Press Information Bureau Government of India Ministry of Finance 01-February-2020 14:43 IST New Personal Income Tax Regime heralds significant relief, especially for Middle Class Taxpayers New tax regime to be optional for the taxpayers New rates entail estimated revenue forgone of Rs 40,000 Crore per year In order to provide significant relief to the individual […]
MSMEs turnover threshold for Audit increased 5 times to Rs 5 Crore. Increased limit to apply only to Businesses carring out less than 5% of their business transactions in cash Significant tax relief to start-ups
‘Vivad Se Vishwas’ scheme proposed to reduce litigations in direct taxes; scheme to remain open till 30th June, 2020 Faceless appeals proposed to eliminate human interface for imparting greater transparency in dispute settlement CBDT to adopt a taxpayers’ charter; details to be notified soon Pan to be allotted online on the basis of Aadhaar without any requirement of detailed application.
Union Budget proposed to remove the Dividend Distribution Tax. Currently, companies are required to pay DDT on the dividend paid to its shareholders at the rate of 15% plus applicable surcharge and cess in addition to the tax payable by the company on its profits, the Minister said.
5% Health Cess proposed to give impetus to the Domestic Medical Equipment Industry; proceeds to be used for creating health infrastructure in aspirational districts Anti-dumping duty on PTA being abolished in the larger public interest Basic customs duty on imports of news print and light-weight coated paper proposed to be reduced from 10% to 5% Excise duty, by way of national calamity contingent duty on cigarettes & other tobacco products to be raised; no change in the duty rates of Bidis Provisions relating to safeguard duties being strengthened
The gross GST revenue collected in the month of January, 2020 is ₹ 1,10,828 crore of which CGST is ₹ 20,944 crore, SGST is ₹ 28,224 crore, IGST is ₹ 53,013 crore (including ₹ 23,481 crore collected on imports) and Cess is ₹ 8,637 crore (including ₹ 824 crore collected on imports). The total number of GSTR 3B Returns filed for the month of December up to 31st January, 2020 is 83 lakh (prov).
Tender for Appointment of Chartered Accountant firm for undertaking a GST Audit of the GST registration and filing Forms GSTR-9 and GSTR-9C for FY 2018-19.
Taxation Bar Association, Modinagar has made a representation and requested for upgrading GST Portal and for extending the due date of Form GSTR-9, GSTR-9A, GSTR-9C and GSTR-1. It also demanded refund of late fees paid by taxpayers for delay in filing of GSTR-3B, GSTR-1 and GSTR-10. it further demand facilty to revise GSTR-9, GSTR-9A, GSTR-9C […]
6 Major Professional Bodies of has requested considering the fact that the filing of FY 2017-18 is the first filing by all taxpayers and professionals and considering and issue faced in filing GSTR-9, 9A & 9C, date for filing the said forms be extended by at least two months i.e. from 31.01.2020 to 31.03.2020, and also waive late fees on these returns and report (F.Y. 2017-18) permanently.
The epic treatise of modern economics, written by Adam Smith in 1776, was interestingly titled ‘An Inquiry into the Nature and Causes of the Wealth of Nations’. With India having become the fifth largest economy in the world in 2019 and aspiring to be the third largest by 2025, it is only befitting to go […]
