*Union Budget 2025: Decoding GST and Customs Amendments* The Union Budget 2025 has proposed several amendments to the Goods and Services Tax (GST) and Customs laws. These amendments aim to simplify the tax structure, reduce compliance burdens, and boost economic growth. Here's a comprehensive analysis of the proposed amendments: GST Amendments *1. GST Registration* - *Threshold Limit*: The threshold limit for GST registration has been increased from ₹40 lakh to ₹50 lakh for suppliers of goods. - *Special Category States*: The threshold limit for special category states has been increased from ₹20 lakh to ₹25 lakh. *2. GST Rates* - *Rationalization of Rates*: The GST rates on certain goods and services have been rationalized to reduce the number of tax slabs. - *Exemptions*: Certain goods and services have been exempted from GST to reduce the tax burden on consumers. *3. GST Compliance* - *Simplified Returns*: The GST return filing process has been simplified to reduce the compliance burden on taxpayers. - *E-Invoicing*: E-invoicing has been made mandatory for taxpayers with a turnover exceeding ₹100 crore. Customs Amendments *1. Customs Duty Rates* - *Rationalization of Rates*: The customs duty rates on certain goods have been rationalized to reduce the number of tax slabs. - *Exemptions*: Certain goods have been exempted from customs duty to reduce the tax burden on importers. *2. Customs Compliance* - *Simplified Procedures*: The customs clearance procedures have been simplified to reduce the compliance burden on importers and exporters. - *E-Commerce*: E-commerce operators have been brought under the ambit of customs law to ensure compliance with customs regulations. Impact Analysis The proposed amendments to GST and Customs laws are expected to have a positive impact on the economy. The simplification of tax structures and compliance procedures will reduce the burden on taxpayers and increase compliance. The rationalization of tax rates and exemptions will reduce the tax burden on consumers and promote economic growth. Conclusion The Union Budget 2025 has proposed several amendments to GST and Customs laws. These amendments aim to simplify the tax structure, reduce compliance burdens, and boost economic growth. Taxpayers and businesses must carefully analyze these amendments and plan accordingly to ensure compliance and minimize tax liabilities.