The year 2025 has proved to be a big turning point for India’s tax system. The government has made important reforms in Income Tax, GST and Customs Duty. The new Income Tax Act, 2025, which will come into effect from April 1, will now replace the old law of 1961, which aims to make compliance easier. The middle class got a big relief in Budget 2025, where zero tax was fixed on income up to Rs 12 lakh, which increased disposable income and consumption.

GST rates were reduced on 375 items from September 22 and the slabs were simplified to 5% and 18%. This reduced litigation, although GST collection stood at Rs 1.70 lakh crore in November. Now the focus is on Customs Duty reforms, faceless assessment and digitalisation, which is expected to boost trade and investment.

US President Donald Trump’s aggressive tariff strategy has proved to be effective in revenue. However, many leaders of the world also condemned their trade methods, but most of the leaders avoided retaliation. For this reason, the US has received an additional custom revenue (custom revenue) of about $ 50 billion with minimal resistance.

The Financial Times said in its assessment, “America’s business partners have failed to retaliate on a large scale.” He further said that Trump, who was always stressed to retreat in fear, is now taking advantage of it.

China and Canada retaliate
Since the promotion of trade war on behalf of Trump, only China and Canada have taken important retaliation against the global charges leveled by them. The report states that these include minimum 10 percent duty on imports, 50 percent duty on steel and aluminum and 25 percent tariff on automobile.

Custom duty collection increased by billions of dollars
Meanwhile, according to data released by the US Treasury on Friday, the US custom revenue increased to a record 64 billion dollars in the second quarter, which is $ 47 billion more than the same period last year. Earlier, the Treasury Department had told that due to the rapid increase in the tariff of President Donald Trump, the custom duty collection has increased again. It crossed $ 100 billion for the first time in a financial year.

The impact of China’s retaliation limited
Budget data shows that tariffs have started becoming an important contribution in revenue for the federal government. Custom duty reached the new record in June, which quadrupled to $ 27.2 billion on a gross basis. According to the report, the financial impact of China’s retaliation has been limited. China’s revenue from tariff on American goods was only 1.9 percent more than a year in May 2025. However, the second quarter data has not been released by Canada yet.

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Tariff war: The US Vice President JD Vance, on Thursday (May 1, 2025), described Prime Minister Narendra Modi as a strict negotiator and hoped that India will be included in the early countries to have a trade agreement to avoid counter -duty.

Along with this, Vance also accused India of taking advantage of America in trade for a long time. In an interview given to TV channel Fox News on Thursday, Vance said that there is a good conversation with India on the issue of customs.

‘Prime Minister Modi is a strict negotiator’
The US Vice President said, ‘Prime Minister Modi is a strict negotiator, but we are going to balance that relationship again. This is the reason that the President is doing all this at this time. Vance said, ‘I think India will be one of the early countries to have a trade agreement with America. We have spoken with Japan, Korea. We have interacted with some people in Europe and we are also having a good conversation in India.

US President Donald Trump had announced extensive counter -duty on several countries including India and China on April 2. However, on April 9, he postponed these fees for 90 days except China and Hong Kong.

‘Indian markets are currently closed for American farmers’
In the context of India, Vance said, ‘Our farmers are preparing the best products but the Indian markets are effectively closed for American farmers. This makes American farmers and consumers more dependent on foreign competitors to grow grains. Vance said, ‘I think the agreement with India will open India’s doors for American technology. This will open India to American farmers. This will create more good American employment and it is the kind of trade agreement as President Trump likes.

He defended Trump and said that he is opposed to unfair trade rather than anti -business. He said, ‘Trump does not want business where foreign competitors take advantage of us. Honestly, India has taken advantage of us for a very long time.

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