New Delhi, Feb 1: The Union Budget 2026-27, presented by Finance Minister Nirmala Sitharaman, introduces transformative reforms in India’s tax and trade sectors. Key highlights include streamlined customs processes through digitalization, duty exemptions for exporters, and medical duty waivers for individuals.
The budget balances growth, innovation, and user-friendly taxation. Notable changes in indirect taxation involve an extended duty deferral for Authorized Economic Operators, and the rollout of a Customs Integrated System aimed at enhancing efficiency.
Direct tax reforms include exemptions for specific income categories, extended deadlines for filing returns, and lowered tax rates for certain overseas transactions. Support for cooperatives and the IT sector features prominently, with increased deductions and incentives. Overall, the budget aims to simplify compliance and promote competitive growth for businesses.
