Tax and Tax Reforms

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Customs Duty Exemption on Petrochemicals

The Government of India has announced a full customs duty exemption on 40 critical petrochemical products until 30th June 2026. This decision has been taken to address cost pressures and supply chain disruptions caused by ongoing geopolitical tensions in West Asia. What are Petrochemical Products? Petrochemical products are fundamental chemical building blocks derived from petroleum or natural gas. They act as raw materials for nearly 95% of manufactured goods, including plastics, pha

The Central Excise (Amendment) Act, 2025

The Central Excise (Amendment) Act, 2025 The Central Excise (Amendment) Act, 2025 significantly increases excise duties on cigarettes, chewing tobacco, and smoking mixtures. It creates a new structure to maintain revenue once GST compensation cess expires in 2026. Key Provision Details Tobacco Duty Revision Significantly increases excise duties on cigarettes, chewing tobacco, and smoking mixtures. GST Compensation Offset Aims to maint

The Taxation Laws (Amendment) Act, 2025

The Taxation Laws (Amendment) Act, 2025 The Taxation Laws (Amendment) Act, 2025 introduces tax changes linked to online gaming, pension contributions, and search and seizure mechanisms. Key Provision Details Unified Pension Scheme (UPS) Aligns the new UPS with the National Pension System by granting tax exemptions on 60% of the final corpus. Saudi PIT Relief Specific tax exemptions for investments made by Saudi Arabia’s Public I

The Health Security & National Security Cess Act, 2025

The Health Security & National Security Cess Act, 2025 The Health Security & National Security Cess Act, 2025 imposes a new cess to fund National Security and Public Health, initially targeting Pan Masala. The proceeds are credited to the Consolidated Fund of India to support critical national priorities. Key Provision Details Capacity-Based Levy Unlike traditional taxes, this cess is computed based on manufacturing capacity. For machine-base

Income Tax Act, 2025

Income Tax Act, 2025 The Income Tax Act, 2025 replaces the Income-tax Act, 1961, modernizing India’s direct tax framework for the digital economy. It received Presidential assent on 21 August 2025 and will come into force from 1 April 2026. The Act follows the “SIMPLE” framework — Streamlined, Integrated, Minimized Litigation, Practical, Learn & Adapt, Efficient. Key Reform / Change Details Simplified Law Sections are r

Capital Gains Accounts (Second Amendment) Scheme, 2025

Capital Gains Accounts (Second Amendment) Scheme, 2025 The Capital Gains Accounts (Second Amendment) Scheme, 2025 was issued by the Central Board of Direct Taxes (CBDT) on 19 November 2025. The amendment modernises and digitises the Capital Gains Account Scheme (CGAS), 1988 by expanding banking access, enabling digital transactions, and simplifying documentation procedures. Aspect Details Expanded Tax Scope The amendment formally includes Section

Tax Reforms

Tax Reforms Part B of the Budget speech introduced the Income Tax Act, 2025, replacing the older Income-tax Act, 1961 with effect from 1 April 2026. The reforms focus on tax simplification, digital compliance, rationalisation of tax rates and customs duty reductions to support investment, trade and economic efficiency. Reform Area Details Income Tax Act, 2025 The new Act replaces the 1961 Income-tax Act and comes into effect from April 1, 2026.