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The Indian government has recently unveiled a new interim budget, incorporating adjustments to both direct and indirect tax rates.
Overview by Economic Laws Practice (ELP)
The Indian government has recently unveiled a new interim budget, incorporating adjustments to both direct and indirect tax rates. The budget also extends various timelines and mandates the utilisation of the Input Service Distributor (ISD) for the distribution of tax credits.
Notably, non-compliance in registering manufacturing machines for producers of Pan masala, Tobacco, Hookah, and Smoking mixtures will now incur penalties. Importantly, as it is an interim budget, no alterations have been proposed for import duties. However, in the past week, several notifications have been issued, extending the validity of exemptions that were originally set to expire on 31 March, 2024, now extended until 30 September, 2024.
Experts from our Indian firm, Economic Laws Practice (ELP), lay out the details of the new budget, linked here.
If you happened to miss them, additional information on India’s interim budget can be found through ELP’s thought leadership. Please find the latest articles linked below:
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