- Proposed tax measures in the Finance Bill, 2024 include enhancing the scope of tax fraud, reinstating sales tax on advance payments, and introducing new sections related to assessment orders and recovery of unpaid tax.
- The bill also proposes changes to default surcharge rates, introduction of electronic invoicing system, and amendments to sales tax rates on various products.
- Other proposals include abolishing zero rating for local supplies to registered exporters, exempting certain products from sales tax, and imposing sales tax on specific items at reduced rates in tribal areas.
- The bill also suggests standard sales tax rates on medicaments, retailers of textile and leather, and sales tax withholding for certain sectors.
- Additionally, the bill proposes extending the cutoff date for transfer of appeals pending before Commissioner (Appeals) to Appellate Tribunal.
Source: assets.kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
