Budget & Finance 2024

Insertion of new section 8A. 153.  In the Goods and Services Tax (Compensation to States) Act, 2017 (15 of 2017.), after section 8, the following section shall be inserted, namely: — Power not to recover cess not levied or short-levied as a result of general practice. “8A. Notwithstanding anything contained in this Act, if the Government […]

Amendment of section 7. 151.  In the Union Territory Goods and Services Tax Act, 2017 (14 of 2017.) (hereinafter referred as the Union Territory Goods and Services Tax Act), in section 7, in sub-section (1), after the words “alcoholic liquor for human consumption”, the words “and un-denatured extra neutral alcohol or rectified spirit which is

Amendment of section 5. 147.  In the Integrated Goods and Services Tax Act, 2017 (13 of 2017.) (hereinafter referred to as the Integrated Goods and Services Tax Act), in section 5, in sub-section (1), after the words “alcoholic liquor for human consumption”, the words “and undenatured extra neutral alcohol or rectified spirit used for manufacture

Amendment of section 9. 110.  In the Central Goods and Services Tax Act, 2017 (12 of 2017.) (hereinafter referred to as the Central Goods and Services Tax Act), in section 9, in sub-section (1), after the words “alcoholic liquor for human consumption”, the words “and un-denatured extra neutral alcohol or rectified spirit used for manufacture

Amendment of Section 2 [Total Income” for the purpose of Taxation] 3.  In section 2 of the Income-tax Act,— (a) in clause (22), with effect from the 1st day of October, 2024,— (I) after sub-clause (e) and before the long line, the following sub-clause shall be inserted, namely:— “(f) any payment by a company on

We will continue our efforts to simplify taxes, improve tax payer services, provide tax certainty and reduce litigation while enhancing revenues for funding the development and welfare schemes of the government. It has been our endeavour to simplify taxation. We have taken a number of measures in the last few years including introduction of simplified

I start with GST. It has decreased tax incidence on the common man; reduced compliance burden and logistics cost for trade and industry; and enhanced revenues of the central and state governments. It is a success of vast proportions. To multiply the benefits of GST, we will strive to further simplify and rationalise the tax

Introduction The people of India have reposed their faith in the government led by the Hon’ble Prime Minister Shri Narendra Modi and re-elected it for a historic third term under his leadership. We are grateful for their support, faith and trust in our policies. We are determined to ensure that all Indians, regardless of religion,

(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