India announces tax amnesty scheme rules and start date for dispute settlements
India’s Central Board of Direct Taxes (CBDT) announced the effective date and the rules for implementing the "Direct Tax Vivad Se Vishwas Scheme 2024" (VSV), which was introduced in the 2024 Budget to resolve tax disputes and reduce litigation
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India scraps tax cases due to higher appeals thresholds
India's Press Information Bureau released a statement from the Ministry of Finance regarding the Supreme Court's resolution of 573 tax cases on 24 September 2024. The measures are expected to significantly reduce the burden of tax litigation and
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India eliminates windfall tax on crude oil
According to a government notification, the Indian government announced the elimination of the windfall tax on crude oil, which had been set at INR1,850 per tonne on Tuesday, 17 September 2024. The new policy will take effect from today, 18
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India: GST Council announces key recommendations from 54th meeting
India's Press Information Bureau has issued a statement from the Ministry of Finance regarding the recommendations from the GST Council's 54th meeting, which took place on 9 September 2024. The 54th GST Council met under the Chairpersonship of
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India, Panama interested to conclude tax treaty
The General Directorate of Revenue of Panama's Ministry of Economy and Finance announced that India and Panama have shown interest in establishing a tax treaty, following a meeting between officials from both nations held at Panama on 28 August
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India: GST collections rise 10% in August 2024
India's Goods and Services Tax (GST) collections for August 2024 totalled to INR 1.75 trillion (USD 20.87 billion), marking a 10% increase from the same month last year; according to a government statement released on Saturday, 2 September
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India clarifies requirement to obtain ITCC before travelling
Indian citizens are not required to obtain an income-tax clearance certificate (ITCC) before travelling to other countries due to the recent amendment to Section 230(1A) of the Income Tax Act. The clarification was issued by the Central Board of
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India enacts 2024 Finance (No. 2) Act, amends long-term capital gains tax
The Government of India enacted the Finance (No. 2) Act, 2024, on 16 August 2024, after receiving Presidential assent. The bill has already been passed by the parliament's Lower House (Lok Sabha) and the Upper House (Rajya Sabha). This legislation
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India passes Finance Bill 2024, introduces major LTCG tax amendment on real estate
India's Parliament, the Lok Sabha (lower house), passed the Finance (No. 2) Bill 2024 on 7 August 2024. This bill includes a major amendment to the long-term capital gains (LTCG) tax on real estate. The initial proposal was to reduce the LTCG on
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India releases clarifications on new capital gains regime proposed in union budget 2024
India’s Central Board of Direct Taxes (CBDT) issued a set of Frequently Asked Questions (FAQs) to clarify details of the new capital gains regime outlined in the Union Budget 2024 On 24 July 2024. These clarifications come in the wake of proposed
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India delays Pillar One endorsement until specific concerns are resolved
India's Ministry of Finance has declared it will not endorse Pillar One of the OECD's two-pillar tax solution until specific concerns are resolved. Key issues include the proposed dispute resolution mechanism, which India opposes being subject to
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India to expand transfer pricing safe harbour rules
India’s finance minister, Nirmala Sitharaman, said India plans to broaden its safe harbour regulations for transfer pricing. The minister said this while presenting the 2024-24 federal budget on 23 July, 2024. The planned expansion of the
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India: Finance Bill 2024 proposes corporate tax reform, new personal income tax regime
India’s Finance Minister Nirmala Sitharaman presented the Finance (No. 2) Bill, 2024 (the Bill) to Parliament on 23 July, 2024. The Bill includes several proposals aimed at reforming the corporate tax framework. Corporate income tax New
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India increases windfall tax on petroleum crudeÂ
India’s government announced yesterday, 15 July 2024, an increase in the windfall tax on petroleum crude, raising it from INR 6,000 to INR 7,000 ($83.78) per metric tonne. This change will take effect starting today, 16 July. As part of its
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India increases windfall tax on petroleum
India's government has announced an increase in the windfall tax on petroleum, raising it to INR 6,000 per metric ton starting 2 July 2024. This decision, detailed in a recent notification, marks a sharp rise from the previous rate of INR
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US, India agree to extend equalisation levy agreement
The US Department of the Treasury announced the extension of its agreement with India on 28 June, 2024, regarding the transition from the existing equalisation levy to a new multilateral solution agreed by the OECD-G20 Inclusive Framework. The
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India: GST Council waives interest, penalty on tax demands for FY18–20
The Goods and Services Tax (GST) Council approved several compliance measures in its 53rd meeting on 22 June, 2024, aiming to reduce tax litigation and enhance business operations. The Council waived interest and penalty for tax demand notices
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India cuts windfall tax on petroleum
The government of India reduced the windfall tax on petroleum on Friday, 31 May, 2024. The tax has been cut to INR 5,200 per metric ton from INR 5,700, starting 1 June, 2024. The tax for diesel and aviation turbine fuel, however, remains
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