The Government of India had introduced the Taxation and Other Laws (Amendment) Bill, 2026, in Lok Sabha on August 4, 2026, designed to simplify regulations and encourage economic growth. It chiefly amends the Payment and Settlement Systems Act of 2007, the Income-tax Act of 2025, and the Finance Act of 2026. These changes target reducing compliance burdens for businesses and enhancing the investment climate.
According to official statements, the Bill is part of broader efforts to attract foreign direct investment (FDI) and strengthen the Make in India initiative. Simplification of tax and settlement systems is expected to facilitate smoother business operations and improve ease of doing business rankings.
The amendments include provisions to modernise payment systems, revise tax procedures, and introduce incentives aligned with manufacturing growth. Authorities emphasised that the Bill reflects the government's commitment to fostering a competitive and transparent business environment.
