Revamping Tax Legislation: A New Era for Indian Business and Investment

In a landmark legislative move, the proposed Income Tax bill is poised to revolutionize the business landscape in India, according to Milind Deora, a member of the select committee of Parliament. The new bill aims to enhance the ease of doing business and minimize the litigation hurdles faced by individual taxpayers, instilling confidence in both small and large investors to participate in India's 'Make in India' initiative.

Emphasizing the bill's significance, Deora praised the Finance Minister for the initiative, highlighting that the current tax framework, dating back to 1961, has undergone numerous amendments. He stressed that the replacement of the outdated bill with a modern version marks a substantial step towards reducing bureaucratic harassment and fostering investment for job creation in the country.

Furthermore, Deora highlighted the government's strategy to assign the bill to a Select Committee for swift and efficient recommendations, showcasing the urgency of tax reform. The accompanying Manipur GST Amendment Bill 2025 also aims to forge a unified national market, drawing all Indian states into the economic mainstream. This initiative is anticipated to significantly attract investors to diverse regions, enhancing India's economic cohesion.

(With inputs from agencies.)