Clause by Clause analysis of Budget 2018-19

We have analysed Clause by Clause amendments in Direct Tax proposals that are being proposed in the Union Budget 2018 presented by Hon’ble Finance Minister.

Please click here :Detailed Direct Tax Proposals 2018-19

FAQ on Cash Receipt of Rs.2 Lakh or More w.e.f 01.04.2017 (Section 269ST)

Earlier there were restriction on payment of cash beyond certain limit. However, there was no restriction on receipt of cash for any transaction. Now, there are  changes in Cash Receipt of Rs.2 Lakh or More w.e.f 01.04.2017. The details of FAQ on Cash Receipt of Rs.2 Lakh or More w.e.f 01.04.2017 (Section 269ST) is as under:

click here for FAQ on cash transactions (sec 269ST)

GST Bills Introduced in Lok Sabha

After getting approval in GST Council Meeting for Draft GST Laws viz., Central Goods & Service Tax Bill, Integrated Goods & Service Tax Bill, Union Territory Goods Service Tax Bill, Compensation GST Bill, these bills are finally presented in Lok Sabha on 27th March, 2017. Government intends to pass these legislations during ongoing budger session in Parliament.

After getting approval from Parliament for these legislations, State Goods & Service Tax Bill will be presented in respective State Assemblies for their approval.

In the next meeting, GST council will discuss upon tax rates of commodities under GST regime along with some other matters. As tax rate slabs have already been finalized, discussion will be on which catagory of goods would come under which slab. Futher, most probably Services would be taxed at 18% as against current service tax rate of 15%.

BUDGET 2017-18 OVERVIEW

 

Hon’ble Finance Minister Arun Jaitley started his speech by saying, “The Govt is now seen as a trusted custodian of public money, I express gratitude to people for their strong support. Our Govt was elected amidst huge expectations of people, the underlying theme of expectations being good governance. The focus will be on energizing our youth, to reap benefits of growth & employment. We have moved from a discretionary administration to a policy-based administration.”

Hon’ble Finance Minister Arun Jaitley presented the Budget amid hopes that the proposals of this Budget will help revive a slowing economy of India. Government is keen on movement towards cashless economy to avoid Black Money Transactions and ease of transactions through digitisation.

click here for budget-highlights-2017-18

FAQs on Enrolment of the Existing Taxpayer on the GST System Portal

As the 1st April, 2016 apporaching, GST will actually see the light to of the day. Government has already published Draft GST Law, Rules and Returns for stake holders’ consideration. Government machinery is working keeping in mind target of GST implementation as on 1st April, 2016. 
 
Government has set the date of 8th November, 2016 as first phase of migration of existing dealers to GST Netwrok. Government has also issued FAQs on Enrolment of the Existing Taxpayer on the GST System Portal for the benefit of tax payer at large.

FAQs on GST

With the 101st Constitution Amendment Act coming into force on 8th September, 2016 and notification of the GST Council on 15th September – the road to GST rollout is clear. Government is keen on introducing GST the biggest indirect tax reform, with effect from 01 April 2017. Industry and stakeholders also need time to understand the proposed GST regime. Keeping this in mind, Government released FAQs to empower trade and industry to get familier with proposed GST.

Click Here to View FAQs on GST released by CBEC.