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(A) Providing Tax Relief A.1 Substantial relief is proposed under the new tax regime with new slabs and tax rates as under:- Total income Rate of tax Upto Rs. 3,00,000 Nil From Rs. 3,00,001 to Rs. 7,00,000 5 % From Rs. 7,00,001 to Rs. 10,00,000 10 % From Rs. 10,00,001 to Rs. 12,00,000 15 % From […]

A. Legislative Changes in Customs Laws A.1 Amendments in the Customs Act, 1962 (i) Section 28 DA is being amended to enable the acceptance of different types of proof of origin provided in trade agreements in order to align the said section with new trade agreements which provide for self-certification. (ii) A proviso to sub-section

  Enrolment Duration Expenditure Duration Beneficiaries Central Outlay   Years (lakhs) (Rs. Crore) Employment Linked Incentive         Scheme A (first timers) 2 3 210 23,000 Scheme B (bulk hiring of first timers in manufacturing) 2 6 30 52,000 Scheme C (job creation) 2 6 50 32,000 Internship Programme (Phase-1) 2 3 30

Note: (a)           CGST Act means Central Goods and Services Tax Act, 2017 (b)          IGST Act means Integrated Goods and Services Tax Act, 2017 (c)           UTGST Act means Union Territory Goods and Services Tax Act, 2017 (d)          Cess Act means Goods and Services Tax (Compensation to States) Act, 2017 Unless specified otherwise, amendments

Note: (a)           “Basic Excise Duty” means the excise duty set forth in the Fourth Schedule to the Central Excise Act, 1944. (b)          “NCCD” means National Calamity Contingent Duty levied under Finance Act, 2001, as a duty of excise on specified goods at rates specified in Seventh Schedule to Finance Act, 2001 (c)          

Following goods are being exempted from levy of Social Welfare Surcharge S. No. Description 1. Natural Graphite 2. Natural sands 3. Quartz (other than natural sands); quartzite 4. Strontium sulphate (natural ore) 5. Copper ores and concentrates 6. Cobalt ores and concentrates 7. Tin ores and Concentrates 8. Tungsten Ores and Concentrates 9. Molybdenum ores

Certain BCD exemptions entries under S No. 50/2017-Customs dated 30.6.2017 and other notifications are being allowed to lapse with effect from 30.9.2024. (A) The following entries of notification no. 50/2017-Customs dated 30.6.2017 are being allowed to lapse with effect from 30.9.2024: S. No. S N of 50/2017- Customs Description 1. 478 Wireless apparatus, accessories and

A.   Changes in Basic Customs Duty (to be effective from 24.07.2024) S. No. Chapter, Heading, sub- heading, tariff item Commodity From To I. Agricultural Products 1. 1207 99 90 Shea nuts 30% 15% II. Aquafarming & Marine Exports 1. 0306 36 Live SPF Vannamei shrimp (Litopenaeus   vannamei) broodstock 10% 5% 2. 0306 36

Note: (a)           “Basic Customs Duty (BCD)” means the customs duty levied under the Customs Act, 1962. (b)          “Agriculture Infrastructure and Development Cess (AIDC)” means a duty of customs that is levied under Section 124 of the Finance Act, 2021. (c)           “Road and Infrastructure Cess (RIC)” means an additional duty of customs that

Provisions and Amendments Relating to Direct Tax Vivad se Vishwas Scheme, 2024 The Income-tax Act, 1961 provides for a mechanism of filing of appeals against orders passed under the proceedings of the Act, both by the taxpayer and the Department before respective appellate fora, such as Joint Commissioner of Income-tax (Appeals), Commissioner of Income-tax (Appeals),