A
\n BILL
\n to continue the existing rates of income-tax for the financial year 2024-2025 and to provide for certain relief to taxpayers and to make amendments in certain enactments.
\n BE it enacted by Parliament in the Seventy-fifth Year of the Republic of India as follows:<\/p>\n
CHAPTER I <\/strong> 1. Short title and commencement<\/strong>. (1) This Act may be called the Finance Act, 2024. Excerpt of the Finance Bill, 2024 – Section 11 to 13<\/strong> <\/p>\n CHAPTER IV<\/strong> Central Goods and Services Tax<\/strong><\/p>\n 11.<\/strong> Amendment of section 2<\/strong>. In the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the Central Goods and Services Tax Act), in section 2, for clause (61), the following clause shall be substituted, namely:-<\/p>\n (61) “Input Service Distributor” means an office of the supplier of goods or services or both which receives tax invoices towards the receipt of input services, including invoices in respect of services liable to tax under sub-section (3) or sub-section (4) of section 9, for or on behalf of distinct persons referred to in section 25, and liable to distribute the input tax credit in respect of such invoices in the manner provided in section 20;.<\/p>\n<\/blockquote>\n 12.<\/strong> Substitution of section 20<\/strong>. For section 20 of the Central Goods and Services Tax Act, the following section shall be substituted, namely:-<\/p>\n 20. Manner of distribution of credit by Input Service Distributor.<\/strong> <\/p>\n (1) Any office of the supplier of goods or services or both which receives tax invoices towards the receipt of input services, including invoices in respect of services liable to tax under sub-section (3) or sub-section (4) of section 9, for or on behalf of distinct persons referred to in section 25, shall be required to be registered as Input Service Distributor under clause (viii) of section 24 and shall distribute the input tax credit in respect of such invoices. 13. Insertion of new section 122A<\/strong>. After section 122 of the Central Goods and Services Tax Act, the following section shall be inserted, namely:-<\/p>\n 122A. Penalty for failure to register certain machines used in manufacture of goods as per special procedure<\/strong>. <\/p>\n (1) Notwithstanding anything contained in this Act, where any person, who is engaged in the manufacture of goods in respect of which any special procedure relating to registration of machines has been notified under section 148, acts in contravention of the said special procedure, he shall, in addition to any penalty that is paid or is payable by him under Chapter XV or any other provisions of this Chapter, be liable to pay a penalty equal to an amount of one lakh rupees for every machine not so registered. Penalty for failure to register certain machines used in manufacture of goods as per special procedure. Provided that such machine shall not be confiscated where-<\/p>\n (a) the penalty so imposed is paid, and 2024\/02\/0102new.jpg<\/p>\n","protected":false},"author":1,"featured_media":9747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts\/9745"}],"collection":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/comments?post=9745"}],"version-history":[{"count":6,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts\/9745\/revisions"}],"predecessor-version":[{"id":9753,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts\/9745\/revisions\/9753"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/media\/9747"}],"wp:attachment":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/media?parent=9745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/categories?post=9745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/tags?post=9745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n PRELIMINARY<\/strong><\/p>\n
\n (2) Save as otherwise provided in this Act,–
\n (a) sections 2 to 10 shall come into force on the 1st day of April, 2024;
\n (b) sections 11 to 13 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.<\/p>\n
\n INDIRECT TAXES<\/strong><\/p>\n\n
\n
\n (2) The Input Service Distributor shall distribute the credit of central tax or integrated tax charged on invoices received by him, including the credit of central or integrated tax in respect of services subject to levy of tax under sub-section (3) or sub-section (4) of section 9 paid by a distinct person registered in the same State as the said Input Service Distributor, in such manner, within such time and subject to such restrictions and conditions as may be prescribed.
\n (3) The credit of central tax shall be distributed as central tax or integrated tax and integrated tax as integrated tax or central tax, by way of issue of a document containing the amount of input tax credit, in such manner as may be prescribed.”.<\/p>\n<\/blockquote>\n\n
\n (2) In addition to the penalty under sub-section (1), every machine not so registered shall be liable for seizure and confiscation:<\/p>\n\n
\n (b) the registration of such machine is made in accordance with the special procedure within three days of the receipt of communication of the order of penalty.”.<\/p>\n<\/blockquote>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"