By TN Ashok
Income tax exemption limit raised to : Rs. 5 lakhs from Rs 3 lakhs
Due to slew of efforts taken by government i the last five years direct taxes have grown by 78% from rs 6.38 lakhs cr in 2013 to rs 11.37 lakh crore fy 18-19.
Growing at double digit rate.
Simplify taxation structure bring transparency
Corporte tax , lower rate of tax 25% applicable to cos with annual tunrn over upto rs 250 cr, now raised to rs 400 crore.
99.3% of cos will be covered. only 0.7 % cs will remain outside this.
To boot economic growth invite foreign investors in sun rise sector semi conductors, solar photo voltaic cells, computer servers,laptops, and other sectors will be provided with with income tax limit under section 35 of IT act concessions.
India to become global hub of electric vehicles. addl income tax deduction interest paid on loans of rs 1.5 lakh of electric vehicles.
Direct tax incentives to ifsc , 100% profit linked deduction under section 80 la
Ease of doing business in terms of payout in taxes has improved from 172 to 121. since 2017 to 2019
Series of to implement make aadhar and pan interchangable for east and convenience of tax payers
sucharge on indivvidual tax payers with earning of upto rs 2 cr to rs
5cr to gup respectively by 3% and 7%.
Indrect taxes :
Landscape changed significantly since GST
monumental reforms– centre and state coming together and agreeing to pool their taxes 17 taxes and 13 cesses became one tax , alomost all commodities came under one,border checks removed, goods taqrted moving, saving time and energy, trucks did two trips against one.
Dream one india, one tax, one nationa.gst council deserves congratulations.
Seeding problems. gst rates have been reduced with relief of about Rs 92,000 crore given per year.
Electronic invoice system to caputure details in a central system — role out from jan 2020
Customs exemptions for defence modernisation
Customs duty increased on certain items to promote make in india.
Traders with annual turnover of rs 5 cr to file return on gst only per quarter
Customs reductions on certaian raw materials and capital goods to help domestic manufacturing
Sofetening of crude prices gives room to review duty and cess on petrol and diesel
increase customs duty on gold and other pricesious metal to be raised to 10%.
Increase in sp-l additonal excise duty and r5oad and infr5 veess by Rs one diesel and -petrol.
Amendments to customs act to control bogus entities availing undue concessions.
Legacy dispute dispute resolution introduced
Taxes raised on gold and precious metals from 10% to 12.5 %.
Fiscal deficit this year is 3.3% brought down from 3.4%.
Finance bill also introduced.
