India: Tax measures in interim budget 2024

The Finance Minister presented the Interim Union Budget 2024.

The Finance Minister presented the Interim Union Budget 2024.

The Finance Minister presented the Interim Union Budget 2024, which did not include any significant proposed tax changes.

  • Extension of the sunset dates for certain tax benefits from 31 March 2024 to 31 March 2025 are proposed.
  • Also, the provisions relating to tax collection at source on remittance under the liberalized remittance scheme and payment for overseas tour program package would be rationalized.
  • Regarding goods and services tax (GST), the input service distributor mechanism is proposed to be made mandatory for the distribution of input tax credit, and certain penalty provisions are proposed.

Read a February 2024 report [PDF 393 KB] prepared by the KPMG member firm in India that provides more details about the tax measures in the interim budget 2024.


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