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Union Budget 2024 + FINANCE  (No. 2) Bill, 2024

Explanatory Notes

Highlights Highlights, Income Tax, GST, Import Eport and Corporate Laws

Proposed amendment allows recovery of Black Money Act liabilities from seized assets, aligning with Income-tax Act provisions.
July 27, 2024   Notes     Bill

Benami Act amendments: 3 months for owner's reply, 4 months for provisional attachment decision, 1 month for Adjudicating Authority referral. Effective 10/1/2024.
July 27, 2024   Notes     Bill

New law offers immunity to benamidars for disclosing benami deals, targets real owners. Effective Oct 2024.
July 27, 2024   Notes     Bill

Amendments broaden proof of origin, restrict warehouse ops, extend trade facilitation beyond importers/exporters & align customs law.
July 27, 2024   Notes     Bill

Protective duty levy provision scrapped as Tariff Commission defunct. Effective from Finance Bill 2024 enactment.
July 27, 2024   Notes     Bill

Tariff hikes from 24.07.2024: PVC flex films 25%, garden umbrellas 20% or Rs. 60/pc, lab chemicals 150%. From 01.10.2024: roasted nuts 150%.
July 27, 2024   Notes     Bill

Revised customs duties for agri, aqua, minerals, steel, copper, chemicals, textiles, leather, cancer drugs, precious metals, medical, IT, electronics, renewables, shipping & capital goods.
July 27, 2024   Notes     Bill

Notification exempts basic customs duty & AIDC on crude soyabean & sunflower oil imports till 10.5.23 under TRQ quota & Bill of Lading condition. GST Cess exemption for SEZ imports.
July 27, 2024   Notes     Bill

New Shipper Review provision added to countervailing duty rules. Allows review of rates for new exporters not involved in original investigation.
July 27, 2024   Notes     Bill

Customs extends aircraft/vessel export for repair from 6 months to 1 year. Duty-free re-import period rises from 3 to 5 years.
July 27, 2024   Notes     Bill

BCD exemption extended for various goods till 2026/2029. Includes raw materials, machinery parts, renewable energy, pharma, aircraft, and more.
July 27, 2024   Notes     Bill

BCD exemption extended for motion pictures, gaming software, renewable energy machinery, exports, artworks, precious stones, copper, gold, silver.
July 27, 2024   Notes     Bill

Customs duty exemptions/concessions on various items like telecom equipment, medical devices, renewable energy components to lapse from 30.9.2024.
July 27, 2024   Notes     Bill

SWS: Exemption for natural graphite, sands, quartz, ores & concentrates of Cu, Co, Sn, W, Mo, Zr, Hf, V, Nb, Ta, Sb, Te, Si, Se, rare-earth metals, oxides/salts.
July 27, 2024   Notes     Bill

Revised AIDC rates: Gold bar 1%, dore 0.35%, Silver bar 1%, dore 0.35%, Precious metals 1.4%, Coins 1%, Findings 1% from 24.07.2024.
July 27, 2024   Notes     Bill

Mega Power Project certificate submission period extended from 120 to 156 months. Clean Environment Cess exempted on pre-GST stock.
July 27, 2024   Notes     Bill

CGST: Exclude ENA from central tax, refer to new Sec 74A, regularize non-levy/short levy, time of supply for reverse charge services, allow input tax credit with conditions.
July 27, 2024   Notes     Bill

IGST: No integrated tax on Extra Neutral Alcohol for alcoholic liquor. Regularizing non-levy/short levy. Zero-rated supply for refund. No refund if export duty paid. Pre-deposit reduced for appeals.
July 27, 2024   Notes     Bill

Sub-section (1) in Section 7 exempts Extra Neutral Alcohol for alcoholic liquor from UT tax. Section 8A regularizes non/short levy of UT tax.
July 27, 2024   Notes     Bill

Govt empowered to validate erroneous GST cess collection retrospectively under new Sec 8A, regularizing non-levy/short levy.
July 27, 2024   Notes     Bill

Govt launches SIMS 2.0 for steel imports monitoring; SIMS 1.0 discontinued. File new apps on https://sims.steel.gov.in after 25.07.2024, 2 pm.
July 27, 2024   Circulars     DGFT

Export Promotion Capital Goods Scheme simplified: Installation certificate time extended, export obligation period relaxed. Reduced compliance burden.
July 27, 2024   Circulars     DGFT

SEBI: Bars insiders from misusing unpublished info. Mandates tracking database. Restricts trading on inside info. Requires disclosures. Prescribes code of conduct, controls & disciplinary actions.
July 27, 2024   Notifications     SEBI

SEBI mandates new insider trading rules effective Nov 1, 2024 under SEBI Act, 1992.
July 27, 2024   Notifications     SEBI

Himachal SLD Centre exempted from income tax on fees/charges under Electricity Act & interest on bank deposits for 2021-24.
July 27, 2024   Notifications     Income Tax

More Highlights

Articles Articles, Tax Laws, GST

Short Notes Short Notes

Rates of income-tax in respect of income liable to tax for the assessment year 2024-25.
Rates for deduction of income-tax at source during the financial year (FY) 2024-25 from certain incomes other than “Salaries”.
Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).
Individual, HUF, association of persons, body of individuals, artificial juridical person. [Rates for deduction of income-tax at source (TDS) from “Salaries”, computation of “advance tax” during the FY 2024-25 (Assessment Year 2025-26)]
Co-operative Societies [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]
Firms [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]
Local authorities [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]
Companies [Computation of “advance tax” and charging of income-tax in special cases during the FY 2024-25 (Assessment Year 2025-26).]
Increase in Standard Deduction and deduction from family pension for taxpayers in tax regime
Increase in amount allowed as deduction to non-government employers and their employees for employer contribution to a Pension Scheme referred in section 80CCD
Tax incentives to International Financial Services Centre (MEASURES TO PROMOTE INVESTMENT AND EMPLOYMENT)
Amendment of Section 56 of the Act (MEASURES TO PROMOTE INVESTMENT AND EMPLOYMENT)
Promotion of domestic cruise ship operations by non-residents (MEASURES TO PROMOTE INVESTMENT AND EMPLOYMENT)
Introduction of block assessment provisions in cases of search under section 132 and requisition under section 132A (SIMPLIFICATION AND RATIONALISATION)
Rationalisation of provisions relating to assessment and reassessment under the Act (SIMPLIFICATION AND RATIONALISATION)
Rationalisation of provisions relating to period of limitation for imposing penalties (SIMPLIFICATION AND RATIONALISATION)
Amendment in provisions relating to set off and withholding of refunds (SIMPLIFICATION AND RATIONALISATION)
Rationalisation of the time-limit for filing appeals to the Income Tax Appellate Tribunal (SIMPLIFICATION AND RATIONALISATION)
Merger of trusts under first regime with second regime ((Rationalisation of the provisions of Charitable Trusts and Institutions))
Condonation of delay in filing application for registration by trusts or institutions (Rationalisation of the provisions of Charitable Trusts and Institutions)
Rationalisation of timelines for funds or institutions to file applications seeking approval under section 80G (Rationalisation of the provisions of Charitable Trusts and Institutions)
Rationalisation of timelines for disposing applications made by trusts or funds or institutions, seeking registration for exemption under section 12AB or approval under section 80G (Rationalisation of the provisions of Charitable Trusts and Institutions)
Merger of trusts under the exemption regime with other trusts (Rationalisation of the provisions of Charitable Trusts and Institutions)
Inclusion of reference of clause (23EA), clause (23ED) and clause (46B) of section 10 in sub-section (7) of section 11 (Rationalisation of the provisions of Charitable Trusts and Institutions)
Rationalisation and Simplification of taxation of Capital Gains

More Notes

Notifications Notifications

SEBI

- Sebi appoints the 1st day of November, 2024 as the date on which the Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, 2022 shall come into force
July 25, 2024

IT

- Exemption from specified income U/s 10(46) of IT Act 1961 – 'Society for Applied Microwave Electronics Engineering & Research (SAMEER), Mumbai'
July 24, 2024

IT

- Exemption from specified income U/s 10(46) of IT Act 1961 – 'Himachal Pradesh State Load Despatch Centre, Shimla'
July 24, 2024

IT

- Exemption from specified income U/s 10(46) of IT Act 1961 – ‘Punjab Skill Development Mission Society, Chandigarh’
July 24, 2024

Cus (NT)

- Seeks to amend Customs Tariff (Identification, Assessment and Collection Countervailing Duty on Subsidized Articles and for Determination of Injury) Rules, 1995 to provide for New Shippers Review.
July 23, 2024

Cus

- Seeks to amend notification No. 45/2017-Customs dated 30th June, 2017 in order to extend the time period of re-import.
July 23, 2024

Cus

- Seeks to amend 32 notifications in order to extend their validity to a further period and amend notification No. 153/94-Customs to extend the time period for re-export of certain foreign origin goods when imported for maintenance, repair and overhaul.
July 23, 2024

Cus

- Seeks to amend notification no. 27/2011-Customs dated 1st March, 2011 in order to amend the export duty on specified items of raw hides, skins and leather.
July 23, 2024

Cus

- Seeks to provide exemption/concessional rate of BCD and SWS to critical minerals - 36/2024 dated 23rd July 2024
July 23, 2024

Cus

- Seeks to amend notification No. 8/2020-Customs dated 1st February, 2020 in order to revise Health Cess on certain items.
July 23, 2024

Cus

- Seeks to amend notification related to electronics including Nos. 25/1999-Customs, 25/2002-Customs and 57/2017-Customs
July 23, 2024

Cus

- Seeks to amend notification No. 57/2000-Customs dated 8th May 2000, which provides concessional rate for gold, silver and platinum imported under specified schemes. - Rates reduced from 9.35% to 4.35%
July 23, 2024

Cus

- Seeks to amend notification No. 11/2021-Customs dated 1st February, 2021 so as to revise Agriculture Infrastructure and Development Cess (AIDC) applicable on certain items. - AIDC on Precious Metals reduced substantially.
July 23, 2024

Cus

- Seeks to amend notification No. 22/2022-Customs dated 30th April, 2022 to revise rates under India-UAE CEPA.
July 23, 2024

Cus

- Seeks to further amend notification No. 50/2017-Customs dated the 30th June, 2017, so as to notify BCD related changes
July 23, 2024

More Notifications

Circulars/ Public Notices Circulars/ Public Notices

DGFT

- Launch of Steel Import Monitoring System (SIMS) 2.0
July 25, 2024

DGFT

- Amendments in Chapter 5 of the Handbook of Procedures (HBP) 2023, related to Export Promotion Capital Goods Scheme to reduce 'Compliance Burden' and enhance 'Ease of doing Business'
July 25, 2024

DGFT

- Verification of authenticity of Licences, Authorisations, Scrips, Certificates, Instruments etc. issued by DGFT using the UDIN.
July 23, 2024

Customs

- Changes in Customs, Central Excise, GST law and rates have been proposed through the Finance (No.2) Bill, 2024
July 23, 2024

Customs

- Provisional attachment of bank account(s) - Section 110 (5) of Customs Act, 1962
July 22, 2024

SEBI

- Enabling ESG Rating Providers (ERPs) to undertake ESG rating activities under IFSCA
July 19, 2024

SEBI

- Enabling Credit Rating Agencies (CRAs) to undertake rating activities under IFSCA
July 19, 2024

Companies Law

- Merger of Forms IEPF-3 With IEPF-4 and IEPF-7 with IEPF-1 along with change in payment process thereof in MCA Version 3
July 17, 2024

DGFT

- Amendment in Para 4.49 (b) of the Handbook of Procedures, 2023
July 16, 2024

Companies Law

- Filings under section 124 and section 125 of the Companies Act 2013 read with IEPFA (Accounting, Audit, Transfer and Refund) Rules 2016 in view of transition from MCA 21 version 2 to version 3
July 16, 2024

GST

- Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 53rd meeting held on 22nd June, 2024, at New Delhi
July 15, 2024

GST

- Clarifications regarding applicability of GST on certain services
July 15, 2024

SEBI

- Recognition of BSE Limited as Research Analyst Administration and Supervisory Body (RAASB) and Investment Adviser Administration and Supervisory Body (IAASB)
July 12, 2024

GST

- Processing of refund applications filed by Canteen Stores Department (CSD)
July 11, 2024

GST

- Mechanism for refund of additional Integrated Tax (IGST) paid on account of upward revision in price of the goods subsequent to exports
July 11, 2024

More Circulars

News News, PIB

Advisory for FORM GSTR-1A
July 27, 2024


DPIIT promotes green logistics industry balancing economic growth and environment
July 26, 2024


Government provides incentives to small tea growers - Tea Development & Promotion Scheme focuses on improvement in production, productivity and quality of Indian tea
July 26, 2024


EXPORT OF SEA FOOD
July 26, 2024


Government undertakes various efforts to promote and support startups More than 1.4 lakh startups recognized by DPIIT as on 30th June 2024
July 26, 2024


DGFT simplifies Export Promotion Capital Goods Scheme procedures to enhance Ease of Doing Business
July 26, 2024


76th Meeting of Network Planning Group under PM GatiShakti evaluates five key infrastructure projects
July 26, 2024


Climate Change – The Emerging Challenge (Remarks delivered by Shri M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India - July 19, 2024 - at J P Morgan India Leadership Series Lecture in Mumbai)
July 26, 2024


RBI releases draft circular on Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR) – Review of Haircuts on High Quality Liquid Assets (HQLA) and Run-off Rates on Certain Categories of Deposits
July 26, 2024


Union Minister of Commerce and Industry Shri Piyush Goyal chairs stakeholder interaction with Leather and Footwear Industry
July 25, 2024


CCI approves proposed combination involving, inter alia, Amazon Asia-Pacific, Frontizo, Appario, Haverl and CRPL
July 25, 2024


CCI approves acquisition of 16.12% shareholding in Shriram GI Holdings Private Limited by Sanlam Emerging Markets (Mauritius) Limited
July 25, 2024


CCI approves acquisition by Manipal Health Systems Private Limited and MEMG Family Office LLP in Aakash Educational Services Limited
July 25, 2024


CCI approves acquisition of 16.12% shareholding in Shriram LI Holdings Private Limited by Sanlam Emerging Markets (Mauritius) Limited
July 25, 2024


FAQs issued by CBDT on the new capital gains tax regime proposed in the Union Budget 2024-25
July 25, 2024


More News

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