Government may double income tax exemption limit from Rs 2.5 lakh to Rs 5 lakh

Currently, income up to Rs 2.5 lakh is exempt from personal income tax. Income between Rs 2.5-5 lakh attracts 5 percent tax , while that between Rs 5-10 lakh is levied with 20 percent tax. Income above Rs 10 lakh is taxed at 30 percent. Rs 5 lakh exemption is only applicable to individuals of over 80 years.
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Decisions taken by the GST Council in the 32nd meeting held on 10th January, 2019

GST Council in the 32nd meeting held on 10th  January, 2019 at New Delhi took following decisions to give relief to MSME (including small traders), and took following other decisions but same would be given effect to through Gazette notifications/ circulars which shall have the force of law.-

Extension of Due Date for Filing Annual Return & Audit Report Under GST

Restriction on Input Tax Credit-Motor Vehicles-Section 17(5)(a)

Section 17(5) Notwithstanding anything contained in sub-section (1) of section 16 and sub-section (1)

of  section  18,  input  tax  credit shall  not  be  available  in  respect  of  the  following, namely:—

(a)      motor vehicles and other conveyances except when they are used ––

(i)       for making the following taxable supplies, namely: —

(A)     further supply of such vehicles or conveyances ; or

(B)     transportation of passengers; or

(C)     imparting  training  on  driving,  flying,  navigating  such  vehicles  or conveyances;

(ii)      for transportation of goods;

In clause (a) section 17(5) of the Act , restriction has been imposed on input Tax credit relating to motor vehicle ,it means that tax credit of ‘input’ and ‘input service’ both will be restricted.

RESTRICTION OF INPUT TAX CREDIT-Section 17(5)(c) of CGST ACT

“Section 17 (5)    :-        Notwithstanding  anything  contained  in sub-section  (1) of section 16 and subsection (1) of section  18, input  tax credit  shall  not be available  in respect  of the following namely:

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(c ) works contract services (WCS) when supplied for construction of an immovable property (other than plant and machinery) except where it is an input service for further supply of works contract service;

(d) goods or services or both received by a taxable person for construction of an immovable property (other than plant or machinery) on his own account including when such goods or services or both are used in the course or furtherance of business.”

Now question arise whether a works contractor can avail input tax credit for the tax paid on it’s inward supply of goods (i.e. input) or services or it is restricted as per section 17(5) (c) & (d) of the CGST Act,2017?

Extension of due date filing ITR and TAR

*CBDT further extends due* dt for filing of IT Returns & audit reports from *15th Oct,2018 to 31st Oct, 2018* for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018,after considering representations from stakeholders. Liability to pay interest u/s234A of ITAct will remain.

*Source- Income Tax Twitter handle-https://twitter.com/IncomeTaxIndia/status/1049278032157048832?s=19*

Can Input Tax Credit of process loss/waste of Input be taken?

Section 17(5) of the Central Goods and Service Tax Act 2017, says that notwithstanding anything contained in section 16(1) or section 18(1), input tax credit shall not be available for certain inputs or input services.

Clause (h) of the said sub-section talk about the input tax credit not available on “goods lost, stolen, destroyed, written off or disposed of by way of gift or free samples”

Now question arise that  whether input tax credit on inputs which has been wasted or lost during manufacturing process or during the production can be said that “goods lost or destroyed and input tax credit would not be available because of section 17(5) (h) of the Act.

As per section 16(1) of the Act very registered person shall be entitled to take input tax credit on any supply of goods or services or both provided such goods or services is used or intended to be used in the course or furtherance of business and such amount of credit is credit to the electronic credit ledger.

Can Gst arrears be paid in instalments?

The petitioners prayed before the Hon'ble Gujarat High Court that due to financial difficulties, they requested the department to allow them to pay the arrears in instalments.

TD/TCS provisions effective from 1st October, 2018

TD/TCS provisions effective from 1st October, 2018

The Central Government vide Notification No. 50 /2018 –CT dated 13^th September, 2018 has notified 1^st October, 2018, as the date on which the provisions of section 51 (Tax deducted at source) will be effective with respect to a department of central/state Government, local authority, governmental agencies and notified persons as specified below:

Contact Details of GST Seva Kendra

When any problem comes in GST, we generally contact our consultant or advisor and get the solution of the problem but there are situation that when we need conformation or more clarity.
Central Board of indirect taxes provided the area wise contact details of GST Sewa kendra where we can contact and get the solution, Please find the link of the all contact details of the sewa kendra

GST Sewa kendra