https://www.taxtmi.com/article/detailed?id=12283 The Finance Bill 2024 expands the definition of Input Service Distributor to include invoices for services under the reverse charge mechanism and requires registration as an ISD where an office receives such input service invoices for or on behalf of distinct persons; it mandates ISD distribution of the related input tax credit in the prescribed manner. The Bill also inserts Section 122A to impose per machine penalties and permit seizure/confiscation for failure to comply with notified special procedures for registration of manufacturing machines, subject to a limited cure period. en-us Sat, 03 Feb 2024 08:28:33 +0530 Sat, 03 Feb 2024 08:28:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12283 The Finance Bill 2024 expands the definition of Input Service Distributor to include invoices for services under the reverse charge mechanism and requires registration as an ISD where an office receives such input service invoices for or on behalf of distinct persons; it mandates ISD distribution of the related input tax credit in the prescribed manner. The Bill also inserts Section 122A to impose per machine penalties and permit seizure/confiscation for failure to comply with notified special procedures for registration of manufacturing machines, subject to a limited cure period. Articles Budget - Tax Proposals Sat, 03 Feb 2024 08:28:33 +0530 https://www.taxtmi.com/article/detailed?id=12283