<h1>Union Budget 2024 25 implements wide tax changes: revised rates, new block assessment procedure and GST reforms.</h1> The Act enacts wide ranging tax changes: revised income tax and surcharge rates and capital gains taxation rules; new special computation for cruise ship operations; amendments to withholding, collection and pre deposit requirements; replacement of search assessment procedure with a new Chapter providing block period assessment, computation of undisclosed income, timelines, limited interest/penalty rules and delegated approval requirements; introduction of the Direct Tax Vivad Se Vishwas Scheme, 2024; and numerous GST, customs and miscellaneous amendments with targeted commencement dates and delegated rule making powers.