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
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
I. AADHAR for NRI with Indian Passport (without waiting for 180 days)
[tags GST, GST Council] Posted On: 22 DEC 2018 4:45PM by PIB Delhi The GST Council in its 31st meeting held today at New Delhi made the following policy recommendations: 1. There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation Read more…
ICAI in its recent announcement has put to an end to speculation among auditors and organization, whether Internal auditor of an organization can be appointed as GST auditors as well. ICAI has expresses that since there will conflict of roles if both auditors are same hence decided to bar internal Read more…
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…
Extension of time limit for submitting the declaration in FORM GST TRAN-1 under rule 117(1A) CGST Rules 2017
F. No. 349/58/2017-GST : New Delhi, the 17th September, 2018 In exercise of the powers conferred by sub-rule (1A) of rule 117 of the Central Goods and Services Tax Rules, 2017 read with section 168 of the Central Goods and Services Tax Act, 2017, on the recommendations of the Council, Read more…
Circular No. 65/39/2018-DOR : New Delhi, Dated the 14th September, 2018 Section 51 of the CGST Act 2017 provides for deduction of tax by the Government Agencies (Deductor) or any other person to be notified in this regard, from the payment made or credited to the supplier (Deductee) of taxable Read more…
PRESS NOTE July 21, 2018 Recommendations made during the 28thmeeting of the GST Council held in New Delhi on 21st July, 2018 Amendments to the CGST Act, 2017, IGST Act, 2017, UTGST Act2017, and GST (Compensation to States) Act, 2017 The GST Council in its 28th meeting held today at Read more…
Below are the some important amendment proposed by GST council GST law which will overhauls most of the current issues faced by tax payer including amendment in Credit, debit note simplified return and services provided by composite dealers. Comment are invited on proposal by 15.07.2018
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…
Posted On: 14 JUN 2018 11:48AM by PIB Delhi Complaints are being received from taxpayers that the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process. They are now not sharing the user credentials with Read more…
No. 26/2018–Central Tax New Delhi, the 13th June, 2018 CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS Highlights: Addition made to taxable value under clause (b) of sub-section (2) of section 15 for expenses incurred by recipient of service which was supposed to be paid service provider shall deemed to have Read more…
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…
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..
[tags AIR,285BA, 114E, From 61A, Income Tax Act, 1961] To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of financial transaction or reportable account (previously called as ‘Annual Information Return (AIR)’.With the help of the statement the tax authorities Read more…
E-Way Bill system for intra-State movement of goods in the Maharashtra, Manipur and Union Territories (without legislature)
Posted On: 24 MAY 2018 6:43PM by PIB Delhi As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 1st April, 2018. As on 23rd May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out Read more…