Finance Bill 2025 introduces reforms across Customs, Central Excise, and Goods and Services Tax (GST) laws in India.
A new sub-section in the Customs Act sets a two-year limit for finalising provisional assessments, with a possible one-year extension for valid reasons.
Tariff rates are being rationalised, with reductions on goods like marble, granite, footwear, and vehicles, while rates on knitted fabrics and interactive flat panel displays are increasing.
The powers of the Settlement Commission will transfer to a new Interim Board, and the Central Excise Settlement Commission will be discontinued from April 1, 2025.
Yes, GST reforms include amendments for distributing Input Tax Credit (ITC) for inter-state supplies under reverse charge and the introduction of a track and trace mechanism to curb tax evasion.
Most of the changes introduced by the Finance Bill 2025 are scheduled to be effective from May 1, 2025.
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