What Not To Expect Of Budget 2025

Y the end of the week, Finance Minister Nirmala Sitharaman will present her second Budget in quick succession.

- RAJAS KELKAR

Just like it happens every year, there are expectations from businesses and people who always want the government to step in and do more.

The government's action depends on the state of the government's finances. That has more to do with the estimated tax revenue from businesses and individuals. The Union Budget no longer makes any significant changes in indirect taxation. The only exception is import duties. The goods and services tax (GST) is out of the ambit of the Budget.

The GST council, which comprises centre and state finance ministers, makes any changes to GST. So, making things cheaper or expensive is no longer a part of the Budget. So, that is the first thing you should not expect.

Headline numbers show that the government is doing well on the direct tax front for the financial year 2024-25. There is good growth in the collection of corporate and personal taxes. The GST revenue also maintains the momentum of monthly collection.