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Tax Audit due date extension AY 2019-20


GST Council 37th Meeting Update


Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs


Fake Input and refund of IGST on exports - crackdown by DGGI and DRI


GST Council may Scrap GSTR-9 and GSTR-9C for FY 17-18 for small taxpayers upto 5 crore turnover


Changes in 36th GST Council Meeting held on 27th July 2019


CMP-08 due date for quarter April 2019 to June 2019 extended till 31st July 2019


Press Release restricting the last date for availing ITC for FY 2017-18 is illegal : Gujarat High Court


Budget 2019 Highlights - 05 July 2019


Transfer of GST amount from one head to other head (Form GST PMT - 09)


DGGST arrests one person for availing and passing fake ITC of Rs.16 Crore.


Notification issued to extend the date of blocking and unblocking on e-way bill facility to 21.08.2019.


Press Release of 35th GST Council Meeting held on 21st June 2019


Issues reported in filing Form GSTR 9C by the taxpayers : Advisory by Team GSTN


Issues reported in filing Form GSTR 9 by the taxpayers: Advisory by Team GSTN


New GST Return Transition Phase applicable from Oct 2019


Latest amendments in GST enacted on 07.03.2019


Recommendations of the 33rd GST Council meeting held on 24.02.2019


GSTR-3B due date for January 2019 has been extended upto 22.02.2019


New GST Input-Output Set off Rules w.e.f. 01.02.2019

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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.


ID: 497 | Date 05-07-2019 | Posted By:

CA Mohit Jain

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