The Union Finance Minister, Shri Arun Jaitley: Goods and Services Tax (GST) is an efficient tax system which not only checks tax evasion but also helps evolving India to become very strong society

The Union Finance Minister, Shri Arun Jaitley: Goods and Services Tax (GST) is an efficient tax system which not only checks tax evasion but also helps evolving India to become very strong society

FM inaugurates the National Academy of Customs, Indirect Taxes and Narcotics (NACIN) Campus in Bengaluru today

Inaugurating the National Academy of Customs, Indirect Taxes and Narcotics (NACIN) Campus in the Bengaluru today, the Union Finance Minister Shri Arun Jaitley said that Indirect Taxation regime in the country will play a key role and is undergoing a vital change.  He said that the present multiple taxation system is transformed into the Goods and Services Tax (GST) and all the taxes are amalgamated. Speaking further, the Finance Minister said that the new GST regime will come into effect from July 1, 2017. GST is an efficient tax system which not only checks tax evasion but it also help evolving India to become very strong society.

Speaking further on the occasion, the Finance Minister Shri Jaitley said that the new Indirect Tax is a product of federal India. He added that the Centre and the States will jointly administer and decide the taxes.  Coordination between taxation authority of Centre and States is also important. He said that the tax training academy NACIN, which has come-up in Bengaluru to impart training to officers of Central and State Governments and PSUs has to play a vital role.

Participating on the occasion, Smt.Vanaja N. Sarna, Chairperson, CBEC highlighted the contributions of NACIN.  Shri D.P.Nagendra Kumar, Principal Director General, NACIN, gave an overview of the new NACIN Complex.  Shri S.Ramesh, Member (Admn.), CBIC welcomed the dignitaries on this occasion while Shri P. K. Dash, Pr. Additonal Director General, NACIN, proposed vote of thanks.

PIB

Finmin constitutes Fiscal Responsibility and Budget Management panel, N K Singh to be chairman

Finmin constitutes Fiscal Responsibility and Budget Management panel, N K Singh to be chairman

The Union Finance Ministry on Tuesday constituted a five member Fiscal Responsibility and Budget Management (FRBM) panel.

The panel would be headed by former Revenue and Expenditure Secretary and Member of Parliament N K Singh. Former Finance Secretary Sumit bose, Chief Economic Advisor Arvind Subramanian, Director of National Institute of Public Finance and Policy Rathin Roy and Deputy Governor of RBI Urijit Patel will be its members.

The panel will examine fiscal deficit range instead of fixed targets and look into feasibility of fiscal expansion or contraction in relation to credit expansion and contraction.

The FRBM Act deals with matters of fiscal discipline, such as spending and deficit, along with management of macro-economic factors and public funds.

The FRBM committee would submit its report to the government by October 31.

The panel, which was announced by Union Finance Minister Arun Jaitley in his Budget speech, will look into factors that influence the country’s fiscal targets.

ANI

Limit of Deduction of Rent Increased from Rs.24,000 to Rs.60,000

Limit of Deduction of Rent Increased from Rs.24,000 to Rs.60,000

100% Deduction of Profits for 3 out of 5 Years for Start-Ups

Withdrawal upto 40% of the Corpus to be Tax-Free at the time of Retirement

Deduction of Additional Interest of Rs.50,000 Per Annum for First-Time Home buyers
New Dispute Resolution Scheme to be Introduced

Thirteen Cesses Levied by Various Ministries having Revenue Collection less than Rs.50 Crore to be Abolished

‘E-Sahyog’ and ‘E-Assessment’ to be Expanded Further

100% Deductions for Profits to an undertaking in Housing Project for Flats up to 30 Sq. Mtrs.

The Union Finance Minister Shri Arun Jaitley said that taxation is a major tool available to government for removing poverty and inequality from the society. He enlisted 09 categories of thrust in his text proposals which include (1) Relief to small tax payers (2) Measures to boost growth and employment generation (3) Incentivizing domestic value addition to help Make in India (4) Measures for moving towards a pensioned society (5) Measures for promoting affordable housing (6) Additional resource mobilization for agriculture, rural economy and clean environment (7) Reducing litigation and providing certainty in taxation (8) Simplification and rationalization of taxation (9) Use of technology for creating accountability.

Announcing relief to small tax payers Shri Jaitley proposed to raise the ceiling of tax rebate U/s. 87A from Rs.2000 to Rs.5000. With this, individuals having income up to Rs.5 lakh will get a relief of Rs.3000 in their tax liability. He also proposed to increase the limit of deduction of rent paid U/s.80 GG from Rs.24,000 per annum to Rs.60,000 to provide relief to those who live in rented houses. Shri Jaitley proposed to increase the turnover limit under presumptive taxation scheme U/s.44 AD of the Income Tax Act to Rs.2 Crores from existing limit of Rs.1 Crore which will benefit more than 30 lakh small business people. He also proposed to extend the presumptive taxation scheme with profit deemed to be 50%, to professionals with gross receipts up to Rs.50 lakh.

PIB