Certain important points noted from #GST

Certain important points noted are :

# GST will 100% be implemented on 1.7.17

# Types of taxation in GST

IGST : Integrated GST

CGST : Central GST which with replacement CST

SGST : State GST which will replace VAT

# WEF from 1.6.17 : Migration towards enrolment of GST will start till 15.6.17

# Registration certificates will be issued online

# there will be no check post for 1 year. Only mobile check posts will be in full force. All intelligence officers will be dormant for sometime. 

# 5 forms on different dates have to be submitted every month 

R1 form on 10th 

R2 form on 13th

R3 form on 15th

R4 form on 17th & 

R5 form or final returns on 20th

You cannot file revised returns at all. Once filed on 20th is final.

# tax payments will be accepted only by e payments. Tax Payments via credit & debit card also added.

# In the present Vat system you upload sales & purchases every month. In GST you have to upload every sale & purchase bill. 

# be careful , every thing in GST is system driven. Once uploaded you cannot revise anything. No officer can help you in this. They can only pity the mistake

# your firm rating will be done by the system. Based on the rating audit trials will be conducted. 

# proposed e sugam for ₹50000 & above value only. 

# proposed rates of GST in percentage are 0, 5, 8 , 12, 18 , 28 & 40

# 1st time in the history of independent India 4 major category of businesses will be covered : Education, Textiles, Medical & Professional services 

# You need to submit 17 documents for migration to GST

# Most products MRP to come down.

# Distribution + C & F channel under threat

# All these categories which were not taxed will now be taxable : Replacements/ return goods, Barters , Free Samples, disposables, scrap material. For example : if you buy a 40 inch led TV from Girias for ₹30000 & return back your old TV in exchange for ₹4000, you have to pay tax on ₹34000.

# All movements of material will be taxable like : Head office to branch office (stock transfer), factory to C & F agent, godown to shop. 

# The GST officer has all rights to value your goods & fix the price. The law will decide Valuation of the product at Various levels like : Manufacturing, Wholesalers, Distribution & retailers. For example if Kissan is selling Jam for ₹150 & Patanjali is selling the same Jam for ₹120. (Same quantity, flavour, ingredients etc) Then Patanjali has to pay tax on ₹150.

# All books & records to be maintained on daily basis. 

# You will need a full time accountant in your shop/office to maintain books under GST. 

# All travel & tour expenses related to business have to be claimed under firm name.

# If your vendor does not upload his bills within 180 days , you will not get tax credit.

# You cannot claim credit for material in stock beyond one year.

# They propose that You have to dispose all your old stocks purchased under VAT/CST within September 2017.

# All VAT related documents like C-forms, F-forms etc have to be cleared within Sept 2017.

*For confirm details check CBEC or Govt. TAX Department websites.

Bestest offer by BSNL, but can it's beat other telecom companies?

BSNL, a couple of weeks ago revamped their already existing Rs. 339 promotional plan and it now offers 2GB of data per day along with unlimited voice calling. If you recall, the trend of offering 1GB of data per day was kickstarted by Reliance Jio with the 'Jio Happy New Year' Offer and the same will be continuing under the JioPrime membership plans.

To sustain in the ever growing Indian telecom sector and to combat Reliance Jio, incumbent operators such as Airtel, Vodafone India, and Idea Cellular came out with almost similar plans offering similar perks. With that said, Vodafone rolled out the service to segmented users, whereas Airtel's and Idea's offer was valid for all the prepaid customers.

After the entrance of Reliance Jio, the craze for mobile data in the country has seemingly increased, and BSNL has done exactly right thing by offering data than others with the Rs. 339 plan.

In contrast, all the other telecom operators are providing only 1GB of data, which is slightly a disadvantage over the BSNL's offer. The results are quite evident for BSNL as the users have consumed over 400TB of data on March 19 and most of the users are under the Rs. 339 plan.

Another report came out recently claimed that BSNL users are not looking to port out to Jio as they are mostly satisfied with the services it is offering, which is another unique point.

That said, BSNL has only concentrated on delivering better mobile data services with the Rs. 339 plan and they have limited the voice calls usage. Yes, the company has limited the off-net voice calls to just 25 minutes per day, whereas on-net calling is free for 28 days.

Other operators including Airtel, Vodafone, and Idea are providing unlimited voice calls to any network in India with a cap of 1200 minutes per months and 300 minutes per day, and that's a huge bonus. On the flip side, Jio is offering lifetime voice calling free to any network. Nevertheless, users are not complaining about the voice calling benefits of BSNL because they are satisfied with the data services.

All in all, BSNL is staying ahead of the private telecom operators with the Rs. 339 plan, but we don't know what changes will BSNL make after 90 days to the plan. If the company doesn't make any shifts in the plan and continue to offer the same for one year, it will be a deal breaker for the private operators.

Courtesy by telecomtalk.info

Highlights of Union Budget 2017 - 2018

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GST - No changes in service tax & excise duty as GST draft will be launching soon

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Fiscal Deficit - Seen at 3.2% (17-18) & 3% (18-19)

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Current Account Deficit - 0.3% (16-17) 1st Half

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FDI Investments - 1.45 Lakh Crores (16-17) 1st Half

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Direct Tax - Tax to GDP Ratio is very low

Income upto 2.5 Lakhs - Nil Tax

Income above 2.51 Lakhs to 5 Lakhs  - Reduces to 5% Tax from 10%

Income above 50 Lakhs to 1 Crore - 10% surcharge

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Farmer - Double their income in 5 years

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Agriculture - 10 Lac Crores credit

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MNREGA - Allocation 48,000 Crores

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PM Gram Sadak Yojna - Allocation 19,000 Crores

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Sr. Citizen - 8% guaranteed pension for 10yrs by LIC of India scheme

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Rail Budget - 1.31 Lakh Crores, New Railway Line of 3500 kms, No service charge on IRCTC Ticket booking

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Highway - 67,000 Crores for National Highways

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Disinvestment - Continue through ETF's and timely disinvestment of PSU's,

Target 72500 Crores

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Banking - 10,000 Crores to PSU banks for Recapitalisation, Double landing targets to Bank 2.44 Lac Crores, 2.44 Lac Crores under mudra scheme

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Total Expenditure - Estimated at 21.47 Lac Crores

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Defense Expenditure - 2.74 Lakh Crores excluding Pension

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Long Term Capital Gain - For immovable property reduced to 2yrs from 3yrs

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Income Tax - Companies turnover less than 50 Crores will pay 5%  less tax, Effective rate 25%

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Cash Transaction - No transaction over 3 lakes will be permitted in cash

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Infra - Insurance company has to invest 25% in Infra bonds

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*For details check Budget 2017-18 guidelines.

#Budget #TDS #IncomeTax #Insurance #Infrastructure #ArunJetly #Banking #MNREGA #Agriculture #Highway #Defense