Finance Bill 2025 repeals Government Securities Act, 1944

This Bill gives effect to the financial proposals of the Central Government for the financial year 2025-2026. It amends various tax laws, including income-tax, customs, central excise, and goods and services tax, to update rates, rules, and procedures.

The Bill affects individuals, Hindu undivided families, companies, associations of persons, bodies of individuals, artificial juridical persons, cooperative societies, and other entities subject to income-tax, customs duties, central excise duties, and goods and services tax in India.

• Sets income-tax rates for the assessment year commencing on 1st April 2025, including specific surcharge rates based on total income levels.
• Amends provisions related to the computation of tax on net agricultural income for individuals with total income exceeding specified thresholds.
• Introduces new sections and amends existing sections in the Income-tax Act, 1961, covering definitions, exemptions, deductions, and penalties.
• Amends the Customs Act, 1962, and the Customs Tariff Act, 1985, including the insertion of new sections and amendments to schedules.
• Amends the Central Excise Act, 1944, and the Central Goods and Services Tax Act, 2017, including the insertion of new sections and amendments to schedules.
• Provides for a retrospective exemption from service tax for reinsurance services provided under specific agricultural insurance schemes.
• Amends the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, and the Government Securities Act, 2006.
• Repeals the Government Securities Act, 1944, with savings provisions.

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