Budget 2025: Tax Relief, GST Expansion & Net Zero Push
Budget 2025 is expected to address key industry and public expectations, particularly tax relief for the middle class. With rising education and healthcare costs, taxpayers seek lower tax burdens to boost disposable income and consumer spending. A possible timeline for phasing out the old tax regime could be announced, as only 27% of taxpayers still use it, while 73% have shifted to the new regime.
On the GST front, there are discussions about including ETF and gas under its purview, though this may not happen in this budget. The reduction of gold import duty in the last budget has not yielded the expected results, as gold imports surged by 104% in FY 2024-25, worsening the trade deficit. This unexpected rise challenges the Finance Minister’s fiscal strategies, necessitating corrective measures.
Despite these challenges, the budget is expected to reinforce India’s net-zero commitment. Continued incentives through PLI and ALMM schemes will likely support renewable energy industries, including solar, wind, and hydrogen. These policies aim to drive sustainable growth and strengthen India’s position in the global clean energy transition.
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