Budget 2024-25: All GST, Customs and Income Tax Services to Go Digital in Two Years

In the Union Budget 2024-25, Finance Minister Nirmala Sitharaman announced the digitalization of all GST, Customs, and Income Tax services within two years to enhance taxpayer services and reduce litigation. A comprehensive review of the Income-tax Act, 1961 will be conducted in six months. The Vivad se Vishwas Scheme, 2024, aims to resolve pending income tax disputes. Changes include TDS simplifications, increased monetary limits for appeals, and adjustments to the Security Transactions Tax. The measures are expected to balance revenue forgone and mobilized, resulting in a net revenue impact of ₹7,000 crore annually.