Union Budget 2025 Takeaway : New provision for importers, exporters to voluntarily declare material facts post-goods clearance

Nirmala Sitharaman presented her historic eighth Budget

Finance Minister Nirmala Sitharaman presented her record eighth Budget this year. After the Budget was presented in the Lok Sabha, the FM also presented the document in the Rajya Sabha. The Union Budget 2025 is the second Budget presented under the Modi 3.0 government, the first having come after the Lok Sabha elections. Like the previous Budgets, this has kept in mind the government's goal of Viksit Bharat by 2047.

Sitharaman on Saturday announced a new provision for importers, exporters to voluntarily declare material facts after clearance of goods.

The Union Budget 2025-26 also sets a time limit of two years, extendable by a year, for finalising provisional assessment under Customs Act, she added.

The finance minster also said the PM Dhan-Dhaanya Krishi Yojana for developing Agri Districts Programme will cover 100 districts with low productivity.

The government will reduce basic customs duty to 5 pc from 30 pc on fish pasteurii, she added.

Yesterday, FM Sitharaman tabled the Economic Survey, which projects India's GDP to grow in the range of 6.3-6.8 per cent.

In the last Budget, presented in June after NDA won the Lok Sabha polls, FM proposed new income tax slabs -- up to Rs 3 lakh nil, Rs 3-7L 5 per cent, Rs 7-10L 10 per cent, Rs 10-12L 15 per cent, Rs 12-15L 20 per cent, above Rs 15L 30 per cent. Fiscal deficit was estimated at 4.9 per cent of GDP and Sitharaman had stated the government aimed to reach 4.5 per cent fiscal deficit in 2025-26.

Union Budget 2025 | Nirmala Sitharaman, as Finance Minister, presented her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', the Modi govt gave income tax relief for those making up to Rs 12 lakh per year in salaried income. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.