BENGALURU: The Union government’s new tax bill introduced during Union Budget 2025 is not intended to introduce drastic policy changes but rather to simplify existing structures and align them with judicial interpretations, K Balasubramanian, Joint Secretary of Ministry of Finance, said. Trust and simplicity are the core pillars guiding the new tax proposals, as outlined in the Finance Bill, he added.
He was speaking during the post-budget analysis hosted by Bangalore Chamber of Industry and Commerce (BCIC) and Deloitte on Monday, where he highlighted that the primary goal is not just to ensure compliance but also to improve the economy by enhancing taxpayer confidence and making the tax process simpler and more transparent.
Responding to queries around how the budget will affect multiple industries, Balasubramanian said the trust in the taxpayers and simplicity in the system are central to the new approach. He noted that the proposals include a more relaxed presumptive regime for key sectors and extensions to specific tax timelines, designed to support industry growth.
Balasubramanian, who was interacting with industry leaders virtually, also addressed the ongoing challenge of tax-related litigation, acknowledging the substantial backlog and the efforts being made to expedite clearances. “The aim is to see how the changes in the Finance Bill unfold in the next six to nine months and take necessary steps thereafter.”