Memorandum Explaining the Provisions in the Finance Bill, 2026
Memorandum detailing the proposed legislative changes in the Finance Bill, 2026. It covers a wide range of topics, including:
Direct Taxes: Proposed amendments to the Income-tax Act, 1961, and the Income-tax Act, 2025, including tax rates, surcharges, and various rationalization measures.
Ease of Living: Initiatives like relaxing TAN requirements for certain property transactions and enabling electronic verification for lower TDS certificates.
Decriminalization: A major exercise to change the nature of various punishments from rigorous to simple imprisonment and reducing maximum terms to align with modern legal principles.
Customs & Excise: Modifications to tariff rates, procedural simplifications for trade (like the Baggage Rules, 2026), and adjustments to duties on specific commodities.
GST: Amendments to the CGST and IGST Acts concerning post-sale discounts, provisional refunds, and the determination of the place of supply for intermediary services.
download link : Memorandum Explaining the Provisions in the Finance Bill, 2026