Budget 2026/27: Income Tax Exemption Raised to Rs 1 Million

english.pardafas.com · 17 hours ago

The government has raised the personal income tax exemption threshold to Rs 1 million for the upcoming fiscal year 2083/84 (2026/27). Finance Minister Swarnim Wagle announced a tax system overhaul to stimulate industrial production by reducing customs duties on raw materials and reorganizing the customs structure. The budget also proposes abolishing excise duties on 360 items, consolidating scattered taxes into a single "green tax," and fully automating the VAT refund system.