AMERA GROUP

18/12/2019

GST Updates
Major announcements in GST council : 18th Dec 2019

1. The Council decided that input tax credit will now be restricted to 10 percent as against 20 percent earlier if invoices not uploaded.

2. Deadline for GSTR 9 and GSTR 9C return filing for 2017-18 extended to January 31, 2020 from December 31, 2019 .

3. Penalty for non-filing of GSTR-1 from July 2017 relaxed . Late fee waived for all assessees failed to file GSTR 1 , if they file it by 10th January 2019.

4. GST Council exempts long term lease on industrial plots to facilitate setting up of industrial parks.

5. Land lease GST rates to be applicable from January 1, 2020.

6. Uniform rate of 18% for woven and non-woven bags.

7. Uniform rate of 28% for lotteries.
At present, lotteries run by state governments attract 12% GST while those authorised by them and sold outside the state are taxed at 28%.

8. E-way bill for those who haven't filed GSTR-1 for 2 tax periods shall be blocked.

9. Standard procedure for officers to be issued in respect of action to be taken in cases of non-filing of GSTR-3B.

10. Due date of filing GST returns for Nov 19 to be extended in certain north eastern states.

11. Grievance redressal committees will be constituted to address the general problems of the taxpayers at zonal and state level with both CGST and SGST officers and including certain representatives.

https://www.gst.gov.in

07/12/2019

Business Thought :

The world is full of opportunities and yes problem exists with every step. If you start with a plan and fight with each problem you will succeed definitely.

08/07/2019

Time has come to file your ITR for the FY 2018-19 (AY 2019-20) on or before 31st July 2019.

01/02/2019

HIGHLIGHTS OF BUDGET 2019

Tax
1. Within 2 years, Tax assessment will be done electronically
2. IT returns processing in just 24 hours
3. Minimum 14% revenue of GST to states by Central Govt.
4. Custom duty has abolished from 36 Capital Goods
5. Recommendations to GST council for reducing GST rates for home buyers
6. Full Tax rebate upto 5 lakh annual income after all deductions.
7. Standard deduction has increase from 40000 to 50000
8. Exempt on tax on second self-occupied house
9. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000
10. Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000
11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses.
12. Benefit u/s 80IB has increased to one more year i.e. 2020
13. Benefit has given to unsold inventory has increased to one year to two years.
Other Areas
14. State share has increased to 42%
15. PCA restriction has abolished from 3 major banks
16. 2 lakhs seats will increase for the reservation of 10%
17. 60000 crores for manrega
18. 1.7 Lakh crore to ensure food for all
19. 22nd AIIMS has to be opened in Haryana
20. Approval has to be given to PM Kisan Yojana
21. Rs. 6000 per annum has to be given to every farmer having upto 2 hectare land. Applicable from Sept 2018. Amount will be transferred in 3 installments
22. National kamdhenu ayog for cows. Rs. 750 crores for National Gokul Mission
23. 2% interest subvention for farmers pursuing animal husbandry and also create separate department for fisheries.
24. 2% interest subvention for farmers affected by natural calamities and additional 3% interest subvention for timely payment.
25. Tax free Gratuity limit increase to 20 Lakhs from 10 Lakhs
26. Bonus will be applicable for workers earning 21000 monthly
27. The scheme, called Pradhan Mantri Shram Yogi Mandhan, will provide assured monthly pension of Rs. 3,000 with contribution of Rs. 100 per month for workers in unorganized sector after 60 years of age.
28. Our government delivered 6 crores free LPG connections under Ujjawala scheme
29. 2% interest relief for MSME GST registered person
30. 26 weeks of Maternity Leaves to empower the women
31. More than 3 Lakhs crores for defence
32. One lakh digital villages in next 5 years
33. Single window for approval of India film makers.

18/04/2018

Advisory before filing of Income Tax Return of Salaried Employees

31/03/2018

31/03/2018

All taxpayers will pay a bit of more tax due to hike in and education cess. Budget 2018 had proposed to hike cess on income tax from 3% to 4%.

22/03/2018

While submitting proof for reimbursements make sure it is real and not fake as that would get you in serious trouble with the tax department.

19/03/2018

16/03/2018

BSE Sensex fell 461 points to 33,224, while the NSE Nifty slipped below the 10,250 level.