Government of India notified the Finance Act, 2024

The Government of India has officially announced the Finance Act, 2024.

Enacted by the Parliament of India and receiving the President’s assent on February 15, 2024, the Finance Act aims to uphold the existing income-tax rates for the financial year 2024-2025. It introduces various tax reliefs for taxpayers while implementing amendments across different enactments. Key adjustments include modifications in income-tax provisions, such as the treatment of agricultural income and registration requirements for specific machinery used in manufacturing under special procedures. Additionally, updates to the Central Goods and Services Tax Act, 2017 (CGST Act) pertaining to Input Service Distributors and penalties for failure to register certain manufacturing machines as per special procedure have been incorporated. The Finance Act underscores the importance of compliance, offers clarity on tax rates, and implements measures to streamline tax administration, thereby enhancing the ease of doing business.