The Action Plan for 2018-19 was a comprehensively re-modeled plan that sought to address all the current priorities in a holistic manner. It laid special emphasis on a number of critical areas such as litigation management, improving quality in diverse areas of work and strengthening compliance and enforcement functions. The plan worked well and resulted in enhanced level of performance in all functions across the board.
Changes in Customs, Central Excise, Service Tax, GST law and rates have been proposed through the Finance (No.2) Bill, 2019. To prescribe effective rates of duty following notifications are being issued:
Explanatory memorandum to Notifications No. 18/2019-Customs to 27/2019-Customs all dated 6th July 2019: – S. No. Notification No. Description 1. Notifications No. 18/2019-Customs dated 6th July 2019 Seeks to increase the effective rate of Road and Infrastructure cess, as additional duty of customs, on petrol and diesel. 2. Notifications No.19/2019-Customs dated 6th July 2019 Seeks to […]
Tax rates for individuals having taxable income from Rs. 2 cr – 5 cr and Rs. 5 cr & above to be increased by around 3 % and 7 % respectively The effective tax rates for the higher income group individuals having taxable income from Rs. 2 crore to Rs. 5 crore and Rs. 5 […]
Union Budget envisions India as a global hub for manufacturing electric vehicles Says inclusion of solar storage batteries and charging infrastructure in the fame scheme will Boost production Government has sought lowering of GST on electric vehicles from 12% to 5% Union Budget says government will provide additional income tax deduction of Rs 1.5 Lakh […]
Union Budget proposes measures to deepen Corporate Debt markets Government will work with regulators RBI/SEBI to enable stock exchanges to allow AA rated bonds as collaterals A number of measures to further deepen bond markets have been proposed by the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Union Budget […]
Union Budget proposes creation of a social stock exchange- under the regulatory ambit of Securities and Exchange Board of India (SEBI) for listing social enterprises and voluntary organizations Government to take up necessary measures for inter-operability of RBI depositories and SEBI depositories Creation of a social stock exchange has been proposed by the Union Minister […]
Public Sector Banks proposed to be provided Rs 70,000 crore capital to boost credit Government will provide one time six months’ partial credit guarantee to Public Sector Banks for first loss of up to 10% Appropriate proposals for strengthening regulatory authority of RBI over NBFCs being placed in Finance Bill Public Sector Banks are to […]
Union Budget proposes number of measures to enhance the sources of capital for infrastructure financing Credit Guarantee Enhancement Corporation to be set up in 2019-20 An action plan to deepen the market for long term bonds to be put in place A Credit Guarantee Enhancement Corporation is to be set up in 2019-20. This was announced by […]
Economic Survey 2018-19: General Government (Centre plus States) has been on the path of fiscal consolidation. Economy expected to grow at 6.8 per cent in 2018-19. Fiscal Deficit of 3% of GDP by FY2020-21 & Central Government debt to 40% of GDP by 2024-25 Targeted. Improving Quality of Expenditure is key Priority; Broadening and Deepening the Direct Tax base and Stabilization of Goods and Services Tax are the Other Priorities. Total Transfers to States rose by 1.2 %age points of GDP from 2014-15 to 2018-19 RE.
