Union Budget 2025: FM snips TCS Rate on Timber and Other Produce obtained under Forest Lease

The Union Budget 2025 proposes reducing the Tax Collected at Source (TCS) rate on timber and other forest products obtained under a forest lease. The finance minister announced this reduction as a part of the effort to provide relief to the forestry industry and promote the sustainable harvesting of forest products. By lowering the TCS rate, the government intends to reduce the tax burden on forest-based industries, which will benefit farmers, tribals, and others involved in forest management. This change aligns with the government’s broader strategy to support the agriculture and forestry sectors while maintaining environmental sustainability and fostering the development of green industries.