'I assure you...': Revenue Secy Tuhin Kanta Pandey promises no new taxes in upcoming tax bill

Following the presentation of the Union Budget 2025 on February 1, Revenue Secretary Tuhin Kanta Pandey today has provided key insights into the government’s priorities and direction. Speaking at the PHDCCI, Pandey discussed the government’s commitment to growth, equitable distribution of wealth, and sectoral inclusion in the fiscal plans.

Pandey confirmed that the new tax bill, hinted at by the finance minister Nirmala Sitharaman during her Budget presentation, would not feature any new taxes, putting to rest concerns over potential hikes. "Next week, you will see a new tax bill. I assure you there will be no new taxes in the Bill," he said, reinforcing the government's stance of not burdening taxpayers further.

The Revenue Secretary reiterated that Prime Minister Modi’s guidance for the Budget was clear: it should be "pro-people and pro-taxpayer." The Budget’s focus, Pandey emphasized, was on fostering growth while ensuring that the benefits of development reach all sections of society. "We need to push growth and have equitable growth," he remarked, highlighting the dual priorities of expansion and fairness.

Pandey elaborated on the key sectors that would drive the country’s progress, with agriculture, MSMEs, investments, and exports identified as the four central "engines" of growth. "Agri, MSME, investments, exports are four engines in the Budget," he said, underscoring the government's effort to rejuvenate critical sectors vital for economic stability.

The Budget 2025, according to Pandey, touched every sector with a sense of conviction and purpose. "No sector has been untouched in the Budget," he said, signaling the government's intent to foster inclusive growth across industries, from agriculture to exports.

With its focus on boosting the economy while maintaining fairness for taxpayers, the Budget 2025 is seen as a crucial step toward a balanced and dynamic future for India’s economy.