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  • Create Date July 13, 2023
  • Last Updated July 13, 2023

Summary of New Amendments not contained in the Financial Bill

• VAT Zero-rated status on locally assembled and manufactured mobile phones, electric bicycles, electric buses, and Inputs or raw materials locally purchased or imported for the
manufacture of animal feeds.
• Payment of Excise Duty within 24 hours by licensed manufacturers of alcoholic beverages
• Income Tax exemption of Gains on the transfer of property within an SEZ
• 10-year Income Tax Exemption on certain payments including royalties, interest, management
fees, professional fees by SEZ Developers, Operators, and Enterprises to Nonresidents
• Clarification on the time of supply of goods and services supplied by the national carrier.
• Refund of tax on bad debts