Highlights of Union Budget 2025

Introduction

On Saturday, February 1, 2025, Union Finance Minister Nirmala Sitharaman presented her eighth consecutive Budget, unveiling a series of impactful measures aimed at supporting the middle class and driving inclusive growth. A standout announcement was the introduction of a revised tax regime, offering full exemption on salary income up to ₹12 lakh. This article explores this and other key highlights of Budget 2025.

Key Highlights of Union Budget 2025

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1. Credit Access for Micro Enterprises
A new scheme has been introduced to provide micro-enterprises with easier access to credit through specially tailored credit card facilities.

2. Support for First-Time Entrepreneurs
A dedicated initiative launched to assist first-time entrepreneurs, with a focus on individuals from rural areas and marginalized communities.

3. Enhanced Credit Guarantee for MSMEs
The credit guarantee limit for Micro, Small, and Medium Enterprises (MSMEs) has been increased from ₹5 crore to ₹10 crore, aimed at improving access to affordable finance.

4. Revised MSME Classification Norms
Classification criteria for MSMEs have been updated to better reflect current business realities and to promote sectoral growth.

5. Customs Duty Simplification
Seven existing tariff rates have been removed, reducing the total number of customs duty rates to just eight, thereby streamlining import duties and enhancing ease of trade.

6. Unified Cess and Surcharge Structure
A proposal to implement a single cess or surcharge for most items has been introduced to simplify the overall tax system.

7. Tax Relief for Senior Citizens
The deduction limit for senior citizens under Section 80TTB has been doubled from ₹50,000 to ₹1 lakh, offering greater relief on interest income.

8. Higher TDS Threshold on Rent
The annual threshold for Tax Deducted at Source (TDS) on rental income has been raised from ₹2.4 lakh to ₹6 lakh, benefiting individual tenants.

9. Extended Deadline for Updated Returns
The time period for filing updated income tax returns has been extended from two years to four years, allowing more flexibility for taxpayers to correct omissions.

10. Broad-Based Tax Relief Measures

The income tax rebate limit has been increased to ₹12 lakh under the new tax regime.
Senior citizens will now enjoy tax-free interest income up to ₹1 lakh annually

Union Budget 2025: Major Boost for MSMEs

In Union Budget 2025, Finance Minister Nirmala Sitharaman announced a comprehensive package of reforms and initiatives to empower the Micro, Small, and Medium Enterprises (MSME) sector, focusing on credit access, entrepreneurship, and sectoral development.

1. Customized Credit Cards for Micro Enterprises

Micro enterprises registered on the Udyam portal will be eligible for specially designed credit cards with a limit of ₹5 lakh. The government plans to issue 10 lakh such cards in the first year, enabling easier access to working capital.

2. Enhanced Credit Guarantee Scheme

The credit guarantee cover for micro and small enterprises has been doubled from ₹5 crore to ₹10 crore, unlocking an additional ₹1.5 lakh crore in credit availability over the next five years.

Category	Previous Cover (₹ Cr)	Revised Cover (₹ Cr)
Micro & Small Enterprises	5	10
Startups	10	20
Exporter MSMEs	—	Up to 20 (for term loans)

For startups in 27 priority sectors under the Atmanirbhar Bharat mission, the guarantee fee has been reduced to 1% to encourage innovation and investment.

3. Revised MSME Classification Criteria

To reflect current business realities and support expansion, the MSME definition has been updated as follows:

Category	Investment Limit (₹ Cr)	Turnover Limit (₹ Cr)
Micro	2.5 (from 1)	10 (from 5)
Small	25 (from 10)	100 (from 50)
Medium	125 (from 50)	500 (from 250)

This revision will enable greater access to capital, better technology adoption, and enhanced competitiveness.

4. Scheme for First-Time Entrepreneurs

A new program will support 5 lakh first-time entrepreneurs—with a focus on women, SCs, and STs—by providing term loans up to ₹2 crore over five years, fostering inclusive entrepreneurship.

5. Sector-Specific Support Initiatives

Footwear and Leather Industry: Launch of a Focus Product Scheme to enhance design capabilities and non-leather manufacturing, targeting 22 lakh jobs and a turnover of ₹4 lakh crore.
Toy Industry: A dedicated scheme to position India as a global leader in sustainable toy production under the Made in India brand.
Food Processing Sector: Establishment of a National Institute of Food Technology in Bihar, aiming to increase farmers’ incomes and generate skill development, entrepreneurship, and youth employment.

These announcements underscore the government’s strong commitment to strengthening the MSME ecosystem, promoting innovation, creating jobs, and enhancing India’s role in global manufacturing and exports.

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Budget 2025 Highlights: National Manufacturing Mission to Propel 'Make in India'

To strengthen India’s position as a global manufacturing hub, the Government has announced the launch of a National Manufacturing Mission under Budget 2025. The initiative is designed to accelerate the ‘Make in India’ vision by fostering growth across small, medium, and large-scale industries.

This mission will offer:

Comprehensive policy support,
Clearly defined execution roadmaps, and
A structured governance and monitoring framework for coordination between central ministries and state governments.

Key Focus Areas

The mission will operate around five strategic pillars:

Ease and Cost of Doing Business – Streamlining processes to reduce regulatory and operational burdens.
Future-Ready Workforce – Developing skills aligned with emerging industry demands.
Dynamic MSME Ecosystem – Strengthening small businesses through targeted support and integration with supply chains.
Access to Advanced Technology – Facilitating the adoption and innovation of modern manufacturing technologies.
High-Quality Products – Promoting global competitiveness through quality assurance and standardization.

Clean Tech Manufacturing Push

A special thrust will be placed on Clean Technology Manufacturing, with a focus on increasing domestic value addition and building resilient supply chains. Key target sectors include:

Solar PV cells
Electric vehicle (EV) batteries, motors, and controllers
Electrolyzers
Wind turbines
High-voltage transmission equipment
Grid-scale battery storage systems

This initiative is expected to boost sustainable industrial growth while enhancing India’s self-reliance in critical green technologies

Budget 2025: Strategic Export Initiatives to Boost Global Trade

The Union Budget 2025 outlines a series of targeted initiatives aimed at enhancing India’s export performance and global trade competitiveness. These measures are designed to promote seamless trade facilitation, build resilient supply chains, and position India as a global export powerhouse.

1. Launch of Export Promotion Mission

A dedicated Export Promotion Mission will be established, featuring sector-specific and ministry-level export targets. Jointly led by the Ministries of Commerce, MSME, and Finance, the mission will focus on:

Expanding access to export credit and cross-border factoring,
Supporting MSMEs in overcoming non-tariff barriers in international markets,
Enhancing coordination across departments to streamline export facilitation.

2. BharatTradeNet (BTN): Unified Trade Platform

To modernize export processes, the government will introduce BharatTradeNet (BTN)—a centralized digital platform for international trade documentation and financing solutions. BTN will:

Integrate with the Unified Logistics Interface Platform (ULIP),
Align with global best practices,
Improve transparency and efficiency in trade-related procedures.

3. Integration with Global Supply Chains

To strengthen India’s manufacturing-export linkages, the government will:

Identify high-potential sectors using data-driven criteria,
Establish facilitation groups comprising industry stakeholders,
Support product-specific strategies for seamless integration into global supply chains.

4. Industry 4.0 and High-Skill Employment

Recognizing the transformative potential of Industry 4.0, the Budget promotes:

Government support for the domestic electronics industry to tap into emerging technologies,
Creation of high-skill employment opportunities for youth in advanced manufacturing and automation sectors.

5. National Framework for Global Capability Centres (GCCs)

A national framework will be rolled out to guide states in fostering Global Capability Centres in tier-2 cities. The framework will emphasize:

Talent development and availability,
Infrastructure enhancement,
Public-private partnerships to attract global investments.

6. Modernized Warehousing for Air Cargo

To support high-value, perishable exports, particularly horticultural products, the government will:

Develop state-of-the-art warehousing at key air cargo terminals,
Streamline cargo screening and customs procedures,
Facilitate faster, more efficient international shipments

Budget 2025: Key Indirect Tax Reforms

The Union Budget 2025 introduces a series of significant indirect tax reforms aimed at simplifying the tax structure, promoting domestic manufacturing, enhancing export competitiveness, and easing compliance. These changes cover customs duty rationalization, sector-specific incentives, and support for export-oriented businesses.

1. Customs Tariff Rationalization for Industrial Goods

Streamlined Tariff Structure: Seven additional customs tariff rates have been eliminated, reducing the total to eight rates, including a zero-rate.
Cess Realignment: Cess rates adjusted to ensure minimal impact on overall duty; marginal reductions introduced on select products.
Simplified Surcharge System: Social Welfare Surcharge removed on 82 tariff lines where an appropriate cess is already levied, reducing the cumulative tax burden.

2. Sector-Specific Customs Duty Reforms

Pharmaceuticals

36 life-saving drugs fully exempted from Basic Customs Duty (BCD).
An additional 6 medicines eligible for a 5% concessional rate, promoting affordability and access.

Critical Minerals for Green Tech

Full BCD exemption on key inputs like cobalt powder, lithium-ion battery waste, lead, zinc, and 12 other critical minerals to support clean energy manufacturing.

Textiles

New exemptions granted for shuttle-less looms.
Revised BCD on knitted fabrics to 20% or ₹115/kg, whichever is higher, supporting domestic value addition.

Electronics & EV Components

BCD on Interactive Flat Panel Displays increased from 10% to 20% to encourage local production.
Continued exemption for Open Cell TV parts to sustain manufacturing growth.
63 additional capital goods used in EV and mobile battery production now exempt from customs duty.

Shipping Industry

Duty exemptions for shipbuilding inputs extended for 10 more years, offering long-term certainty to domestic shipyards.

Telecommunications

BCD on Carrier Grade Ethernet Switches reduced from 20% to 10% to boost digital infrastructure.

3. Export Promotion Incentives

Handicrafts Sector

Export period extended from six months to one year, with a possible three-month extension, offering flexibility to exporters.

Leather Industry

Full BCD exemption on Wet Blue Leather, enabling cost-effective domestic processing.
Export duty on crust leather removed (previously 20%), providing relief to small and medium tanners.

Marine Exports

BCD on frozen fish paste (Surimi) reduced from 30% to 5%.
BCD on fish hydrolysate cut from 15% to 5%, lowering input costs for shrimp and fish feed producers.

Railway MRO Services

The export period for imported railway goods extended from six months to one year, with an additional one-year extension available, easing operations for the Maintenance, Repair, and Overhaul (MRO) sector

Budget 2025: Key Trade Facilitation Measures

The Union Budget 2025 introduces several trade facilitation reforms to simplify customs procedures, promote voluntary compliance, and ease operational timelines for importers and exporters. Below are the key announcements:

1. Provisional Assessments – Time Limit Introduced

A fixed time limit of 2 years has been introduced for completing provisional assessments, with a 1-year extension permitted in exceptional cases.
This aims to expedite customs processes and provide certainty to businesses.

2. Voluntary Compliance Scheme

A new scheme allows importers and exporters to self-declare discrepancies found post-clearance.
They can pay the applicable duty and interest without facing penalties, provided no audit, inquiry, or investigation is underway.

3. End-Use Compliance Timeline Extended

The period for utilizing imported inputs under concessional duty has been extended from 6 months to 1 year.
Reporting frequency has been reduced from monthly to quarterly, easing the compliance burden.

4. Export Time for Handicrafts Extended

The deadline for exporting handicrafts manufactured using duty-free inputs is now 1 year, up from 6 months.
An additional 3-month extension can be granted, offering flexibility to exporters.

5. Removal of IGCR Conditions for Lab-Grown Diamonds

The requirement under the IGCR Rules for customs duty exemption on import of seeds for lab-grown diamonds has been eliminated, simplifying imports for this growing sector.

6. Extended Export Deadline for Repaired Foreign-Origin Goods

The time limit for re-exporting foreign-origin goods imported for repairs has been extended from 6 months to 1 year.
For railway-related goods, a further 1-year extension is allowed, supporting longer repair cycles.

7. Amendments to IGCR Rules for End-Use Compliance

Rules 6 and 7 of the Customs (Import of Goods at Concessional Rate of Duty or for Specific End Use) Rules, 2022 are being amended to:
- Extend the end-use fulfillment timeline from 6 months to 1 year.
- Simplify compliance by mandating quarterly rather than monthly reporting

Union Budget 2025: GST Amendments for Trade Facilitation

The Union Budget 2025 introduces several GST amendments aimed at simplifying trade procedures and enhancing compliance. Key changes include:

Section 2 Amendments:

Clause (61): Enables Input Service Distributors to allocate input tax credit for inter-state supplies where tax is paid under reverse charge. Effective from 1st April 2025.
Clause (69)(c): Clarifies the definitions of ‘Local Fund’ and ‘Municipal Fund’ within the meaning of “local authority.”
Clause (112A): Introduces a new definition for “Unique Identification Marking” related to the Track and Trace Mechanism.

Other Section Amendments:

Sections 12 & 13: Removal of provisions related to the timing of supply concerning vouchers.
Section 17: Updates wording from “plant or machinery” to “plant and machinery”, effective retrospectively from 1st July 2017.
Section 20: Explicitly permits ITC distribution for inter-state supplies taxed under reverse charge, effective 1st April 2025.
Section 34: Mandates reversal of input tax credit for credit notes if already claimed by the registered recipient.
Section 38: Deletes the term “auto-generated” and replaces it with “including” to broaden the scope for reporting ITC details.
Section 39: Introduces provisions to specify conditions and restrictions on GST return filing.
Sections 107 & 112: Requires a mandatory 10% pre-deposit of penalty in appeals involving only penalty demands without tax liability, applicable in both the Appellate Authority and Appellate Tribunal.

New Provisions:

Section 122B: Introduces penalties for violations related to the Track and Trace Mechanism as per section 148A.
Section 148A: Lays down the framework for implementing the Track and Trace Mechanism on specified goods.

Schedule III Amendment:

Supplies of goods warehoused in Special Economic Zones (SEZs) or Free Trade Warehousing Zones (FTWZs) will no longer be considered a supply, effective from 1st July 2017. No refunds will be available for tax paid on such transactions.

Additional Provision:

Service Tax Exemption: Insurance services under the Weather Based Crop Insurance Scheme and the Modified National Agricultural Insurance Scheme are exempt from service tax for the period 1st April 2011 to 30th June 2017.

These amendments are designed to ease trade operations, reduce compliance burdens, and enhance transparency in GST administration

Budget 2025: Key Highlights on Direct Tax

The Union Budget 2025 introduces important proposals focused on simplifying direct taxes, easing the tax burden, and improving compliance. Key highlights include:

Personal Income Tax Reforms

Revised Tax Slabs under the New Tax Regime
The government has announced significant relief for the middle class by revising tax slabs under the new tax regime. The updated rates are:

Income Range (₹)	Tax Rate (%)
0 – 4 lakh	Nil (0%)
4 – 8 lakh	5%
8 – 12 lakh	10%
12 – 16 lakh	15%
16 – 20 lakh	20%
20 – 24 lakh	25%
Above 24 lakh	30%

Additionally, marginal relief will continue for incomes just above ₹12,00,000, providing extra tax support for those slightly exceeding this limit.

Example Calculation:
For an individual earning ₹8,00,000:

Current tax liability: ₹30,000
Proposed tax liability: ₹20,000
Tax saving: ₹10,000

Proposed Tax Benefits Across Income Levels

Income (₹)	Present Tax (₹)	Proposed Tax (₹)	Rebate Benefit (₹)	Total Benefit (₹)	Tax After Rebate (₹)
8,00,000	30,000	20,000	10,000	20,000	0
9,00,000	40,000	30,000	10,000	30,000	0
10,00,000	50,000	40,000	10,000	40,000	0
11,00,000	65,000	50,000	15,000	50,000	0
12,00,000	80,000	60,000	20,000	60,000	0
16,00,000	1,70,000	1,20,000	50,000	50,000	1,20,000
20,00,000	2,90,000	2,00,000	90,000	90,000	2,00,000
24,00,000	4,10,000	3,00,000	1,10,000	1,10,000	3,00,000
50,00,000	11,90,000	10,80,000	1,10,000	1,10,000	10,80,000

This reform aims to reduce the tax burden on middle-income earners, especially those earning up to ₹12,00,000, allowing them to retain more of their income.

Increased Income Tax Rebate for Residents

Under the new tax regime, the income tax rebate limit has been raised significantly. Previously, residents earning up to ₹7,00,000 were exempt from paying income tax. The budget increases this rebate threshold to ₹12,00,000, meaning individuals earning up to ₹12 lakh will not owe any income tax

Budget 2025: Key TDS and TCS Rationalization Measures

The Union Budget 2025 introduces several important changes aimed at simplifying TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) processes, raising thresholds, and reducing compliance burdens for taxpayers and businesses.

Simplification and Higher Thresholds

Fewer TDS Rates & Increased Limits:
The number of TDS rates and deduction thresholds will be reduced and streamlined to improve clarity and uniformity.
Increased TDS Thresholds for Senior Citizens and Rent:
- Interest income TDS exemption limit for senior citizens has been doubled from ₹50,000 to ₹1 lakh.
- For rental income, the TDS threshold has been raised from ₹2.40 lakh to ₹6 lakh annually, easing compliance for small taxpayers.
Changes in TCS:
- The threshold for TCS on foreign remittances under the Liberalized Remittance Scheme (LRS) has been raised from ₹7 lakh to ₹10 lakh.
- No TCS will be collected on education-related remittances funded by loans from recognized financial institutions.
- TCS on sale of goods transactions will be removed to simplify compliance.

Reduction in TDS/TCS Rates

To ease the compliance burden, the government has proposed lower TDS/TCS rates for specific sections:

Section	Description	Current Rate	Proposed Rate
194LBC	Income from securitization trust	25% (Individual/HUF), 30% (others)	10%
206C(1)	TCS on timber/forest produce	2.5%	2%
206C(1G)	TCS on LRS remittance for education loan	0.5% (after ₹7 lakh)	Nil

Increased TDS/TCS Thresholds

Thresholds for TDS and TCS have been raised across multiple sections to reduce compliance requirements:

Section	Description	Current Threshold (₹)	Proposed Threshold (₹)
193	Interest on securities	Nil	10,000
194A	Interest other than securities	₹50,000 (senior citizens), ₹40,000 (others for banks/coops/post office), ₹5,000 (others)	₹1,00,000 (senior citizens), ₹50,000 (others for banks/coops/post office), ₹10,000 (others)
194	Dividend for individual shareholders	5,000	10,000
194K	Income from mutual funds	5,000	10,000
194B	Winnings from lottery, puzzles, etc.	Aggregate over ₹10,000	₹10,000 per transaction
194D	Insurance commission	15,000	20,000
194G	Income from lottery ticket commission	15,000	20,000
194H	Commission or brokerage	15,000	20,000
194I	Rent	₹2,40,000 annually	₹50,000 monthly
194J	Fee for professional/technical services	30,000	50,000
194LA	Income from enhanced compensation	2,50,000	5,00,000
206C(1G)	Remittance under LRS, overseas tour packages	7,00,000	10,00,000

Other Important Measures

Higher TDS Rates Only for Non-PAN Cases:
Higher TDS rates will apply solely to taxpayers without a valid PAN, easing the compliance burden for compliant taxpayers.
Decriminalization of TCS Delays:
Following the decriminalization of TDS delays in July 2024, delays in TCS depositions up to the filing due date will also be decriminalized, reducing penalties.
Extended Time for Filing Updated Returns:
The window to file updated returns has been extended from 24 to 48 months after the end of the relevant assessment year. Tax payable will vary based on the filing time:
- 60% of tax and interest if filed between 24-36 months
- 70% of tax and interest if filed between 36-48 months
Reporting for Crypto-Assets:
New provisions will require reporting entities to disclose crypto-asset transactions, enhancing transparency. The definition of “virtual digital assets” will also be updated accordingly.
Simplified Annual Value for Self-Occupied Property:
Annual value for self-occupied or unoccupiable residential property will be considered nil for tax purposes, simplifying income calculations.
Removal of TCS on Sale of High-Value Goods:
TCS on sale of specified goods above ₹50 lakh will be removed to ease compliance for businesses and individuals.
Omission of Higher TDS/TCS for Non-Filers:
Sections 206AB and 206CCA imposing higher rates on non-filers of income tax returns will be removed to reduce burdens.
Rationalization of Forest Produce Definition:
Clarification that TCS on forest produce will apply only to produce obtained under forest lease agreements.
Extension of Startup Benefits (Section 80-IAC):
Tax benefits for startups will be extended for five more years to companies incorporated before April 1, 2030, promoting innovation.
Parity in Long-Term Capital Gains Tax:
Equal tax treatment on long-term capital gains between residents and non-residents (Foreign Institutional Investors) will be introduced.
Simplification for Charitable Trusts and Institutions:
Registration validity extended from 5 to 10 years, with rationalized provisions to exempt minor defaults from cancellation.
Tax Treatment of Business Trusts:
Business trusts such as REITs and InvITs will now be taxed at the maximum marginal rate under Section 112A for simplification.
Tax Benefits for Multiple Self-Occupied Properties:
Taxpayers can now claim nil annual value for two self-occupied properties without additional conditions, easing tax calculations for homeowners

Ease of Doing Business Initiatives in Budget 2025

Streamlining Transfer Pricing Regulations:
A new mechanism will be introduced to determine the arm’s length price for international transactions covering a block period of three years. This approach will replace the current annual examinations, reducing compliance burden and providing greater predictability.
Expansion of Safe Harbour Rules (SHR):
The scope of safe harbour rules, which allow taxpayers to apply pre-defined margins for certain international transactions, will be broadened. This expansion aims to minimize litigation and enhance tax certainty in cross-border dealings.
Tax Relief for Senior Citizens with Old National Savings Scheme (NSS) Accounts:
To support senior citizens holding legacy NSS accounts that no longer earn interest:
- Withdrawals made on or after August 29, 2024, will be exempt from tax.
- NPS Vatsalya accounts will receive tax treatment aligned with regular NPS accounts, subject to overall limits.
Digitalization of Appellate Order Processing:
As part of the digital transformation agenda announced in the July 2024 Budget, all tax-related processes—including appellate order issuance—will be fully digital and paperless within the next two years, improving efficiency and transparency

Other Key Highlights from Union Budget 2025

Grameen Credit Score Framework: Introduction of a new credit scoring system tailored for rural India.
FDI in Insurance: Foreign direct investment limit increased to 100%.
Housing Fund: ₹15,000 crore allocated to complete 1 lakh affordable housing units.
Atmanirbhar Mission for Oil Seeds: Six-year initiative to boost domestic oil seed production.
Cotton Yield Enhancement: Five-year program aimed at improving cotton yields.
Kisan Credit Card: Loan limit for farmers raised to ₹5 lakh.
Atal Tinkering Labs: New labs in schools to foster innovation and skill development.
Broadband in Schools: Internet access to be expanded to government secondary schools.
IIT Infrastructure Expansion: Development plans including IIT Patna.
Daycare Cancer Centres: 200 centres to be established in district hospitals by 2026.
Duty Reduction on Life-Saving Drugs: Duty on six essential drugs cut to 5%.
MSME Credit Guarantee: Loan coverage doubled from ₹5 crore to ₹10 crore.
PPP Projects: Implementation of three-year infrastructure projects via public-private partnerships.
Interest-Free Loans for States: ₹1.5 lakh crore dedicated to infrastructure reforms.
Regional Airport Expansion: Over 100 new airports planned under UDAN 2.0, focusing on Northeast and Bihar.
Export Promotion Mission: Simplified access to export credit through a new mission.
Tariff Rationalization: Seven tariff rates removed, with eight remaining.
Investment-Friendly Index: New index to encourage state-level investment competition.
Fiscal Deficit Target: Set at 4.8% of GDP for FY 2025.
Capital Expenditure: ₹10.18 lakh crore allocated to infrastructure and capital projects.
Term Loans for Women Entrepreneurs: Up to ₹2 crore available for first-time women entrepreneurs.
Nutritional Support: Aid for over 8 crore children and 1 crore lactating mothers.
National Manufacturing Mission: Policy push for manufacturing growth.
Clean Technology Mission: Initiatives to boost clean technology manufacturing.
Nuclear Energy Mission: Emphasis on nuclear energy R&D.
Jal Jeevan Mission Extension: Extended through 2028 to ensure water access.
Centre of Excellence in AI: ₹500 crore funding for an AI research centre.
EV Battery Manufacturing: Support for capital goods in EV battery production.
Visa Fee Waivers: Certain tourist groups exempted from visa fees

About the Author

Rohan

Rohan is a skilled writer who excels at simplifying complex legal concepts into clear, practical guidance. Her articles equip entrepreneurs with the essential knowledge to confidently navigate business laws, helping them successfully launch and manage their ventures.

June 25, 2025