Finance Bill 2025 passed in Lok Sabha, this tax abolished

New Delhi: The Finance Bill 2025 has been passed in the Lok Sabha. Finance Minister Nirmala Sitharaman introduced the revised Finance Bill 2025, which has been passed. These amendments include the abolition of 6 percent digital tax or ‘Google tax’ on online advertising. Apart from this, 34 other amendments are included. Now this bill will be introduced in the Upper House i.e. Rajya Sabha.

If the revised Finance Bill 2025 is also approved by the Rajya Sabha, then this bill will be completed. A total expenditure of Rs 50.65 lakh crore has been estimated in the Union Budget for the financial year 2025-26, which is a growth of 7.4 percent compared to the current financial year. While introducing this proposal in Parliament, the Finance Minister said, ‘I propose to abolish the 6 percent equalization fee for advertisements. ‘Equalisation duty on online advertisements will be abolished to address uncertainty in the international economic situation.’

The proposed capital expenditure for the coming financial year has been fixed at Rs 11.22 lakh crore, including effective capital expenditure of Rs 15.48 lakh crore. The budget has estimated gross tax revenue collection of Rs 42.70 lakh crore and gross borrowing of Rs 14.01 lakh crore. Significant allocations have been made for centrally sponsored schemes, with Rs 5,41,850.21 crore fixed for the financial year beginning April 1, 2025. This is a significant increase from Rs 4,15,356.25 crore allocated for the current financial year.

For central sector schemes, Rs 16.29 lakh crore has been allocated for FY26, up from Rs 15.13 lakh crore in 2024-25. A total of Rs 25,01,284 crore will be transferred to the states in Budget 2025-26, which shows a growth of Rs 4,91,668 crore from the actuals of 2023-24. Apart from this, the fiscal deficit for FY 2026 is estimated to be 4.4%, which is lower than the deficit of 4.8% in the current financial year.

The gross domestic product (GDP) for FY 2025-26 is estimated to be Rs 3,56,97,923 crore, which is 10.1% higher than the revised estimates for FY 2024-25. The National Statistical Office (NSO) released these figures, highlighting the government’s goal for strong economic growth.