Budget / Taxes Current Affairs 2019 - Current Affairs Today

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  • Government doubled income tax exemption limit for gratuity to Rs 20 Lakh

    9 March 2019
    The government has doubled the income tax exemption limit for gratuity to Rs 20 lakh from the existing Rs 10 lakh. Gratuity law applies to all employees who work in an organization where there are 10 or more employees in a year. It will be implemented from March 29, 2018. This will increase the burden of paperwork for those who retired on March 31, 2018.

    GST collection for February slips to Rs 97,247 crore

    5 March 2019
    The Goods and Services Tax (GST) collection dropped to ₹97,247 crore in February, slipping below the ₹1 lakh crore mark crossed in January. The decline came amidst the reduction in tax rates on 23 goods and services. The total number of GSTR 3B returns filed for the month of January up to February 28, 2019 is 73.48 lakh. GST collection for 2019-’20 fiscal has been budgeted at Rs 13.71 lakh crore.

    MCCs budget includes Mysuru Yogalakshmi scheme

    28 February 2019
    The Mysuru City Corporation (MCC) presented the budget with an outlay of Rs.775 crore for the year 2019-20. MCC introduced new schemes that included Rs.25,000 for each girl child born in government hospitals in the City, pink toilets for the benefit of women, besides placing dust bins in buses and autorickshaws.  Chairperson of the Standing Committee on Taxation, Finance and Appeals, Shobha presented the MCC Budget 2019-20. She announced the Mysuru Yogalakshmi scheme for the benefit of girl children born to residents of the city in government hospitals. The scheme will come into force from April 1, 2019. Under the scheme, Rs.25,000 will be deposited in the form of a bond in a nationalized bank in the name of each girl child born in a government facility. Rs.2.5 crore has been set aside in the Budget for the scheme. The scheme aimed at helping the girls pursue higher education and become financially independent.

    GST on under construction flats cut from 12 percent to 5 percent

    25 February 2019
    Under construction properties priced over ₹45 lakh will attract 5% GST (Goods and Services Tax), instead of 12%. A residential property priced at ₹45 lakh or below will now be defined as "affordable" and taxed at 1%, from 8% earlier. The new rates will be effective from April 1, 2019.

    Telangana State Budget to cross Rs.2 lakh crore mark

    24 February 2019
    The Telangana State Cabinet chaired by Chief Minister K. Chandrasekhar Rao approved the Vote-on-Account budget for 2019-20 ahead of the budget session commencing from 22nd February 2019.  This budget important to the Chief Minister because it will reflect the major electoral promises made by the ruling party such as doubling the Aasara pensions and bringing more beneficiaries under the scheme as the eligibility age has been reduced to 57 years, enhancing the Rythu Bandhu investment assistance from Rs.4,000 to Rs.5,000 an acre for each of kharif and rabi seasons.
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    India hiked the custom duty of Pakistan goods to 200 percent

    18 February 2019
    After the Pulwama terror strike, the Union government has hiked the basic customs duty on all goods imported from the neighbouring country to 200% with immediate effect. This comes after India revoked the 'Most Favoured Nation' (MFN) status to Pakistan on February 15 following the Pulwama terror strike, that killed 40 CRPF personnel. The two main items imported from Pakistan are fruits and cement, on which the current customs duty is 30-50% and 7.5%, respectively.The hike on import duty of 200 percent effectively means almost banning the imports from Pakistan. Pakistan: ♦ Capital: Islamabad ♦ National languages: Urdu ♦ President: Arif Alvi ♦ Prime Minister: Imran Khan

    UP CM Yogi Adityanath presented Rs.4.79 lakh crore budget

    8 February 2019
    The Uttar Pradesh government allocated Rs.1,200 crore for a scheme for girls and Rs.612 crore for stray cattle and construction of cow shelters in its budget for 2019-20 financial year ahead of the Lok Sabha polls.  The Yogi Adityanath government presented an Rs.4.79 lakh crore budget, which is 12% higher than Rs.4,28,384.52 crore earmarked for the current financial year ending March 2019. After the presentation of his government’s third budget, Mr.Adityanath said it is the biggest one in the history of Uttar Pradesh.

    South Central Railway gets Rs.5,924 crore

    3 February 2019
    South Central Railway (SCR) got Rs.5,924 crore for 2019-20 from the year 2019 budget as against last year’s outlay of Rs.5,752 crore with the highest allotment made for doubling works of Rs. 1,905 crore.  Additional General Manager John Thomas said that the New lines got Rs.834 crore, passenger amenities Rs.229 crore and traffic facilities got Rs.138 crore.

    Income tax rebate of Rs.12,500 for those who earn up to Rs.5 lakh

    3 February 2019
    The interim Budget 2019 contains several proposals aimed at reducing the tax burden on the salaried class and homeowners, increasing the tax rebate limit and amount for small taxpayers and exempting certain forms of rental income from tax.  Finance Minister Piyush Goyal proposed amending Section 87A of the Income Tax Act to increase the rebate for taxpayers at the lower end of the spectrum.  Currently, the Section provides for a rebate of Rs.2,500 for all taxpayers with an income of less than Rs.3.5 lakh a year. So, a taxpayer earning Rs.5 lakh a year effectively paid tax (at 5%) on only Rs.2 lakh of that amount.

    Interim Budget session likely from January 31 to February 13

    10 January 2019
    It is expected to be the last session of the current Lok Sabha as general elections are due in April-May 2019. Finance Minister Arun Jaitley will present the interim budget for 2019-20 fiscal on February 1, as decided in the meeting by the Cabinet Committee on Parliamentary Affairs. This will be the sixth consecutive budget to be presented by Jaitley.

    India cuts tax on palm oil imports from ASEAN countries

    2 January 2019
    The duty on crude palm oil from Malaysia, Indonesia and other members of the Association of South East Asian Nations (ASEAN) was cut to 40% from 44%, while the tax on refined palm oil was cut to 45% from 54% if imported from Malaysia and to 50%, if purchased from Indonesia or other member-nations of Asean. In March 2018, India had raised import tax on crude palm oil to 44 percent from 30 percent and lifted the tax on refined palm oil to 54 percent from 40 percent.

    India delays imposition of retaliatory tariffs on US goods till December 17

    2 November 2018
    India has postponed imposing higher duties worth $235 million on 29 American goods to December 17. The retaliatory tariffs were scheduled to come into effect November 2 and have been postponed for the third time. With the new tariffs, the import duty on walnut would be hiked to 120% from 30% while that on chickpeas, Bengal gram (chana) and masur dal would become 70% from 30% now. Similarly, the duty rate on lentils will be hiked to 40% from 30%.

    GST Council cut tax rates on 88 items

    23 July 2018
    The sanitary napkins (12% tax at present) and fortified milk (which was taxed at 18%) have been exempted from the levy. Certain items from 28% tax slab are shifted to the lower 18% slab including washing machines, refrigerators, up to 25-inch televisions, vacuum cleaners, perfumes, food grinders, mixers, water cooler, Lithium iron batteries, and paints. Common-use foot wares Rs 1,000 to be taxed at 5 per cent. Ethanol oil for oil companies to be taxed at 5 per cent in place of 18 per cent earlier. GST (Goods and Services Tax) on handbags and handmade lamps has been reduced to 12%. The new GST rates would come into effect from July 27. This rate reductions is estimated to cost the government exchequer nearly Rs 7,000 crore.

    States have collected taxes worth 10,000 crore rupees since the rollout of Transport Mission Mode Project

    18 June 2018
    States have collected taxes worth ₹10,000 crore online since the rollout of Transport Mission Mode Project (MMP) under the Centre's e-Governance initiative. Over 19 crore vehicles and 10 crore driving license records have come under the National Register. Two flagship applications under Transport MMP -- "Vahan" and "Sarathi" are implemented. Vahan -- deal with vehicle registration, taxation, permit, fitness and associated services; while Sarathi is related to driving licence, learner licence, driving schools and related activities. Over 50 lakh national permits have been issued online.

    Finance Minister Arun Jaitley Launched GST Rates Finder mobile App

    8 July 2017
    Finance Minister Arun Jaitley has launched a "GST Rates Finder" mobile app to verify the accurate tax rates on commodity and services under the Goods and Services Tax. This app is available on Android platform, will soon be launched for iOS and can be used in offline mode once downloaded.

    LPG price hiked by up to Rs. 32 per cylinder as an impact of GST

    8 July 2017
    Following the implementation of Goods and Services Tax (GST), price of Domestic cooking gas (LPG) has been increased by upto Rs. 32 per cylinder, which is the rapid increase in six years. Fact Behind:- 5% GST resulted in Rs. 26.88 increase in price per cylinder in Delhi and the remaining hike of about Rs. 3 is due to the decision since June last year to raise cylinder prices by about Rs. 2 to cut the subsidy.

    Jammu and Kashmir joined the Goods and Services Tax (GST) regime Finally

    8 July 2017
    Jammu and Kashmir, the only State missed to adopt the Goods and Services Tax (GST) on July 1, finally joined the new tax regime on July 7 midnight. "The Jammu & Kashmir Goods and Services Tax Bill- 2017" was moved by finance minister Haseeb Drabu. Jammu and Kashmir Chief Minister - Mehbooba Mufti

    Highlights of GST Launch, A look at tax rates

    3 July 2017
    A dual Central and state Goods and Services Tax (GST), the biggest tax reform since Independence, came into force from July 1. GST is part of a One Nation, One Tax vision of the Modi-led government. A look at Tax Rates under GST: GST has been primarily categorised into four tax slab rates- 5%, 12%, 18% and 28%. Gold, rough diamond has been taxed under a separate slab of 3 per cent. Foodgrains, cereals and vegetables have been zero rated under GST. Most medicines will carry a tax of 12 per cent while essential drugs such as insulin will be taxed at 5 per cent, Under GST. Mobile phone, Banking Services, Credit card bills, Personal care products, Cigarettes, Insurance premium, Home appliances, Sanitary napkins, Hotel stays will now become expensive due to implementation of GST.

    Madhya Pradesh First State to Shift Financial Year to Jan-Dec Format

    3 May 2017
    Madhya Pradesh has become the first state in the country to shift its financial year from the present April-March cycle to January-December. The shift is the outcome of NITI Aayog governing council meeting chaired by Prime Minister Narendra Modi. Such a shift will help in better economic and political management of India.

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