Merchants’ Chamber of Commerce & Industry organised Symposium on Union Budget: 2025-26, at MCCI Conference Hall.

Shri Arvind Agrawal, Chairman, Council on Direct Taxes, MCCI said that  Continuing the focus on fiscal consolidation, Fiscal deficit for FY26 (BE) has been budgeted at 4.4% of the GDP. Fiscal deficit for FY25 (RE) improved to 4.8% of the GDP as against 4.9% budgeted earlier. The Budget seeks a healthy balance between fiscal consolidation and boosting consumption.

Shri Agrawal also mentioned that The simplification of TDS & TCS provisions are in the right direction to promote Ease of Doing Business. The Decriminalization of non-compliances of TCS provisions is in consonance with the similar TDS provisions, which would serve to be the pillars of trust and faith for industry.

Shri Sushil Kumar Goyal, Chairman, Council on GST, Indirect Taxes & State Taxes, MCCI said that in Union Budget 2025-26, the Government has declared GDP growth at 6.8%, however rate of inflation still has not under controlled. The Central Government has announced various measures for MSMEs however this will not surely generate employment to this sector.

Shri Goyal also pointed out that reducing custom duty on battery will only benefit manufactures of EVs and mobile phones. Indirect tax is losing its character.

Shri Goyal in his address mentioned that GST Commission will amend provision of Input Services Distributor from 1^st April 2025.  The Union Budget has proposed a host of amendments in GST law, including implementing the Track and Trace Mechanism, for evasion-prone goods. The budget inserted a new clause in Central GST law to provide for a definition of Unique Identification Marking for the implementation of Track and Trace Mechanism.

Shri Sanjay Bhattacharya, Co- Chairman, Council on Direct Taxes, MCCI said that in Union Budget 2025-26 each and very changes have made in TDC is important. The Budget will definitely ensure that 99% of return is self-assessment. For Individual Income Tax, up to 12.75 lakh tax payment will be marginalized.

Shri Bhattacharya further mentioned that sector 80CC(D) is applicable for old tax regime not for the new tax regime. The medical expenses are fully exempted.

Under TDS, the Section 194(T) will become effective from 1^st April, 2025.

Shri Vivek Jalan, Co–Chairman, Council on GST, Indirect Taxes & State Taxes, MCCI proposed hearty Vote of Thanks.