Union Budget 2026 Anticipates Three Major Changes, Less Tax Rate Focus

The upcoming Union Budget in 2026 is expected to feature three significant changes, moving away from frequent tax rate adjustments. This shift is attributed to the Goods and Services Tax (GST) implementation in 2017, which moved many indirect tax decisions to the GST Council. While central excise and Customs remain under the finance ministry's purview, excise duty changes are increasingly announced outside the Budget, with recent examples including increased cigarette excise and a new pan masala cess effective February 1.