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12/02/2019

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01/02/2019

High lights of Intrime budget :-
No income tax for income up to ₹5 lakh
Individuals with gross income of up to ₹6.5 lakh need not pay any tax if they make investments in provident funds and prescribed equities
Standard tax deduction for salaried persons raised from ₹40,000 to ₹50,000
TDS threshold on interest on bank and post office deposits raised from ₹10,000 to ₹40,000
TDS threshold on rental income increased from ₹1.8 lakh to ₹2.4 lakh
I-T processing of returns to be done in 24 hours
Within the next 2 years, all verification of tax returns will be done electronically without any interface with the tax payer
Package of ₹6000 per annum for farmers with less than 2 hectares of land. Scheme will be called Pradhan Mantri Kisan Samman Nidhi.
Vande Bharat Express, an indigenously developed semi high-speed train, to be launched
One lakh digital villages planned in the next five years
Fund allocation to the Northeast region increased to ₹ 58,166 crore, a 21% rise over last year for infrastructure development
Anti-camcord regulations to be introduced in the Indian Cinematograph Act to prevent piracy and contact theft of Bollywood films.
Single window clearance for Indian filmmakers.
25 per cent of sourcing for government projects will be from the MSME, of which three per cent will be from women entrepreneurs.
National Artificial Intelligence portal to be developed soon
ESI cover limit increased to ₹ 21,000. Minimum pension also increased to ₹ 1000.
Mega pension scheme for workers from the organised sector with an income of less than ₹15,000. They will be able to earn ₹ 3000 after the age of 60. The scheme will be called PM Shramyogi Maan Dhan Yojana.
2% interest subvention for farmers pursuing animal husbandry.
All farmers affected by severe natural calamities will get 2% interest subvention and additional 3% interest subvention upon timely repayment
Decision taken to increase MSP by 1.5 times the production cost for all 22 crops
The 22nd AIIMS will come up in Haryana

18/01/2019

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17/01/2019

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12/01/2019

Return/Form Extended due date Taxpayers eligible for extension
1 Form GSTR-3B for September 2018 and October 2018 30th November 2018 Taxpayers whose principal place of business is in the district of Srikakulam in Andhra Pradesh
2 Form GSTR-3B for October 2018 20th December 2018 Taxpayers whose principal place of business is in 11 districts of Tamil Nadu*
3 Form GSTR-1 for September 2018 and October 2018 30th November 2018 Taxpayers having aggregate turnover more than Rs.1.5 crore and whose principal place of business is in the district of Srikakulam in Andhra Pradesh
4 Form GSTR-1 for October 2018 20th December 2018 Taxpayers having aggregate turnover more than Rs. 1.5 crore and whose principal place of business is in the 11 districts of Tamil Nadu*
5 Form GSTR-1 for the quarter July 2018 to September 2018 30th November 2018 Taxpayers having aggregate turnover of up to Rs. 1.5 crore and whose principal place of business is in the district of Srikakulam in Andhra Pradesh
6 Form GSTR-4 for the quarter July 2018 to September 2018 30th November 2018 Taxpayers registered under Composition scheme, whose principal place of business is in the district of Srikakulam in Andhra Pradesh
7 Form GSTR-7 for the month of October 2018 31st January 2019 All taxpayers

12/01/2019

32nd GST Council meeting was held at New Delhi and chaired by Shri Arun Jaitley. Announcements made was a big relief to MSMEs and small traders.

The key takeaways of the 32nd GST Council meeting are as follows:

Increase in GST registration limit from Rs 20 lakhs up to Rs 40 lakhs for suppliers of goods.
Changes in the existing composition scheme made by increasing the turnover limit to join the scheme up to Rs 1.5 crores, tax payments to be made quarterly and returns to be filed annually starting 1st April 2019.
New composition scheme is introduced for service providers and those who supply services along with goods; the Turnover limit set is Rs 50 lakhs and the Tax rate is fixed at 6%.
No rate cuts were announced this time. GoMs were formed to study taxation of under-construction properties & lotteries.
Calamity cess up to 1% for up to 2 years will be charged for supplies made within the State of Kerala.

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07/01/2019

Dear Taxpayer,



It is to inform you that, late fee payable on filing of Form GSTR 1, Form GSTR 3B & Form GSTR 4, pertaining to the tax period from July 2017 to September 2018, if filed between the period 22ndDecember 2018 till 31st March 2019, has been completely waived off.



Thus, now no late fee will be charged from taxpayers in respect of their filing of Form GSTR 1, Form GSTR 3B or Form GSTR 4, pertaining to period July 2017 to September 2018, if filed between the period from 22nd December 2018 till 31st March, 2019.

You are therefore advised to file your Form GSTR 1, Form GSTR 3B or Form GSTR 4 on GST portal, for the above period, if not filed so far.



Please refer to Notification No. 75/2018 , 76/ 2018 & 77/2018 -Central Tax all dated 31/12/2018, issued by Central Board of Indirect Taxes and Customs, in this context.



For your convenience, detailed step by step manual to file Form GSTR 1/ 3B/ 4 is available in help menu at GST portal home page, and can be accessed via link https://www.gst.gov.in/help/returns.



You may also watch & subscribe to GSTN youtube channel https://www.youtube.com/c/GoodsandServicesTaxNetwork to watch short videos and webinar recordings on GST portal processes, conducted by GSTN officials.



If you have already filed Form GSTR 1, Form GSTR 3B or Form GSTR 4 for this period,



This is for your information please.

Thanking you,
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05/01/2019

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