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ARTICLE · 05 FEBRUARY 2025

Reactions To The 2025 Budget

Lakshmikumaran & Sridharan
Lakshmikumaran & Sridharan
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Lakshmikumaran & Sridharan

Lakshmikumaran & Sridharan

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The 2025 Budget has introduced significant changes that will impact various aspects of taxation. Our experts at Lakshmikumaran & Sridharan Attorneys have analysed these announcements and their implications.

IndiaGovernment, Public Sector
Lakshmikumaran & Sridharan Attorneys
Lakshmikumaran & Sridharan Attorneys
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The 2025 Budget has introduced significant changes that will impact various aspects of taxation. Our experts at Lakshmikumaran & Sridharan Attorneys have analysed these announcements and their implications.

Please find below the reactions. Please feel free to reach out if you have any immediate questions or require further insights.

Attributed to V. Lakshmikumaran, Founder & Managing Partner, Lakshmikumaran & Sridharan Attorneys

Budget 2025 proposes a significant shift in the settlement scheme under the Customs Act, 1962 with the creation of an Interim Board for Settlement. The Board will consist of three senior officers, all of the rank of Chief Commissioner or above, nominated by the Central Board of Indirect Taxes and Customs. Notably, this Board will operate without judicial members, marking a departure from the previous structure of the Settlement Commission. This change signifies a shift of the settlement process from a judicial to an executive function.

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