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

On 27 March 2025, the Council of States (Rajya Sabha) of the Parliament of India (Bharatiya Sansad) adopted the amended Finance Bill, 2025 (No. 7). The endorsement of the Bill by the Rajya Sabha completed the parliamentary process and enabled the Bill to be sent to the President for assent. The Finance Bill 2025, among other things, abolishes the 6% compensatory levy on remuneration for online advertising services provided by non-resident entities with effect from 1 April 2025. The Act also introduces 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. Furthermore, the Act authorises the Central Government to stipulate requirements for registration, record-keeping, and due diligence for such entities. It also establishes procedures for correcting defective filings, rectifying inaccuracies, and issuing notices in cases of non-compliance.