The Government has notified the Finance Act, 2024 on 15.02.2024, to give effect to the financial proposals of the Central Government for the financial year 2024-2025.

The Finance Bill, 2024 was passed in Lok Sabha on 07th February, 2024. The same received the assent of the President on 15th February, 2024.

The key highlights of the changes under GST Law are regarding:

A. Changes relating to Input Service Distributor:

a) Amendment in the Definition of Input Service Distributor(ISD) (Section 2(61) of the CGST Act):

b) Amendment in the Manner of distribution of ITC by the ISD (Section 20 of the CGST Act):

B. Insertion of new section 122A for levying penalty in case failure to register certain machines used in manufacture of goods as per special procedure notified u/s 148 of CGST Act (i.e. Tobacco, Pan-masala and similar items)

The Finance Act, 2024 can be accessed at https://egazette.gov.in/(S(d1n50tqzi4xdtw4f1gqgylve))/ViewPDF.aspx

Source: E-Gazette of India