India: Finance Bill 2025 (Bill No. 7) including provisions for abolition of Equalisation Levy on digital advertisement services and reporting obligations for crypto-assets was introduced in Lok Sabha

On 1 February 2025, the Government of India introduced the Finance Bill, 2025 (Bill No. 7) in the Lok Sabha, initiating the legislative process to implement the measures proposed in the Union Budget 2025–26. Among the provisions proposed in the Finance Bill, 2025 is the abolition of the 6% Equalisation Levy on consideration for online advertisement services provided by non-resident entities, with effect from 1 April 2025. The Bill would also introduce a reporting obligation under Section 25BAA of the Income-tax Act, requiring prescribed entities involved with crypto-assets to submit transaction-related information to the income-tax authority from 1 April 2026. It would further authorise the Central Government to prescribe requirements for registration, record-keeping, and due diligence for such entities, and establish procedures for correcting defective filings, rectifying inaccuracies, and issuing notices in cases of non-compliance.