The Finance Act, 2024, published on 15th February, is the Parliament Legislation associated with revenue part of the Budget for Financial Year 2024-25.
Provisions related to income tax and other direct taxes continue as specified under The Finance Act, 2023, with few minor modifications.
The Act amends The Central Goods and Services Tax Act, 2017, and modifies provisions related to Input Service Distributor. Additionally, it also introduces new Section 122A for prescribing penalty for failure to register certain categories of machines as notified by the Government, and empowers Government to confiscate such machines.
You can download the Act text here.
