8/8/2024, 1:50:05 pm

Evasion of duties & cess will now attract up to 100% penalty plus interest

The Finance Bill, 2024, introduces significant changes to indirect taxation, enabling tax authorities to impose penalties of up to 100% of the demand raised along with interest in cases of evasion of various duties and cesses, bridging previous legal gaps and ambiguities. The amendment aims to streamline tax recovery, reduce litigation, and enhance revenue collection.