In Budget 2019 there are Numerous of changes related to Income tax , related to compliance part , additional burden of Tax by imposing super rich surcharges and , step taken by giving enhancing limit of exemption to boom and revive housing sector , Imposing TDS on Cash withdrawn to curb cash transaction, and encouraging […]
Dr. Sanjiv Agarwal, FCA, FCS The Union Budget 2019-20 / Finance Bill, 2019, which was presented in Parliament on 5th July, 2019 has been passed by the Parliament now and since enacted on 1st August, 2019. The provisions relating to changes in CGST Act, 2017 in sections 10, 22, 25, 31A, 39, 49, 50, 52, 54, […]
The Finance Bill, 2019 stands passed by the Parliament. Within a month of the last meeting, GST Council meets again for 36th time on 25 July, 2019. It is likely to consider the proposals of GST rate reduction in case of electric vehicles, from 12% to 5% besides taking up similar issue for solar systems, wind mills etc. The GST rate on chargers may also be slashed. The issue on lotteries is also to be discussed subject to clarity from Government.
Union Budget for the year 2019-20, as laid in the Parliament on 5th July, 2019 is the first Budget of the new Union Government and so for the Union Finance Minister, a woman. While the Budget promises a host of plans, welfare schemes and developmental activities, here is a snap shot of the of the major offerings in terms of direct and indirect taxation in the backdrop of economic slowdown.
GST Council has already proposed new return forms which shall be rolled out from January 1, 2020 but pilot testing will start now. The GST Council took some important decisions in 35th Council meeting held on 21st June, 2019 including e-invoicing, extension of due dates for returns including ones extension of tenure of National Anti-profiteering Authority etc. Some clarifications on refunds and taxability of post supply discounts etc have also been issued, besides amendments in GST rules.
35th meeting of the GST council took place on 21st June, 2019, first one for current Union Finance Minister, Mrs. Nirmala Sitaraman and under the new Government’s tenure.
nput tax credit on inward supplies received in 2017-2018 but availed in April, 2018 to March, 2019shall be declared in Table 8C of FORM GSTR-9. > Transactions relating to financial year 2017-18 but declared in returns from April, 2018 to March, 2019 shall be declared in Part V of FORM GSTR-9.
GST Council should now seriously think of including petroleum products, electricity, and real estate in GST ambit. If alcoholic liquor can also be subsumed, it would be indeed a great achievement.
CBIC has recently issued a new set of FAQ’s on GST on real estate projects for which changes were made recently. Accordingly, while a home buyer can not decide upon the rate of GST to be levied to installments remaining to be paid for a under construction flat or on a new booking, it is the builder who will have to opt for the GST rate, i.e., new or old @ 12%. As a result, there could be situations that for a similar flats, different buyers may have to shell out different amounts based on options chosen by the builders.
Alco beverages sector is highly regulated in India from all angles be- it regulation of industry itself in terms of capacity, products, marketing and distribution or taxation. Indirect taxation has been a concern for alco-beverages, both in pre-GST regime prior to July 1, 2017 and even today. While it suffered heavy and multiple taxation in pre-GST era, presently it is not only crippled with GST and non-GST taxes but also the adverse cascading impact due to not being covered under Goods and Services Tax (GST).
