Page 18 - Union Budget

Budget 2025: Relief on 2 self-occupied properties, without riders

Annual limit of Rs 2.4 lakh for TDS on rent increased to Rs 6 lakh

Budget 2025 focuses on ease of doing biz, promotes manufacturing: ICAI

The Institute of Chartered Accountants of India (ICAI) on Saturday said the Budget focuses on ease of doing business, promote domestic manufacturing and position India as a more competitive player in global trade, supporting economic resilience and growth. "Suggestions by ICAI in Pre-Budget memorandum regarding the finance bill 2025, phasing out of alternative tax regime, rationalisation of TDS and TCS regime, exemption of withdrawal from NSS and taxation of business trusts have also been accepted," ICAI President Ranjeet Kumar Agarwal said in a statement. Finance Minister Nirmala Sitharaman on Saturday presented her eighth consecutive Budget. Sitharaman announced significant income tax cuts for the middle class and unveiled a blueprint for next-generation reforms for Viksit Bharat as she treaded a fine line between fiscal prudence and providing a thrust to growth. ICAI also said deeming the annual value of two self-occupied house property as nil instead of erstwhile one, is a great

Budget 2025: FMCGs hope tax relief, rural infra funds to boost consumption

The proposed income tax relief for the middle class and increased investments for rural development will help to drive consumption and propel growth of the premium product market, leading FMCG and consumer goods makers said on budget proposals. The measures announced by Finance Minister Nirmala Sitharaman in the Union Budget will not only alleviate the burden of inflation and rising living costs but also help stimulate overall consumption, the makers said. The Union Budget 2025-26 is a bold and forward-looking plan that places the middle class at its core while ensuring inclusive and sustainable growth across all sectors," said Marico MD & CEO Saugata Gupta. For middle-class families, strategic focus on targeted tax relief and enhanced social security measures, will uplift household sentiments, boost disposable income and drive consumption, he added. PepsiCo India & South Asia Chief Executive Officer Jagrut Kotecha said Union Budget 2025 is focused on an income-led economic ...

Import duty cut to make mobile production ecosystem more competitive: ICEA

Government proposal to reduce import duty on several components as well as exemption of capital goods will reduce cost of indigenous mobile manufacturing but consumers are unlikely to get a major relief, according to an industry body. India Cellular and Electronics Association Chairman Pankaj Mohindroo said that the removal of 2.5 per cent duty on mobile parts was a "nuisance" tariff which was not doing any value addition in the mobile phone manufacturing ecosystem. "The government has removed the 2.5 per cent import duty across the board. In terms of cost, it is not very significant. It will help the industry save 0.09-0.1 per cent. Overall measures announced in the budget will boost competitiveness in the Indian mobile manufacturing space which is good for attracting investments and enhancing exports," Mohindroo said. At present all major brands including Apple, Samsung, Google Vivo, Xiaomi manufacture their smartphones in India. Finance Minister Nirmala Sitharaman in the union .

Good steps forward: Nasscom hails Budget's focus on improving ease of biz

IT industry body Nasscom on Saturday welcomed the government's focus on fostering entrepreneurship and improving ease of doing business in the Union Budget 2025-26 and said "these are the good steps forward". Nasscom President Rajesh Nambiar said the government's focus on innovation and improving ease of doing businesses reinforces its commitment of making India a global leader. "The commitment to expanding safe harbour rules, both on the threshold as well as on the rate side is very much welcome. These are the good steps forward," he said. The government has rationalised basic customs duty rates, slashing the number of levies to just eight, but has kept the effective duty rates on most items the same by adjusting cess to further ease of doing business. Finance Minister Nirmala Sitharaman removed seven tariff rates in the 2025-26 Budget. These are in addition to the seven tariff rates removed in the 2023-24 Budget. After this, there will only be eight remaining tariff rates, inclu

Budget proposes GST amendment: Track and Trace Mechanism to prevent evasion

The Union Budget has proposed a host of amendments in GST law, including implementing the Track and Trace Mechanism, for evasion-prone goods. The budget inserted a new clause in Central GST law to provide for a definition of Unique Identification Marking for the implementation of Track and Trace Mechanism. "Unique identification marking" includes a digital stamp, digital mark or any other similar marking, which is unique, secure and non-removable. AMRG & Associates Senior Partner Rajat Mohan said the introduction of penalties under new sections like 122B and 148A to enforce track and trace mechanisms indicates a strong push towards digitisation and better supply chain monitoring.

Money in people's hands, and more: Budget balances growth, fiscal goals

As expected, the Revised Estimate of the fiscal deficit for the current financial year was pegged at 4.8 per cent of the gross domestic product (GDP)

FM announces Rs 25K cr Maritime Development Fund to boost shipping

Sitharaman announces shipbreaking credit note scheme, Maritime Development Fund

Boost in urban infra: HUA ministry allocated Rs 96,777 cr in Budget

In a bid to boost urban infrastructure, the Centre Saturday hiked the allocation for the Union Housing and Urban Affairs Ministry by around 18 per cent, setting aside Rs 96,777 crore for it in the Union Budget 2025-26. In the budget presented in Parliament, the government also announced the setting up of an Urban Challenge Fund of Rs 1 lakh crore for "cities as growth hubs", "creative redevelopment of cities", and "water and sanitation". An allocation of Rs 10,000 crore has been proposed for it in FY 2025-26. The government has allocated Rs 96,777 crore to the HUA ministry for the next fiscal as against Rs 82,576 crore in Budget 2024-25. Presenting the Union Budget 2025-26, Finance Minister Nirmala Sitharaman said the PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme will be revamped with enhanced loans from banks and UPI-linked credit cards with Rs 30,000 limit. In the Budget 2025-26, the government has set aside Rs 373 crore for the PM SVANidhi against the Rs 326 crore ..

India Inc to boost capex as Budget drives infra, manufacturing, mining

The Economic Survey released on Friday emphasised that the private sector must take the lead in driving economic growth

Budget reforms to enhance competitiveness of critical minerals: Industry

The mining reforms introduced in the Union Budget will have a transformative impact and will enhance the competitiveness of India's critical minerals sector, industry players said. In her Budget speech, Union Finance Minister Nirmala Sitharaman said that a policy for recovery of critical minerals from tailings or by-products of mining will be launched. Sitharaman also said that mining sector reforms, including those for minor minerals, will be encouraged through the sharing of best practices and the institution of a State Mining Index. Additionally, the finance minister announced the removal of import duty on 12 critical minerals, cobalt powder and waste, lithium-ion battery scrap, lead and zinc. The sharing of best practices and institutionalising a State Mining Index for minor minerals along with a policy for recovery of critical minerals from tailings will enable circularity and innovation within the industry, Hindustan Zinc Ltd CEO Arun Misra said. As the country transitions t

Budget 2025: J&K gets Rs 41,000 crore, separate Rs 9,325 cr for police

The Centre has allocated Rs 41,000.07 crore to Jammu and Kashmir in the Union Budget for 2025-26, which is almost the same as the revised estimate for the 2024-25 fiscal. Additionally, the Jammu and Kashmir Police -- directly controlled by the Union home ministry since the abrogation of Article 370 and the reorganisation of the erstwhile state -- will receive Rs 9,325.73 crore, up from Rs 8,665.94 crore in 2024-25. In the budget presented by Union Finance Minister Nirmala Sitharaman in the Lok Sabha on Saturday, Rs 40,619.30 crore has been allocated as central assistance to meet the resource gap in Jammu and Kashmir. Rs 279 crore has been allocated as grants towards contribution to the Union Territory Disaster Response Fund and Rs 101.77 crore as support for capital expenditure. The Centre had allocated Rs 42,277.74 crore to Jammu and Kashmir for the 2024-25 fiscal that was later revised downwards to Rs 41,000.07 crore. In the 2023-24 fiscal, the allocation for Jammu and Kashmir wa

Budget 2025: Rs 20,000 cr allocated to DPT for starting Rs 1 trn R-D fund

Signalling a commitment to research and development, Union Finance Minister Nirmala Sitharaman on Saturday allocated Rs 20,000 crore to the Department of Science and Technology as a corpus for a fund to promote private sector-driven innovation. Sitharaman had announced setting up of a Rs 1 lakh crore research and development fund in the budget last July. The allocation in Saturday's budget will kickstart the fund aimed at supporting research and development in deep tech and sunrise sectors. "To implement the private sector-driven Research, Development and Innovation initiative announced in the July budget, I am now allocating Rs 20,000 crore," Sitharaman said. Presenting the Union Budget for the 2025-26 fiscal, the finance minister also said a Deep Tech Fund of Funds would be explored to catalyse the next generation start-ups as part of this initiative. "The allocation this year will kickstart the fund and be a major boost to support research and development in the private sector

Union Budget 2025-26: Accelerating India's march towards Viksit Bharat

The enhancement of the credit guarantee cover for MSMEs from Rs 5 crore to Rs 10 crore should make more credit available to these units, which are significant employment generators

Budget neglects challenges facing Indian economy, say Left parties

The Union Budget has neglected the challenges facing the Indian economy and not provided any relief to the poor reeling under the pressure of high inflation, stagnated income and rising unemployment, Left parties said on Saturday. In a statement issued here, the politburo of the Communist Party of India (Marxist) said instead of addressing the root cause of the demand problem being faced by so many sectors of the economy and the lack of purchasing power for large sections of the population because of mass unemployment and shrinking wages, the BJP-led Centre is trying to stimulate the economy by giving tax cuts to a small minority with higher incomes even as expenditures are cut. "While the Economic Survey shows the desperate plight of India's labour force, pointing out the decrease in earnings over the last five years, this budget with its emphasis on cutting government expenditures while giving concessions to the rich will only increase the huge inequalities in India," the CPI(M) ..

MEA gets Rs 20,516 cr in Budget 2025, aid to Bhutan highest at Rs 2,150 cr

In line with India's 'neighbourhood first' policy, Bhutan was on Saturday allocated the largest share of Rs 2,150 crore as development aid in the Union Budget for 2025-26 followed by Rs 700 crore to Nepal and Rs 600 crore to the Maldives. The Ministry of External Affairs (MEA) was allocated a total of Rs 20,516 crore as against the current fiscal's budget estimate of Rs 22,154 crore and revised estimate of Rs 25,277 crore. Like for 2024-25, an amount of Rs 100 crore has been set aside for the Chabahar port project. Located in the Sistan-Balochistan province on the energy-rich Iran's southern coast, the Chabahar port is being developed by India and Iran to boost connectivity and trade ties. The total overseas development partnership portfolio for 2025-26 has been pegged at Rs 6,750 crore, which is nearly 33 per cent of the allocation made to the MEA. The outlay for overseas development assistance is an increase of about 20 per cent over current fiscal's allocation of Rs 5,667 ...

Govt proposes new tariff lines for rice, makhana products in Union Budget

The government on Saturday proposed to create new tariff lines for makhana products and rice based on process and varieties. These changes under the Customs Tariff Act 1975 will come into effect from May 1, this year. According to the Budget document for 2025-26, the government has proposed provision for creating new tariff items for rice based on process (paraboiled, others) and on variety (rice recognised by geographical indications registry, basmati and others) under sub-headed HS code 1006-30. The government has proposed creating new tariff items and supplementary notes for identification of certain technical-grade pesticides and certain goods covered by international conventions. It also provided for the provision to separately identify waste oils containing different levels of concentration of levels of polychlorinated biphenyls (PCBs), polychlorinated terphenyls (PCTs) or polybrominated biphenyls (PBBs) under sub-heading HS code 2710-91. A tariff line is a specific entry in

Budget 2025: IB gets Rs 3,893.35 cr, allocation for NATGRID slashed by 36%

The Intelligence Bureau (IB) has received Rs 3,893.35 crore in the Union Budget 2025-26, a nominal cut of Rs 72.80 crore as compared to the revised estimates for 2024-25. The IB, responsible for intelligence gathering, counter intelligence and counter espionage operations in the country, was allocated Rs 3,823.83 crore in 2024-25 and it was revised to Rs 3,966.21 crore, the Budget document said. It said the provision of Rs 3,893.35 crore for 2025-26 is for meeting the administrative expenses of the IB. The National Intelligence Grid (NATGRID), another crucial intelligence arm in the country, was allocated Rs 158.23 crore, a massive cut of Rs 89.49 crore (around 36 per cent) from Rs 247.72 crore in 2024-25. The NATGRID aims to link databases as an input in combating terrorism. It also intends to create a facility to improve capability to counter internal security threats, the Budget document said.

Budget 2025 will help make India a top global tourism destination: Industry

Industry experts on Saturday said the Budget announcements for the tourism sector will help make India a top global tourism destination and will create new opportunities for growth, jobs, and innovation. The Union Budget 2025-26 proposes that the top 50 tourist destinations in the country will be developed in partnership with states in a "challenge mode", as tourism is a driver of employment-led growth and unveiled a series of initiatives aimed at boosting infrastructure, skill development and ease of travel. "The plan to develop the top 50 tourism destinations in partnership with state governments is a major initiative. This collaboration will not only improve infrastructure but also help spread tourism across the country, attracting more visitors and benefiting local communities," Pradeep Shetty, spokesperson, Hotel and Restaurant Association of Western India - and Vice President, Federation of Hotel and Restaurant Associations of India, said. The focus on medical and wellness ...

FM Sitharaman announces National Geospatial Mission, allocates Rs 100 cr

Union Finance Minister Nirmala Sitharaman on Saturday announced a Rs 100 crore National Geospatial Mission to develop foundational geospatial infrastructure and data, a move aimed at modernising land records, aid urban planning and promoting earth observation systems. Geospatial refers to data associated with a specific location on the Earth's surface, which is crucial for positioning systems and adding layers of information on a map. "We will start a National Geospatial Mission to develop foundational geospatial infrastructure and data. Using PM Gati Shakti, this mission will facilitate modernisation of land records, urban planning, and design of infrastructure projects," Sitharaman said. The finance minister allocated Rs 100 crore for the National Geospatial Mission. The announcement of the mission was welcomed by the geospatial industry that said it would be crucial for building smarter cities, with data-driven insights. "The announcement of the National Geospatial Mission show