Budget 2021- Seeks to further amend notification No. 82/2017-Customs, dated 27.10.2017 – Notification No. 13/2021-Customs Date- 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 15/2021-Customs New Delhi, the 1st of February, 2021 G.S.R. 73(E). – In exercise of the powers conferred by sub-section (1) of section 25 of the […]
Budget 2021- CBIC exempts Social Welfare Surcharge leviable on Crude or roughly trimmed or Blocks Marble or travertine – Notification No. 13/2021-Customs Date- 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 14/2021-Customs New Delhi, the 1st of February, 2021 G.S.R. 72(E).– In exercise of the powers conferred by sub-section […]
Budget 2021- Seeks to exempt Social Welfare Surcharge leviable on Agriculture Infrastructure and Development Cess on Gold and Silver – Notification No. 13/2021-Customs Date- 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 13/2021-Customs New Delhi, the 1st February, 2021 G.S.R.71(E).- In exercise of the powers conferred by sub-section (1) […]
Budget 2021- Seeks to rescind notification No. 12/2018-Customs, Dated 02.02.2018- Notification No. 12/2021-Customs Date- 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 12/2021-Customs New Delhi, the 1st February, 2021 G.S.R. 70(E).– In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 […]
Interpretation of Finance Bill 2021 Indirect tax Central Goods and Service Tax Extract 99. In the Central Goods and Services Tax Act, 2017 (hereinafter referred as the Central Goods and Services Tax Act), in section 7, in sub-section (1), after clause (a), the following clause shall be inserted and shall be deemed to have been […]
1. Capping of PF contribution limit to 2.50 lacs Instances have come to the notice where some employees are contributing huge amounts to these funds and entire interest accrued/received on such contributions is exempt from tax under clause (11) and clause (12) of section 10 of the Act. This exemption without any threshold benefits only […]
Considering we are still battling the Corona virus, it is no surprise that this year’s budget focused on improving healthcare and infrastructure. Health allocation jumped 137% for 2021-22 compared with allocated budget in 2020-21.
An assessment of today’s budget might want to start by listing the myriad challenges that the finance minister faced. Mercifully, the economy seems on the mend and the nominal GDP growth of 14.4 per cent assumed in the budget for 2021-22 looks impressive. However, some the fizz in the number comes from the extraordinarily low denominator of 2020-21 due to the 7.7 per cent contraction in real GDP.
♦ INTRODUCTION: Hon’ble Finance Minister Smt. Nirmala Sitharaman ji has placed her third consecutive budget after taking charge of Finance Ministry. This Budget will be the first of this new decade 2021-2030. This time, due to COVID-19, budget printing was not undertaken and therefore it is declared that, this Budget is “Digital Budget”. ♦ BUDGET […]
The budget presented on Ist Feb 2021 has brought apparently some good news for the assesses but adverse news for the professionals like CMAs and CAs on GST front with regard to discontinuance of GST audit as the professionals had put in lot of labour to streamline the GST mechanisms in the organisations during GST […]
