Current amendments in Taxations? Direct Tax & Indirect Tax.

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Recent amendments in Direct and Indirect Taxation.

Direct Tax: Introduction of new tax regime with lower tax rates but without exemptions and deductions.
Indirect Tax: Increase in GST rates on mobile phones and specific parts, reduction in rates on electric vehicles and chargers.
Introduction of faceless assessment and appeal for direct taxes.
Relaxation in compliance requirements due to COVID-19 pandemic.
Amendment in tax residency rules for individuals.
Introduction of Vivad se Vishwas scheme for dispute resolution.
Increase in TDS rates for non-filers of income tax returns.
Reduction in corporate tax rates for new manufacturing companies.
Increase in customs duty on certain goods.
Introduction of new tax dispute resolution scheme - Sabka Vishwas (Legacy Dispute Resolution) Scheme.
Introduction of new tax regime for cooperative societies.
Increase in excise duty on petrol and diesel.
Introduction of new tax regime for startups.
Increase in TDS rates on certain payments.
Reduction in corporate tax rates for companies not availing exemptions and incentives.
Introduction of new tax regime for non-resident Indians.
Increase in customs duty on gold and precious metals.
Introduction of new tax regime for charitable trusts and institutions.

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