India’s Finance Act, 2024 Makes Changes to the Input Service Distributors Mechanism in the GST Regime
India Briefing explores the latest amendments introduced in the Finance Act 2024 such as the definition and procedures concerning the Input Service Distributor (ISD) concept under the Goods and Services Tax (GST) regime.
We discuss why specified companies could face higher taxable incomes under section 43B(h) of the Income-tax Act, 1961, due to delayed payments to MSME suppliers.
The early release of the updated ITR forms from the Income Tax Department of India aim to enhance user experience and ensure taxpayer awareness. The changes are based on amendments to the Income-tax Act, 1961, as detailed in the Finance Act, 2023.
Accelerated depreciation is a crucial driver of investments in the adoption of solar power in India, offering commercial and industrial consumers faster depreciation on solar power plant investments than traditional plants and machinery.
Finance Minister Nirmala Sitharaman rounded up the government’s recent tax measures in her 2024 interim budget, with no new changes to the tax regime, in a marked departure from 2019. We list some of the highlighted policy achievements in this brief and note a few extensions.
India’s interim budget 2024, which is a vote on account, was presented on February 1, and contained no major policy changes or revisions to taxation. We round up the key provisions laid out in the budget and the fiscal data provided by Finance Minister Nirmala Sitharaman.
India has in place tax incentives for businesses and individuals taking loans to buy electric vehicles. We discuss the relevant provisions under Section 80EEB of the Income Tax Act, 1961.
India’s manufacturing sector seeks an extension of incentives from the government, including prolonging the duration of the 15% concessional tax scheme.