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Budget - Highlights / Catch Notes

Home Highlights July 2024 Year 2024 This

GST, a success of vast proportions, decreased tax incidence on ...


GST simplified tax, reduced burden on common man & logistics cost. Facilitated trade with amendments like liquor exemption & regularization.

News     Budget

July 23, 2024

GST, a success of vast proportions, decreased tax incidence on common man, reduced compliance burden and logistics cost for trade and industry. Amendments facilitated trade: Extra Neutral Alcohol for liquor manufacture kept out of central tax purview, Section 11A empowered government to regularize non-levy/short levy due to prevalent practices. Input tax credit time limit relaxed, common time limit for issuance of demand notices/orders provided. Time limit to avail reduced penalty by paying demanded tax/interest increased from 30 to 60 days. Pre-deposit for appeals reduced. Time limit for filing appeals before Appellate Tribunal modified. Government empowered to notify GST Appellate Tribunal for anti-profiteering cases. Tax structure simplified, rationalized, expanded to remaining sectors to multiply GST benefits.

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