⛲ BUDGET TALK
1. FM says govt has removed policy paralysis. India back on track
2. Move towards New India with houses for all, toilets, doubling farmers income, etc
3. Avg Inflation down to 4.6%. If inflation would not have been controlled families would have been spending 35-40% more on basic amenities today.
4. Fiscal deficit 3.4%
5. CAD down also
6. Asset quality reviews undertaken and RBI directed to review all loans including big businesses. 3L crores already recovered.
8. RERA also implemented.
9. Swatch Bharat Mission- 98% Rural sanitization achieved.
10. Reservations for poor added keeping SCST reservations intact.
11. Govt has ensured reducing rural and urban divide.
12. 1.53 cr new houses constructed
13. Pradhan Mantra Gram Sadak Yojana allocation is set at Rs 19,000 crores.
14. MGNREGA allocation has been set at Rs 60000 cr for FY 19-20
15. Ayushman bharat has provided medical treatment to 50 cr people.
16. 100% electrification by March '19
17. Ayushman Bharat will help poor save 3000 cr
18. Doubled farmers income- Says goyal
19. MSP over 50% of the cost for ensuring farmer's income doubled.
20. Mahatma Gandhi National Rural Employment Guarantee program’s allocation increased by Rs 5000 crore to Rs 60,000 crore
⛲ The government revised fiscal deficit estimate for FY19 to 3.4 percent of the GDP compared with the budget estimate of 3.3 percent.
⛲ Farmers having less than 2 hectares land will get Rs 6000 per year
Direct transfer to bank account.
⛲ India To Spend Rs 75,000 Crore/Year On Farm Income Support Plan.
⛲ We have increased tax-free gratuity from Rs 10 lakh to Rs 20 lakh: Goyal
⛲ In place of rescheduling of crop loans, all farmers severely affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment: Goyal
⛲ FM says Propose To Launch Pension Scheme For Unorganized Workers Govt To Contribute Equal Matching Share To Worker's Account Mega Pension Scheme To Guarantee Pension Of `3000 Per Month
⛲ Job seekers have turned job creators. India has become the second largest hub of startups: FM
⛲ Defense Budget Increased to Rs. 3 Lac Crore
⛲ Total gratuity limit increased to 30
Out of which 20 is tax free
⛲ Tax collections have increased significantly to almost Rs 12 lakh crore this year with nearly 80% growth in the number of taxpayers, Goyal notes
⛲ Tax scrutiny will also now be done electronically and there will be no interaction between the tax authority and the taxpayer.
⛲ Our govt wants GST burden on homebuyers to reduce. So we have requested the GST Council to set up a group of ministers who will now work out how to reduce the burden on homebuyers.
⛲ Despite high speculation, no changes in tax slabs and no investment incentives for salaried investors and tax payers.
⛲ He said: Made seizures worth Rs 50,000 crore in anti-black money moves Anti-black money measures have brought in revenues of Rs 1.3 lakh crore Benami properties of Rs 6900 crore attached 3.38 lakh shell companies identified, directors penalised 1.6 lakh new taxpayers as result of note ban in FY18 Illegal foreign property worth Rs 1600 crore attached
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BUDGET - TAX
👉 No TAX UPTO 5 LAKHS
👉 6.5 lakhs with 80C
👉 Salary standard deduction raised to Rs. 50000/-
👉 No levy of tax on notional rent on 2nd home.
👉 Bank Interest upto Rs. 40000 to not attract TDS
👉 Rent TDS limit to raised to 2.40 lakhs
👉 Investment in 2 houses can be done u/s 54 for a Capital Gain upto 2 crores in a lifetime.
👉 Notional rent period for real estate for unsold units is extended to 2 years
👉 Within 2 years, Tax assessment will be done electronically
👉 (T returns processing in just 24 hours
👉 Minimum 14% revenue of GST to states by Central Govt.
👉 Custom duty has abolished from 36 Capital Goods
👉 Recommendations to GST council for reducing GST rates for home buyers
👉 Full Tax rebate upto 5 lakh annual income after all deductions.
👉 Standard deduction has increase from 40000 to 50000
👉 Exempt on tax on second self-occupied house
👉 Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
👉 Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
👉 Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
👉 Benefit u/s 80IB has increased to one more year i.e. 2020
👉 Benefit has given to unsold inventory has increased to one year to two years.
🇮🇳 Budget - Other Areas
👉 State share has increased to 42%
👉 PCA restriction has abolished from 3 major banks
👉 2 lakhs seats will increase for the reservation of 10%
👉 60000 crores for manrega
👉 1.7 Lakh crore to ensure food for all
👉 22nd AIIMS has to be opened in Haryana
👉 Approval has to be given to PM Kisan Yojana
👉 Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
👉 National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission.
👉 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
👉 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
👉 Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
👉 Bonus will be applicable for workers earning 21000 monthly
👉 The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
👉 Our government delivered 6 crores free LPG connections under Ujjawala scheme
👉 2% interest relief for MSME GST registered person
👉.26 weeks of Maternity Leaves to empower the women
👉 More than 3 Lakhs crores for defence
👉 One lakh digital villages in next 5 years
👉 Single window for approval of India film makers
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Businesses with less than Rs. 5 crore annual turnover, comprising over 90% of GST payers, will be allowed to return quarterly returns
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LATEST GST LAW ADDITIONS
Due date for filing Form GSTR-7 has been extended to February 28, 2019
Extension of Time Limit for Submitting the FORM GST TRAN-1 to 31st March, 2019
Changes in Circulars Issued Earlier under the CGST Act, 2017
LATEST GST RULING’S UPDATES
A Person, Registered in West Bengal, cannot Claim Input Tax Credit for CGST & SGST of Other States
Filling Tea Leaves into Tea Bag Pouches and Stitching is a Composite Supply
Sweeping Service to Housing Directorate can’t be classified as an activity entrusted to Panchayat
No Exemption from GST on Supply of ‘Security Service’ and ‘Scavenging Services’ to Medical Colleges and Hospitals
LATEST GST NEWS UPDATES
GST Collections Scale ₹1 Trillion in January
#Budget 2019: GST Collections Pegged at Rs 7.61 Lakh Crore for FY20; FY19 Budgeted .
Target Missed
Centre Eyes Moderate GST Revenue in FY20; Net Revenue Rises Little
GST Turns out to be a Game Changer, Average Monthly Collection at Rs 97,100 Crore
GST Exemption Limit Extension may not help Regional Traders, Manufacturers
IRDAI in Talks with Govt to Trim GST on Essential Insurance Products: Subhash Khuntia
Govt Disappoints Two-Wheeler Companies with No GST Relief
No GST Relaxation for under Construction Home Buyers
GST Council to Appoint a GoM to Examine and make Recommendations to Reduce GST Burden on Home Buyers
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👉GST Collections have jumped to Rs 1 Lakh Crore in January this year from the Rs 94,726 Crore collected in December last year.
👉CBIC extends Due Date for filing of GSTR-7(Form for Tax Deducted at Source (TDS) under GST) to 28th February 2019
👉FDI in E-Commerce: Govt takes bold step ahead of Lok Sabha polls and clarifies that there will be no extension to the February 1 deadline and E-Commerce Companies will have to comply with the revised Foreign Direct Investment (FDI) Guidelines.
👉SEBI exempts State run Oil India Limited(OIL) from complying with Buyback Regulations with regard to its Proposed 5.04 Crore Share Purchase Programme. The order comes after the PSU filed an application in December with the SEBI seeking exemption from the strict enforcement of the buyback norms.
👉RBI decides to Remove & free 3 Banks namely Bank of India, Bank of Maharashtra and Oriental Bank of Commerce its Prompt Corrective Action Plan (PCA) for State-Owned Banks that had high levels of bad debt and inadequate capital
👉RBI Launches Digital Payments Ombudsman Scheme to Address User Complaints for Digital Payments. t had first spoken about the scheme in the December 5 Monetary Policy Statement promising to create a separate ombudsman for digital payments.
👉CA Prafulla Chajjed to be New ICAI Chief from February for the year 2019-20, as CA Naveen ND Gupta’s Tenure Expires
👉🏻CBDT notifies verification scheme for issuance of e-notices to taxpayers
(CBDT has come up with a new verification scheme for issuance of e-notices to taxpayers)
👇🏻 👇🏻 👇🏻
https://goo.gl/CeKFx2
👉🏻GSTN develops system to fetch e-way bill data to curb evasion
(GSTN has provided a facility to taxpayers, where month's e-way bill data is shown in format, which is required by a taxpayer to fill up the Form GSTR-1)
👇🏻 👇🏻 👇🏻
https://goo.gl/39fwn4
👉🏻RBI lifts lending restrictions of BoI, BoM and OBC
(RBI removed three state-owned banks from its weak-bank watch list, a move that will lift lending restrictions on them)
👇🏻 👇🏻 👇🏻
https://goo.gl/Gc4ei5
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GST AAJ TAK
1. As Per Amended Section 9(4) Of CGST Act The Government has taken Power To Notify Class Of Person On Which GST will Be Charged in Reverse Charge Basis RCM On purchase from Unregistered Person Reintroduced But It Will Be applicable only on the class of Person which will be notified by the Government. Till Date The Govt has not Notified any such class of Person. Effective from 01-02-2019
2. New Rule 21A has been inserted vide Notification No 03/2019- Central Tax effective from 01.02.2019 regarding suspension of registration - Where a registered person has applied for cancellation of registration under rule 20, the registration shall be deemed to be suspended from the date of submission of the application or the date from which the cancellation is sought, whichever is later, pending the completion of proceedings for cancellation of registration under rule 22.