CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Sat, 20 Jul 2024 04:57:19 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 Indian Chamber of Commerce Urges Overhaul of Income Tax Act 1961 and Customs Duties Review https://www.nyca.in/indian-chamber-of-commerce-urges-overhaul-of-income-tax-act-1961-and-customs-duties-review/ https://www.nyca.in/indian-chamber-of-commerce-urges-overhaul-of-income-tax-act-1961-and-customs-duties-review/#respond Sat, 20 Jul 2024 04:56:51 +0000 https://www.nyca.in/?p=12622 The Indian Chamber of Commerce (ICC) calls on the government to establish a commission for a comprehensive review of the Income Tax Act 1961 and proposes customs duties restructuring in key sectors to boost domestic manufacturing.

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The Indian Chamber of Commerce (ICC) has urged the central government to form a commission to thoroughly review and simplify the Income Tax Act 1961.

“This Act is outdated. The annual Budget amendments have made it increasingly complex and difficult to comprehend. These changes have created numerous anomalies, resulting in a surge of legal cases,” the chamber explained.

Additionally, the ICC suggested a restructuring of customs duties in key sectors such as steel, solar, aluminium, and lithium-ion batteries to enhance domestic manufacturing.

Finance Minister Nirmala Sitharaman is set to present the annual budget on July 23.

The ICC President stressed the need for a “comprehensive rationalization” of customs duties, asserting that this move has the potential to transform India into a global manufacturing hub.

He pointed out that current levies on raw materials unfairly disadvantage domestic players, particularly downstream businesses.

He proposed addressing the inverted duty structure by reducing the tax on liquefied petroleum gas (LPG) from 5 percent to 2.5 percent.

“To support domestic manufacturing, we must increase duties on polymers such as PVC, PET, PP, and polyesters to 10 percent,” he stated, emphasizing the goal of achieving self-sufficiency in the petrochemical sector.

Regarding the aluminium foil sector, the president highlighted that the domestic industry has been facing significant losses due to an anti-dumping duty on raw materials, while finished goods from China are not subject to any import duties.

Source: The Telegraph India

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]]> https://www.nyca.in/indian-chamber-of-commerce-urges-overhaul-of-income-tax-act-1961-and-customs-duties-review/feed/ 0 Interim Budget Updates to Goods and Services Tax https://www.nyca.in/interim-budget-updates-to-goods-and-services-tax/ https://www.nyca.in/interim-budget-updates-to-goods-and-services-tax/#respond Sat, 16 Mar 2024 12:18:54 +0000 https://www.nyca.in/?p=7551 The announcement of GST Amendments in the Interim Budget brings forth significant changes in the taxation landscape, marking a pivotal moment for both businesses and individuals.

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The announcement of GST Amendments in the Interim Budget brings forth significant changes in the taxation landscape, marking a pivotal moment for both businesses and individuals. As Budget Day approaches each year, the anticipation surrounding potential benefits and programs heightens among the populace. This year, in light of the upcoming elections, the Interim Budget for 2024 has replaced the traditional full budget, with the Finance Minister, Smt. Nirmala Sitharaman, unveiling a slew of schemes and welfare programs aimed at pleasing the masses. Dubbed the “Developed India Budget 2024,” the central focus of this budget aims to propel India towards economic advancement.

Key Changes in GST as per Interim Budget:

  • Expansion of Input Service Distributor (ISD) Scope:
  • In a notable move, invoices issued under the reverse charge mechanism and from various sources for distribution have been incorporated into the ambit of Input Service Distributors (ISD).
  • This modification aims to ensure fair distribution of Input Tax Credit (ITC) across branches, fostering smoother business operations.
  • Mandatory Implementation of ISD Mechanism:
  • The ISD mechanism, previously non-obligatory, is now mandated following the replacement of section 20.
  • Individuals receiving tax invoices with ITC from other branches are required to obtain separate registration under clause (viii) of section 24, thereby disallowing them from issuing invoices to other branches.
  • Introduction of Penalties for Pan Masala and Gutka Producers:
  • Section 122A of the CGST Act, 2017, has been introduced to penalize non-compliance in registering specific production machines.
  • Non-adherence to the guidelines outlined in the document titled "30/2023" may lead to penalties, seizure, and confiscation of unregistered machines.

Key Considerations:

  • The additional penalty imposed will be in conjunction with penalties stipulated in Chapter XV or XIX of the CGST Act, 2017.
  • A penalty of INR 100,000 per unregistered machine will be enforced, with provisions for seizure and confiscation in case of non-compliance.

In Summary:

The GST Amendments in the Interim Budget signify a concerted effort by the government to streamline compliance and extend support to targeted industries. Emphasizing the adoption of digital solutions, these measures aim to instill stability and foster investment amid uncertain times, ultimately contributing to a resilient economy that benefits all stakeholders. While these changes are temporary, further developments are anticipated in the upcoming full budget, with the current focus geared towards bolstering businesses and driving growth.

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  • In a notable move, invoices issued under the reverse charge mechanism and from various sources for distribution have been incorporated into the ambit of Input Service Distributors (ISD).
  • This modification aims to ensure fair distribution of Input Tax Credit (ITC) across branches, fostering smoother business operations.
  • In a notable move, invoices issued under the reverse charge mechanism and from various sources for distribution have been incorporated into the ambit of Input Service Distributors (ISD).
  • This modification aims to ensure fair distribution of Input Tax Credit (ITC) across branches, fostering smoother business operations.

The post Interim Budget Updates to Goods and Services Tax appeared first on CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases.

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