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

On 25 March 2025, the House of the People (Lok Sabha) of the Parliament of India (Bharatiya Sansad) approved the Finance Bill 2025 (No. 7). Following passage in the lower house, the legislation will be transmitted to the Council of States (Rajya Sabha) for consideration. 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.