INDIA Budget Highlight 5th July-2019

I. AADHAR for NRI with Indian Passport (without waiting for 180 days)
II. Estate duty tax should not be imposed
III. 18 New Diplomatic mission in Africa where currently India doesn’t have diplomatic mission.
IV. 17,000 crore public Bank Funding towards Capital
V. Taxation
VI. Direct tax revenue rise 78% between 13-14 to 18-19
VII. No Tax, if taxable income upto 5,00,000 Rupees.
VIII. Additional tax deduction of Rs 1.5 lakh on interest paid on Affordable housing (with loan upto 45 lakhs) for self-occupied house owners
IX. No change in lower Slab of Income Tax
X. Enhance Surcharge of 3% on taxable income between 2Cr. To 5Cr. And 7% on 5Cr. And above
XI. Corporate tax rationalisation -25% tax rate applicable to companies with T/O 250 Crore increased to T/O upto 400 Crore (covering 99.93% business).
XII. Additional income tax benefit of 1.5 lakhs on interest paid for purchase on Electric Vehicle.
XIII. Automation of GST refund process
XIV. E-Invoice from GST portal which will eliminate requirement of E-waybill and auto-preparation of GST return data (to be implemented from Jan 2020)
XV. Legacy Dispute Resolution Scheme : to reduce pre GST pending litigations for businesses.
XVI. Start-up initiatives:
1. To resolve angel tax issue, start-ups who file declarations will not be subjected to scrutiny in valuation
2. No scrutiny for amount of Share premium
3. No scrutiny of start-up by Assessing officer without approval of supervising officer
4. Share issue price is out of purview of Income tax scrutiny for Start-up
XVII. Security transaction Tax (STT) only on difference on exercise and settlement price
XVIII. Interchangeability of PAN and AADHAR, Income tax return can be filled even without PAN with AADHAR number.
XIX. Pre-filled tax return for ease of filling with all income, deduction and tax details.
XX. Face-less assessment scheme for Verification of Transaction and discrepancy in returns.
XXI. To discourage Cash transaction 2% TDS on cash withdrawal by business from Bank in a year.
XXII. Streamlining Labour law in four basic Labour codes
XXIII. Fiscal deficit down to 3.3% from 3.4% previous years

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GSTR-1 filling date extension

Notification No. 44/2018 – Central Tax; 10th September, 2018 Considering various difficulties faced by tax payers in filling GSTR-1 government has extended the dates for filling of GSTR-1.New dates are as follows: Class of registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year Read more…

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Maharashtra GST Waybill limit revised

Maharashtra Government has decided to revise the limit for intra state waybill generation from previous limit of Rs.50000 to rupees 100000 (1Lac). Which will ease the intra state movement of goods within state.Also requirement of intra state waybill has been relaxed in certain cases where goods are sent for job Read more…

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CBIC releases FAQs document on the financial services sector-Banking, Insurance, Broker

The Central Board of Indirect Taxes and Customs (CBIC) has released a frequently asked questions document, which gives clarification on various issues faced by the financial services sector. FAQs document covers the issues of the banking, insurance, stock broking and mutual funds sectors. Hopefully financial sector will find it useful Read more…

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Roll out of e-Way Bill system for intra-State movement of goods in Chhattisgarh, Goa, Jammu & Kashmir, Mizoram, Odisha, Punjab, Tamilnadu and West Bengal

As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 01st April, 2018. As on 30th May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Manipur, Meghalaya, Nagaland, Rajasthan, Sikkim, many more..

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