The Government has notified the Finance Act, 2024 (“the Finance Act”)

The Finance Act, enacted by the Parliament of India and receiving the President’s assent on February 15, 2024, aims to maintain the current income-tax rates for the financial year 2024-2025. It introduces several tax reliefs for taxpayers and implements amendments in various enactments. Key modifications include adjustments in income-tax provisions, such as the treatment of agricultural income, the registration requirements for certain machinery used in manufacturing under special procedures, and updates to the Central Goods and Services Tax Act, 2017 (“the CGST Act”) regarding Input Service Distributors and Penalty for failure to register certain machines used in manufacture of goods as per special procedure. The Finance Act emphasizes compliance, provides clarifications on tax rates, and enforces measures to streamline tax administration and facilitate ease of doing business.

Source : https://www.taxscan.in/central-govt-notifies-finance-act-2024/375196/