India Tax Agency Issues Notification on Tax Deduction Exemption for Purchases from IFSC Units

The Indian Central Board of Excise and Customs Jan. 2 issued Notification No. 3/2025, specifying certain tax deduction exemptions for transactions with International Financial Services Centre (IFSC) units. The notification includes provisions on: 1) the tax deduction exemption for purchases from IFSC units; 2) the requirement for sellers to furnish statements to buyers detailing the prior years that are relevant to the ten consecutive assessment years for which the seller will claim a deduction; 3) the obligation for buyers to cease tax deductions on payments made after receiving this statement and report all payments on which tax has not been ...