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BUDGET 2018

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1. Increase the custom duty on mobiles from 15% to 20% and on some other mobile parts to 15%, and some parts of TVs to 15%. 2. Increase the health and education cess to 4% 3. Tax long-term capital gains exceeding Rs 1 lakh in listed stock at 10%. 4. Rs 50,000 additional benefit to senior citizens for investment in mediclaim 5. A standard deduction of additional Rs 40,000 for salaried employees. This move will benefit 2.5 crore taxpayers 6. No changes in the structure of income tax for individuals 7. Benefit of the reduced corporate rate of 25% for companies with reported turnover of up to Rs 250 crore. 8. 100% tax deduction for the first five years to companies registered as farmer producer companies with a turnover of Rs. 100 crore and above. 9. Emoluments of President, Vice President and Governor being revised: Rs 5 lakh; 4 lakh; Rs 3.5 lakh per month respectively. 10. Recapitalisation to enable PSU banks to lend Rs 5 lakh crore 11. The government will assign
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Union Budget 2018 Highlights:

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1. Allocate 1290 Cr. for National Bamboo Mission 2. Setting up an Agriculture Market Fund for Rs. 2000 Cr. 3. Allocate 10000 Cr. For Fisheries and Aquaculture and Animal Husbandry fund. 4. 8 Cr Families will be given Gas Connection for free under Ujwala scheme. 5. 16000 Cr for PM Sabhagya yojana 6. Target constructing 2Cr Toilets in FY19 7. Total Amt to be spent to improve Rural Livelihood to be 14.30 Lakh Cr. 8. Propose to allocate 11 Lakh Crore for Instl Credit for farm sector next FY 9. Launching Prg RISE for revitalisation of Infra, Edu System with an investment of 1 lakh Cr. 10. National health Protection Programme for 10 Cr Poor Families. 11. Rs. 5 Lakh per family per year for 10 crore families will be allocated. 12. Allocate 1200 crore for specialised health wellness centres. 13. 47 Pojects under the “Namami Gange” Programme have been completed. 14. Allocate Rs. 1.38 Lk Crore in FY 19 For Govt health & Educational Programmes. 15. Target Mudra
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Salient Features of Finance Bill, 2018-Income Taxation

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1. No change in Tax Rate. All persons including individuals, HUF, Firms and Companies to pay same tax . However Education cess is being increased from 3 to 4 % to be known as Education and Health cess.  2. However for Domestic Companies having total turnover or gross receipts not exceeding Rs 250 crores in Financial year 2016-17 shall be liable to pay tax at 25% as against present ceiling of Rs 50 crore in Financial year 2015-16.  3. Long term Capital gain exemption under section 10(38) in respect of listed STT paid shares being withdrawn.  4. However capital gain up to 31.1.2018 shall not be taxed as cost of acquisition will be taken as Fair Market Value as on 31.1.2018.  5. Tax on STT paid long term capital Gain will be 10% under Section 112A. Further such tax will be liable for TDS.  6. Standard Deduction of Rs 40,000 for salaried employees. However benefit of transport allowance of Rs 19,200 and Medical Reimbursement of Rs 15,000 under Section 17(2) are being withdrawn. Thu
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Steps in Filing GSTR – 3B

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Open Return dash board Return Dash Board Details to be filled in GSTR-3B 3.1 Details of outward supply (Sales) Details under 3.2 of GSTR-3B Details under 3.2 of GSTR-3B- Supplies to Unregistered person Select place of supply 3.2-Supplies made to Composition taxable person 4. Eligible ITC (Purchases) 5.Value of exempt, nil rated and Non-GST inward supplies 5.1 Interest and Late fee payable 6. Payment Navigation path from the GSTN login Create Challan Over the counter NEFT/RTGS Payment Creating challan without login
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Impact of GST on Hoteliers

Registrations 1. Liable to register a. only if aggregate turnover of a person is >20 Lakhs in a financial year (>10 lakhs in North-eastern states, Uttarakhand, Sikkim) b. This threshold doesn’t apply to interstate supply i.e. in case supply is made to different states, even for Rs 1 of sales, registration has to be taken. c. Existing companies having VAT, service tax registration need to migrate to GST 2. Not Liable to Register a. Doing Pure catering services to an educational institution 3. Composition Scheme: Small restaurants with an aggregate turnover of above Rs. 20 Lakhs but less than Rs. 75 Lakhs, may opt for Composition scheme and pay tax at 5% of Inter-State/Union territory turnover. Conditions for opting Composition scheme are as follows: a. Registered person is not engaged in the supply of services other than restaurant service (Example: If registered person is providing accommodation services or renting of banquet halls along with restaurant se
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Impact of GST on Jewelers and Taxation of Various Cases

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Rates of Taxes applicable Taxation of various transactions   1.       Consolidated Bill: Customers walks into a Jeweler showroom and buys a Gold ornament worth Rs. 1,00,000. a)       The Jeweler will charge GST @ 3% on Rs. 1,00,000. b)       The charge would include Making Charges & Wastage c)       Hence, it’s a composite supply as defined under section 2(30) comprising of supply of Gold ornament along with supply of ornament making services. d)       Gold ornament being the principal supply, the entire value of taxable supply shall be charged @3% as per section 8 of the CGST Act. 2.       Itemized Bill: Customers walks in to a Jeweler showroom and buys a Gold ornament worth Rs. 1,00,000 and the Jeweler charges separately for Gold and making charges.             i.         Making charges charge is an Independent Supply             ii.       Gold Ornament Value including wastage Loss collected separately is an Independent Activity. In this case, since
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