Proposed amendment allows recovery of Black Money Act liabilities from seized assets, aligning with Income-tax Act provisions.
Amendments to Benami Act: New Time Limits for Actions u/s 24 Effective October 2024.
New law offers immunity to benamidars for disclosing benami deals, targets real owners. Effective Oct 2024.
Amendments broaden proof of origin, restrict warehouse ops, extend trade facilitation beyond importers/exporters & align customs law.
Protective duty levy provision scrapped as Tariff Commission defunct. Effective from Finance Bill 2024 enactment.
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%.
Customs Duty Rates Revised: Changes in Agriculture, Marine Exports, Textiles, Electronics, and More to Boost Domestic Growth.
Customs Notification Validates Duty Exemptions on Crude Oils and GST Cess Exemption for SEZ Imports.
New Shipper Review provision added to countervailing duty rules. Allows review of rates for new exporters not involved in original investigation.
Customs extends aircraft/vessel export for repair from 6 months to 1 year. Duty-free re-import period rises from 3 to 5 years.
Customs Duty Exemptions Extended: Key Goods and Essential Items Get Extended Relief Until 2026 and 2029.
Customs Duty Exemptions Extended for Motion Picture Software, Fuel Cell Machinery, and More Until 2029.
Customs Duty Exemptions Expire Sept 2024: Impact on Telecom, Banking, Renewable Energy, Medical Devices & More.
Exemption on Social Welfare Surcharge for Graphite, Ores, Metals, and Compounds Including Lithium and Potassium Salts.
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.
Mega Power Project certificate submission period extended from 120 to 156 months. Clean Environment Cess exempted on pre-GST stock.
Amendments Update: Tax Exemption for Extra Neutral Alcohol, New Penalties, and Input Credit Adjustments for 2023-24.
Tax Amendments: ENA Exemption, Zero-Rated Supply Refunds, Reduced Pre-Deposit for Appeals in Integrated Tax Changes.
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.
Govt empowered to validate erroneous GST cess collection retrospectively under new Sec 8A, regularizing non-levy/short levy.
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