The Union govt has officially withdrawn the Source of revenue-Tax Invoice, 2025, which used to be presented within the Lok Sabha on February 13 to exchange the prevailing Source of revenue-Tax Act, 1961,.A recent model of the Invoice, incorporating many of the suggestions made through the Make a selection Committee chaired through BJP MP Baijayant Panda, is scheduled to be tabled within the Lok Sabha on Monday, August 11.Consistent with officers aware of the topic, the withdrawal goals to keep away from confusion bobbing up from a couple of variations of the Invoice. “The brand new draft will mirror all adjustments in a consolidated approach and might be positioned prior to the Space for attention,” one of the vital assets informed ET.What Union minister Nirmala Sitharaman statedExpalining explanation why for withdrawl of the invoice, Finanace Minister Nirmala Sitharaman stated “The Govt had presented the Source of revenue-tax Invoice, 2025 within the Lok Sabha on thirteenth of February, 2025 and at the identical date it used to be referred to the Make a selection Committee for exam. The Make a selection Committee has laid its document within the Lok Sabha at the twenty first of July, 2025. Virtually the entire suggestions of the Make a selection Committee were permitted through the Govt. Ideas have additionally been gained from different assets which can be required to be integrated to put across the right kind legislative that means.” “There are corrections within the nature of drafting, alignment of words, consequential adjustments and cross-referencing. Due to this fact, a call has been taken through the Govt to withdraw the Source of revenue-tax Invoice, 2025 as reported through the Make a selection Committee. A recent Invoice could be presented within the Lok Sabha in the end which might substitute the Source of revenue-tax Act, 1961.” she said. The sooner draft, presented right through the Funds Consultation, used to be a part of the federal government’s broader plan to modernise and simplify direct tax rules. The revised Invoice is predicted to maintain the core construction however will come with a number of technical and procedural changes beneficial through the parliamentary panel.