LIST OF GOODS FOR CHANGE IN GST RATE RECOMMENDED
BY GST COUNCIL IN ITS 21st MEETING HELD ON 9TH SEPTEMBER, Read more here.
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