FINANCE BILL AMENDMENT

CBIC Chairman Sanjay Kumar Agarwal announced that decisions from the recent GST Council meeting, such as an amnesty scheme for initial GST rollout years and a sunset date for profiteering complaints, will be included in the upcoming Finance Bill to ...

ISD scheme enables distribution of ITC received at one location across other branches of a company. It ensures that ITC is allocated in adherence to the prescribed documentation and other legal requirements.

Large trusts and non-profits are in dilemma as the March 15 deadline for advance tax approaches. The new law taxes the money given by larger trusts to smaller NGOs. Clarification by the CBDT is needed to address the impact on flow of funds to charit...

The Jammu and Kashmir Local Bodies Laws (Amendment) Bill, 2024 was introduced in the Lok Sabha by Minister of State for Home Nityanand Rai. It seeks to amend the Jammu and Kashmir Panchayati Raj Act, 1989, the Jammu and Kashmir Municipal Act, 2000 a...

Manufacturers of pan masala, gutka, and similar tobacco products will face a penalty of up to Rs 1 lakh if they fail to register their packing machinery with the GST authorities. The Finance Bill, 2024, introduces amendments to the Central GST Act, ...

Stamp duties are levied by the Central Government, but within the States are collected and appropriated by the concerned States in terms of provisions of Article 268 of the Constitution.

The Lok Sabha has passed a bill to increase the age limit for the president and members of the GST appellate tribunal. The Central Goods and Services Tax (Second Amendment) Bill, 2023, aims to cap the age for the president and GST appellate tribunal...

The Government of Union Territories (Amendment) Bill, 2023 seeks to reserve 33 per cent of seats in the Jammu and Kashmir, and Puducherry Assemblies for women. The legislation has already been passed in Lok Sabha last week.

In the upcoming Parliament session, Amit Shah will present the Government of Union Territories (Amendment) Bill, 2023 in Rajya Sabha, aiming to reserve 33% of Puducherry Assembly seats for women. The Jammu and Kashmir Reorganisation (Second Amendmen...

The amendment was proposed after the approval of the GST council in its 52nd meeting on October 7. In October the centre had notified the detailed rules for the appointment and service of president and member of the Goods and Services tax (GST) Appe...

The ministries of finance and commerce & industry have been in discussions on the DESH bill for more than a year. Partial de-notification of zones, sales to DTA, concessional corporate tax for them and removal of net foreign exchange earning require...

Controversy arose in the Bengal assembly as the Members' Emoluments (Amendment) Bill 2023 was introduced without the approval of Governor CV Ananda Bose. State Minister for Parliamentary Affairs Sobhondeb Chattopadhyay claimed to have sent the bill ...

Bills seeking to amend CGST and IGST Acts to impose taxes on online games, casinos and horse racing are expected to be introduced in the Lok Sabha. The Cabinet recently approved the changes to GST laws, with the GST Council clearing amendments to im...

The objective of this exercise is to simplify and remove references to outdated provisions. While the industry was looking for major reforms, including composite license, lower capital requirement, captive insurance license and risk-based pricing, t...

The electricity industry is awaiting a second generation of reforms two decades after the first wave drew private capital into generation. Over this period, transmission has also made progress with the creation of a national grid.

In addition to debt mutual fund schemes, there are several other categories that are treated as debt for taxation, which will lose indexation benefits.

The amended Finance Bill 2023, which has corrected the STT rates, has been sent back to the Lok Sabha. The Bill is expected to be finalised either today or tomorrow when the amended Bill is passed. The proposed changes, which will come into effect f...

Lok Sabha on Friday passed the Finance Bill 2023 giving effect to tax proposals. The Finance Bill was passed with several official amendments. Besides, 20 more sections have been added to the Bill.

The Finance Bill was passed without discussion as Parliament continued to remain stalled over Opposition demands for a probe by a joint parliamentary committee into allegations against the Adani Group. It will now go to the Rajya Sabha and will beco...