Here are India’s statutory updates for 2025.
Effective January 2025
India GST Compliance Changes for 2025
India will implement significant updates to GST compliance from 2025:
- Mandatory Multi-Factor Authentication (MFA): All taxpayers, regardless of turnover, must use MFA for GST logins to enhance security.
- Streamlined E-Invoicing: E-invoicing requirements will apply to businesses with turnover exceeding ₹5 crore, reducing the previous threshold of ₹10 crore.
- Updated Input Tax Credit (ITC) Rules: ITC claims will now require mandatory validation of vendor compliance with GST filings.
Source: India Briefing
Effective February 2025
India Budget 2025 Economic Measures
India’s Budget 2025 introduces measures aimed at addressing economic slowdown and promoting growth:
- Increased Public Infrastructure Investment: Substantial budget allocation for roads, railways, and urban development to stimulate job creation and economic activity.
- MSME Support Schemes: Enhanced credit access and subsidies for Micro, Small, and Medium Enterprises (MSMEs) to support their growth and recovery.
- Focus on Green Energy: Incentives and funding for renewable energy projects to strengthen India’s energy transition and sustainability goals.
- Tax Reforms: Simplified compliance and reduced corporate tax rates for select sectors to encourage investment.
Source: Economic Times
