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Key Changes in interim budget FY 2019-20

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...
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Reduction in GST rates from 23rd Dec., 2018

Reduction in GST rates effective from 1st January, 2019 GST Council in the 31 meeting held on 22 December, 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy understanding. The same would be given effect to through Gazette notifications/ circulars which shall have force of law. I. GST rate reduction on goods which were attracting GST rate of 28% : A. 28% to 18% Pulleys, transmission shafts and cranks, gear boxes etc., falling under HS Code 8483 Monitors and TVs of upto screen size of 32 inches Re-treaded or used pneumatic tyres of rubber; Power banks of lithium ion batteries. Lithium ion batteries are already at 18%. This will bring parity in GST rate of power bank and lithium ion battery. Digital cameras and video camera recorders Video game consoles and other games and sports requisites falling under HS code 9504. B. 28% to 5% Parts and accessori...
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Key Recommendations made during 31Meeting of the GST Council The GST Council in its 31 meeting held today at New Delhi made the following policy recommendations: 1. There would be a single cash ledger for each tax head. The modalities for implementation would be finalised in consultation with GSTN and the Accounting authorities. 2. A scheme of single authority for disbursement of the refund amount sanctioned by either the Centre or the State tax authorities would be implemented on pilot basis. The modalities for the same shall be finalized shortly. 3. The new return filing system shall be introduced on a trial basis from 01.04.2019 and on mandatory basis from 01.07.2019. 4. The due date for furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C for the Financial Year 2017 – 2018 shall be further extended till 30.06.2019. 5. The following clarificatory changes, inter-alia, shall be carried out in the formats/instructi...
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Tax & Compliance due dates in October, 2018

Compliance Calander October, 2018                                                                                                                                                       www.vmrca.com S.No. Last Date Category Compliance Consequence of Delay/Non Compliance 1 5/10/2018 KYC of Directors Every individual who has been alloted a Director Identification Number (DIN) on or before 31st of March, 2018, shall mandatorily submit e-form DIR-3 KYC on or before 5th October, 2018 with late filing fee of Rs. 500. L...
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GST Refund related clarification Various representations have been received seeking clarification on issues relating to refund. In order to clarify these issues and to ensure uniformity in the implementation of the provisions of law across the field formations, the Board, in exercise of its powers conferred by section 168 (1) of the Central Goods and Services Tax  Act , 2017 (hereinafter referred to as “CGST  Act ”), hereby clarifies the issues as detailed hereunder through cercular No.  59/33/2018 Dt. 4th Sept., 2018  : Submission of invoices for processing of claims of refund Now no need to submit copies of invoices (either original or duplicate). Refund claim shall be accompanied by a print-out of FORM GSTR-2A of the claimant for the relevant period for which the refund is claimed. The proper officer shall rely upon FORM GSTR-2A as an evidence. Hard copy of invoices may be asked only where these invoices are not present in GSTR-2A. Following nee...
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