Background :- The Union Budget 2025, which is set to be presented by Finance Minister Nirmala Sitharaman on February 1, 2025, is highly anticipated, as it will address the pressing economic issues and outline the government’s fiscal strategy for the upcoming year. Given the current economic landscape, which includes post-pandemic recovery, inflation control, and a rising global economic shift, many expect significant reforms in both Income Tax and Goods and Services Tax (GST) structures. This article explores the anticipated changes in these two critical areas, which affect both individual taxpayers and businesses in India. India’s Growth in GDP has declined from last year growth percentage of 7-8% to 5-6% per annum. While for us to become Developed Nation, it is very important to achieve at least 10-12% growth rate per year. For achieving Such growth rate it is important that people have disposable income. The very Basic concept of taxation is Taking From Rich and Giving ...
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