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On reforms, Finance Minister Nirmala Sitharaman says over 40,000 compliance norms, rules, regulations have been completely removed for the ease of doing business.
Finance Minister Nirmala Sitharaman speaks at a post-Budget interaction with stakeholders from India Inc in Mumbai.
The government has kept the steps on reforms going, with thousands of regulations done away with to improve the ease of doing business along with various relaxations, said Finance Minister Nirmala Sitharaman at a post-Budget interaction with stakeholders from India Inc in Mumbai.
She said the Income Tax Bill 2025 has a big component of Jan Bhagidari and more than 60,000 inputs were received online towards the making of the Bill.
The Income Tax Bill 2025, which was introduced in the Lok Sabha last week, proposes to replace the old Income Tax Act 1961 for language simplification.
This will help in interpret the income tax law by taxpayers themselves easily, the finance minister said. The bill has been referred to the select committee of the Lok Sabha.
“The select committee, which comprises 31 members of the Lok Sabha, will be looking at it in details. We had more than 60,000 inputs coming in online towards the making of this bill,” she said.
Sitharaman also said the review of the Income Tax Act has had a very big component of PM Modi’s mantra of Jan Bhagidari (involve people in what you do).
“We have taken inputs from people. Now, the select committee will go through it and invite various stakeholders to give their comments on it,” she said.
‘We have kept the steps on reforms going’
Speaking on the ease of doing business, the finance minister said the government has kept the steps on reforms going.
“Whether it is for the manufacturing through the PLI, whether it is removing the stress on businesses to do compliance as more than 1,500 archaic laws have been removed from the ledgers. Similarly, more than 40,000 compliance norms, rules, regulations have also been completely removed. This is happening at the central level… Even state government would come forward to remove such stressful compliance-related regulations,” the finance minister said.
She said the reforms momentum shall continue.
Critical Minerals Boost
In critical minerals, India is doing a lot of forward and backward supporting of the system, she said.
“We are going signing MoUs with many countries from where imports of critical minerals that we dont have in the country. Customs and duty regulations have been simplified for them. A total of 20-24 critical minerals have been exempted from duties. As a result of this, MSMEs that require them can get them at affordable prices,” Sitharaman said.
Education & Health
“Education and health are getting prioritised. More & more universities are being covered for the students’ loans, and an institution of excellence is being set up on artificial intelligence,” the finance minister said.
Tax Concessions
She also said that in the Budget 2025, various tax concessions, including rationalisation of customs duties, were announced. Several simplification, including TDS and TCS, were also done.