India revamps tax regime in 2025, new I-T Act to take effect from April 1

India revamped its tax system in 2025, slashing Goods and Services Tax rates and increasing income tax exemptions. The focus now shifts to simplifying customs duties and procedures. These reforms aimed to boost domestic demand and economic growth. The Goods and Services Tax overhaul simplified the indirect tax structure. Income tax relief was provided to middle-income earners.