- Key Changes in the Finance Bill 2025: The Finance Bill, presented on February 1, introduces significant amendments to the Goods & Services Tax (GST) framework, focusing on simplifying tax compliance, enhancing regulatory oversight, and refining tax treatment for specific transactions.
- New Provisions for ITC and Track-and-Trace Mechanisms: The Bill allows input service distributors to distribute Input Tax Credits (ITC) on inter-state supplies, clarifying tax liabilities. It also introduces a track-and-trace mechanism for certain goods, imposing penalties for non-compliance to combat tax evasion.
- Deposit Requirements and Tax Treatment Clarifications: A 10% deposit of the penalty amount is now required for appeals in certain cases, discouraging frivolous litigation. Additionally, retrospective amendments clarify that warehoused goods in Special Economic Zones won’t be treated as taxable supplies, and the time of supply for vouchers is simplified by removing previous regulations.
Source Comarch
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