FM projects 4.4% fiscal deficit for FY 2025-26 FM announces removal of 7 tariff rates FM revokes social welfare surcharge on 80 items Budget proposes BCD exemption for cobalt & lithium iron batteries BCD on display hiked but reduced open cell BCD exemption for shipping sector extended for 10 more years FM announces 2 yrs time limit for finalising provisional assessment FM proposes to rationalise TDS / TCS rates by halving rates TDS - Annual limit for rent raised to Rs 6 lakhs + limit for interest of pensioners hiked to Rs 1 lakhs FM proposes scheme for determining ALP for block period of 3 years FM announces presumptive tax schemes for NRIs Tonnage tax scheme extended to inland water vessels Budget proposes to hike exempt income limit to Rs 12 lakhs FM changes slabs and rates across board - 30% rate to apply above Rs 24 lakhs Budget 2025 - Rs 1 lakh crore revenue foregone for direct taxes Central Excise - Settlement Commission is gone; Budget proposes Interim Boards for Settlement and pending applications GST - Finance Bill 2025 proposes amendment in Schedule III to extend benefits to SEZ or FTWZ GST - Budget proposes to amend CGST & IGST Acts to provide distribution of ITC by ISDs + provisions for implementation of Track & Trace mechanism + substitutes ‘plant or machinery’ by ‘Plant and machinery’ + Sec (34)(2) amended for reversal of ITC in respect of credit-note + mandatory deposit of 10% penalty for appeals + new provisions for penalty in case of Track & Trace mechanism Budget reduces Customs duty on motors cars + motorcycles + Solar cells + smart electricity meters + yachts + furniture + lighting fittings Lab chemicals + goods imported for personal use Budget exempts cobalt powder & waste and other critical minerals (See 'Corp Brief') India to operationalise 5 Modular N-Reactors by 2033 (See 'Corp Brief') 'Bharattradenet' for global trade to be set up for trade financing (See 'Corp Brief') Govt to further decriminalise 100 provisions in more laws Investment Friendliness Index for States to be developed in 2025 Revamped KYC registry to be rolled out Govt to enhance FDI limit to 100% in insurance sector FM proposes to introduce New I-T Act next week Govt to promote commissioning of GCCs in tier-2 cities The shipbuilding financial assistance policy will be revamped with the establishment of a Maritime Development Fund, having a corpus of ₹25,000 crore Each infrastructure-related ministry is to come up with a 3-year plan to be implemented in Private Public Partnership mode The PM Swanidhi Scheme will be revamped with higher loan limits and the introduction of a ₹30,000 UPI-linked credit card Govt to set up Exports Promotion Mission for easy credit FM announces Geo-spatial Mission FM announces 10K research fellowships at IITs FM announces Bihta airport besides greenfield airports in Bihar UDAN Scheme - Modified scheme to link 220 destinations Budget unfolds Maritime Development Fund with Rs 25K outlay FM announces Nuclear Energy Mission Jal Mission extended till 2028 with more budget outlays FM announces social security schemes for gig workers Govt to set up 5 National Centre for Excellence for skilling FM announces broadband connectivity to all secondary schools and primary health centres Govt to set up Manufacturing Mission FM announces a New Fund of Funds with Rs 10K Crore Budget proposes to enhance limit of MSMEs Kisan Credit Card - Loan limit hiked to Rs 5 lakhs Govt to set up Makhana Board to promote sales of makhana FM announces Mission for Cotton Productivity FM announces special programmes for pulses, vegetables & fruits Budget 2025 focuses on 10 main areas including youth, poor, women, manufacturing, MSMEs & innovations Budget 2025 focuses on 10 main areas including youth, poor, women, manufacturing, MSMEs & innovations Budget 2025 gets Cabinet nod; FM arrives at Parliament FDI grows from USD 47 bn to USD 55.6 bn in first 8 months of FY25: Survey (See 'Corp Brief') TReDS is helping MSME financing: Survey (See 'Corp Brief') 619 routes connecting 88 airports operationalised under UDAN (See 'Corp Brief') India ranks 6th among top 10 patent-filing offices globally (See 'Corp Brief') Digital economy & RE sector to create jobs in future: Survey (See 'Corp Brief') Percentage of schools having computers up from 38% to 57%: Economic Survey (See 'Corp Brief') Research in Agri essential to improve production: Survey (See 'Corp Brief') Arbitration Act - Court to appoint independent sole arbitrator as appointment procedure choosed by parties is no longer valid: HC (See 'Legal Desk') 2/3rd of population now covered under National Food Security Act: Survey (See 'Corp Brief') Micro-Irrigation: Loans worth Rs 3640 Cr disbursed: Survey (See 'Corp Brief') A&C - Benefit of extension of limitation during COVID-19, cannot be granted to any party merely for asking, especially when there is default on part of party seeking such extension: HC (See 'Legal Desk') RM presents awards to best Marching Contingents and Tableaux of Republic Day (See 'Corp Brief') IBC - Pending investigations for inordinate period cannot deprive accused's right to travel abroad, if he is ready to comply with requisite conditions: HC (See 'Legal Desk') 'Gujarat Governance Model' offers best practices to be replicated elsewhere: MoS (See 'Corp Brief') IBC - Amount seized by Income Department and adjusted against demand prior to initiation of CIRP, can't be considered as assets of corporate debtor: NCLAT (See 'Legal Desk') India leading Global Energy Transition with unprecedented speed: Joshi (See 'Corp Brief') Mandaviya launches State-Specific Microsites under e-Shram Initiative (See 'Corp Brief') A&C - Issue of validity of arbitration agreement more particularly in respect of having essential elements of arbitration agreement, can better be considered and decided on merits by arbitration tribunal: HC (See 'Legal Desk') Minister inaugurates Handloom Conclave-Manthan (See 'Corp Brief') A&C - Date of receipt of corrected award would be taken as disposal date u/s 34 of Arbitration Act, even when application u/s 33 has been filed: HC (See 'Legal Desk') 76 on 76: Celebrating India's creative diversity with WAVES Comics (See 'Corp Brief') A&C - Sufficiency of reasons over number of days is considered, while determining plea of condonation of delay u/s 37(1)(2) of Arbitration Act: HC (See 'Legal Desk') Minister administers Pledge on TB Mukt Bharat (See 'Corp Brief') Misc - Suit for specific performance does not conclude after passing of decree and court retains its control even after decree is passed: SC (See 'Legal Desk') CCI okays acquisition of shareholding in ITD Cementation by Renew Exim DMCC (See 'Corp Brief') A&C - Jurisdiction of arbitral tribunal can't be challenged after submission of statement of defence: SC (See 'Legal Desk') DPIIT, JKEDI sign MoU to strengthen startup ecosystem in J&K (See 'Corp Brief') Trade Marks Act - Plaintiffs are held entitled for decree of permanent injunction restraining defendants from doing business, under trademark 'PENTA': HC (See 'Legal Desk') IPR - Deceptive similarity between INDIA GATE and BHARAT GATE marks is likely to result in confusion or presumption of association between them: HC (See 'Legal Desk')

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'Bharattradenet' for global trade to be set up for trade financing

Published: Feb 01, 2025

By TIOLCorplaws News Service

NEW DELHI, FEB 01, 2025: IN our journey of realizing 'Sabka Vikas' by stimulating balanced growth of all regions, Exports have been reckoned as one of the powerful engines of India's growth story. The Union Budget 2025-26 tabled in Parliament today by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman, aims to initiate transformative reforms in domestic manufacturing and integrating India's economy with global supply chains.

BharatTradeNet

A digital public infrastructure, 'BharatTradeNet' (BTN) for international trade has been proposed to be set-up as a unified platform for trade documentation and financing solutions . In the budget speech Sitharaman stated that, "BTN will complement the Unified Logistics Interface Platform and will be aligned with international practices".

Integrating India's Economy with Global Supply Chains

The Finance Minister announced in the Union Budget 2025-26 that support will be provided to develop domestic manufacturing capacities for integrating Indian economy with global supply chains. In this direction, the sectors will be identified based on an objective criteria.

It is also proposed that facilitation groups with participation of senior officers and industry representatives be formed for select products and supply chains.

Nirmala Sitharaman highlighted that the youth of India have both high skills and talent which are required for capitalizing on the opportunities related to Industry 4.0. "Our Government will support the domestic electronic equipment industry to leverage this opportunity for the benefit of the youth", she added.

National Framework for GCC

It has been proposed in the Union Budget 2025-26 that a National Framework will be formulated as guidance to states for promoting Global Capability Centres in emerging tier 2 cities . This will suggest 16 measures for enhancing availability of talent and infrastructure, building-byelaw reforms, and mechanisms for collaboration with industry.

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