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11 crore unaccounted Arecanut stocks found in raids by Bengaluru South Zone enforcement at 13 places in Shivamogga and Sagara

    

M/s Tanya Enterprises held guilty of profiteering on Fogg Deo Fougere Bx 150 ml : NAA

    

Phillips India held guilty for profiteering and not passing the benefit of GST to customers: NAA

    

No Export or Import of goods without physical movement of goods: Says AAR

    

Kraft paper honeycomb boards or paper honeycomb boards to be classified under HSN 48089000 instead of 48081000 : Says AAR

    

Work contract services provided to National Centre for Biological Sciences (NCBS) to be taxable at 18% GST and not 12% GST: Says AAR

    

CBIC tweet for consideration of GST late fee waiver for past period from Aug 2017 to Jan 2020

    

Next GST Council Meeting likely to happen on June 14

    

Principles of natural justice not followed by officer. Assessment order set aside and remitted back for redoing the assessment again on merits of case : Madras High Court

    

Bail Petition of Sh. Rajesh Arora : Rajasthan High Court

    
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Finance Bill

Budget 2019 Highlights

No change in personal income tax slab rates. 

Income Tax return can now be filed without PAN by using Aadhar Number.

Additional deduction of Rs. 1.5 Lakhs shall be allowed for interest on home loan, which is borrowed upto 31.03.2020. However houses with the cost of upto Rs 45 lakhs shall only be eligible for this additional deduction. 

To discourage use of cash by businesses, TDS @ 2% shall be deducted by banks on cash withdrawals exceeding Rs.1 crore per annum.

Currently reduced corporate tax rate of 25% is applicable to companies with an annual turnover capping of Rs 250 crore only. This capping has been proposed to increase from Rs. 250 crore to Rs. 400 crore. This will cover up 99.3% of total companies in India.

Surcharge for individuals having taxable income between Rs. 2 crores to Rs. 5 crores has been increased to 18% from 15%.

Surcharge for individuals having taxable income of Rs 5 crores & above has been increased to 22% from 15%.

Proposal to give relief in levy of Securities Transaction Tax (STT).

To make electric vehicles affordable, additional IT deduction on 1.5 lakh on interest paid on loan taken to purchase electric vehicles.

To reduce GST Rate from 12% to 5% on Electric vehicles.

Proposed to increase special additional excise duty by 1 rupee per litre and also infrastructure cess by 1 rupee per litre on petrol and diesel. This will make petrol and diesel costlier by Rs. 2 per litre.

New coins released for visually impaired to be made available to public very shortly.

Public sector banks to be provided 70,000 crore rupees to boost capital and improve credit.

To encourage women entrepreneurship, Women Self Help Group(SHG) Interest Subvention Programme to be expanded to all districts in India.

Exclusive TV programme for startups to be started. Channel will be designed and executed by startups themselves.

India will be made open defecation free on 2 October 2019, as per the dream of Prime Minister Narendra Modi.

FM said, it is the right time to consider increasing minimum public shareholding in the listed companies. FM asked SEBI to consider raising the current threshold of 25% to 35%.

Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than Rs. 1.5 crore under Pradhan Mantri Karam Yogi Man Dhan Scheme.

350 crore rupees allocated for 2% interest subvention for all GST registered MSMEs on fresh or incremental loans.

MSME: Large-scale extensive reforms planned, government to create a platform for MSME payments.

MSME to get loans up to 1 crore within 59 minutes. Loans worth Rs. 350 crore has already been disbursed.

Every SHG Women having Jan Dhan Account – Rs. 5,000/- overdraft allowed

Loan up to 1 lakh under Mudra Scheme for Women entrepreneurs

Proposal for Issuance of Aadhar Card on arrival for NRIs with Indian Passports.

To increase NRI investment in Indian capital market – NRI portfolio scheme route and FPI route should merge.

No charge on digital payments: MDR charges waived on cashless payment.

 


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Posted by

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on Jul 5, 2019


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