KEY INDIRECT TAX PROPOSALS BUDGETS 2019

KEY INDIRECT TAX PROPOSALS BUDGETS 2019

GST

Ø  GST aims to benefit small traders, manufacturers and service providers. Exemptions from GST for small businesses has been doubled from Rs. 20 lakh to Rs. 40 lakh.

Ø  Further, small businesses having turnover up to Rs. 1.5 crore have been given an attractive composition scheme wherein they pay only 1% flat rate and have to file one annual return only.

Ø  Similarly, small service providers with turnover upto Rs. 50 lakh can now opt for composition scheme and pay GST at 6% instead of 18%.

Ø  More than 35 lakhs small traders, manufacturers and service providers will benefit from these trader friendly measures. Soon, businesses comprising over 90% of GST payers will be allowed to file quarterly return for Businesses with less than Rs 5 crore annual turnover.

Ø  Our Government wants the GST burden on home buyers to be reduced and accordingly we have moved the GST Council to appoint a Group of Ministers to examine and make recommendations in this regard at the earliest.

Ø  Assuring minimum 14% revenue of GST to State Government by Central Government.

Customs

To promote the “Make in India” initiative, Government have undertaken rationalization of customs duties and procedures. Government has abolished duties on 36 capital goods. A revised system of importing duty-free capital goods and inputs for manufacture and export has been introduced, along with introduction of single point of approval under section 65 of the Customs Act. Indian Customs is introducing full and comprehensive digitalization of export/import transactions and leveraging RFID technology to improve export logistics.

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