#nirmala sitharaman new tax

[nayakb]

Tax Nirmala Sitharaman: "I Want to Do More"

Finance Minister Nirmala Sitharaman recently addressed the pressing concerns of middle-class taxpayers, offering both reassurance and a candid acknowledgment of the limitations in delivering sweeping reforms. In an interview with Times Now, she outlined key tax adjustments introduced in the last Union Budget, aimed at providing relief to salaried individuals without compromising the government’s…

[targetstudy]

Budget 2024 Highlights, New Tax Regime Slabs, Income Tax & More

This is the Interim budget 2024 which is presented by Finance Minister Nirmala Sitharaman. Nirmala Sitharaman presented her 7th budget in parliament.

In the budget 2024, which came just after the election results, the government has also paid the price for the ‘support’ of the allies. Special packages were given to the Bihar government and the Andhra Pradesh government.

At the same time, new employment opportunities have been opened to address the discontent among the youth who expressed their dissatisfaction in the Lok Sabha elections.

However, by increasing the capital gains tax on stock market investors, the burden on the middle class, already suffering from inflation, has been increased further.

In the new tax system, a slight relief has been provided by increasing the standard deduction from ₹50,000 to ₹75,000. Additionally, changes have been made to the income tax slab.

READ MORE: Budget 2024 Highlights, New Tax Regime Slabs, Income Tax & More

[banglakhobor]

অনলাইন গেমিং-র উপর এবার ২৮% জিএসটি! ঘোষণা কেন্দ্রীয় অর্থমন্ত্রীর

নিউ দিল্লি: অনলাইন গেমিং-র উপর এবার ২৮ শতাংশ জিএসটি বসানোর সিদ্ধান্ত নেওয়া হয়েছে। কেন্দ্রীয় অর্থমন্ত্রী নির্মলা সীতারামনের সভাপতিত্বে সম্প্রতি জিএসটি কাউন্সিলের ৫১তম বৈঠক হয়। এই বৈঠকে অনলাইন গেমিং, ক্যাসিনো এবং ঘোড়ার রেসের মতো খেলাগুলিতে ২৮ শতাংশ জিএসটি প্রযোজ্য রাখার সিদ্ধান্ত নেওয়া হয়েছে। সংবাদ সম্মেলনে অর্থমন্ত্রী বৈঠকে গৃহীত সিদ্ধান্তের কথা জানান। তিনি বলেন, অনলাইন গেমিংয়ের উপর ২৮ শতাংশ…

[livemintvideos]

GST Benefits in Budget 2023 - Cheer to some | Mint Primer | Mint

North-eastern states have recorded a compounded annual GST revenue growth rate of 27.5% so far since the implementation of the GST as against 14.8% for all states, making them the biggest gainers of the new indirect tax regime. The north-eastern states have been the biggest beneficiaries of the five-year-old goods and services tax (GST) regime, according to the Reserve Bank of India (RBI) report on State Finances.

[sanjeev-thakur]

Budget 2023 Highlights: Nirmala Sitharaman said that the Indian economy is on the right path and heading towards a bright future.

[usanewsnigts]

Budget 2023-24: What is cheap and what is expensive, Special focus on the poor, youth, women, elderly and tribal society in the budget

This was Sitharaman’s 5th budget and the country’s 75th budget. He took less time this time than before. This time the speech was just 1 hour 27 minutes. Budget 2023-24 is the ‘blueprint’ of the country for the next 25 years. In this, emphasis has been laid on strengthening the economic progress of the country. Relief announcements have been made for the middle taxpayer class in the 2023 budget.…

[timetravellingkitty]

unserious country

[lyricsolution-com]

Orry Takes A Hilarious Dig At Nirmala Sitharaman For Imposing 18% Tax On Caramel Popcorn | People News

Mumbai: Internet’s favorite socialite Orhan Awatramani, lovingly known as Orry, has found his latest target for humor—caramel popcorn and the recently imposed 18% GST on it. In a hilarious Instagram video, Orry simplified the “popcorn tax drama” while also sneaking in some self-deprecating humour, leaving fans and followers in splits. In his video, Orry humorously explained the GST classification…

[werindialive]

Old vs. New Tax Regime: Budget 2025 to Bring Key Updates

The Indian tax system could be on the verge of a significant overhaul as Finance Minister Nirmala Sitharaman prepares to present Budget 2025. The big question on everyone’s mind: Will the old income tax regime be discontinued permanently?

The government introduced the new tax regime in 2020, aiming to simplify taxation with lower rates and fewer exemptions. Since then, over 72% of taxpayers have shifted to the new system for the Assessment Year 2024-25. However, a complete phase-out of the old regime has sparked intense debate among taxpayers and experts alike.

Old vs. New Tax Regime: The Debate

The new tax regime has been lauded for its simplicity. Taxpayers no longer need to maintain detailed records or file deductions, making compliance easier. “The increased adoption of the new regime indicates a move toward a simpler tax system,” says Rahul Charkha, Partner at Economic Laws Practice. Employers also find the new system easier for payroll processing, as it reduces the need to verify extensive documentation.

However, critics argue that the new regime doesn’t suit everyone. Many middle-class taxpayers, who rely heavily on exemptions like house rent allowance (HRA) or Section 80C investments, may face higher taxable incomes and tax liabilities under the new system. Gaurav Makhijani, a Chartered Accountant, explains, “For those dependent on deductions and exemptions, the shift could mean rethinking their financial strategies.”

What to Expect in Budget 2025?

While the complete discontinuation of the old tax regime seems unlikely in this budget, the government may take further steps to promote the new system. Experts anticipate changes like revised tax slabs, selective deductions, and enhanced pre-filled forms to encourage adoption.

Amit Gupta, Tax Partner at Saraf and Partners, points out that the new regime offers clearer tax savings for a smaller group of taxpayers. He suggests that better incentives could help bridge this gap and make the new system more attractive.

A Lesson from Global Reforms

India can look to countries like Italy, which successfully transitioned to a simplified tax system through gradual reforms. By reducing tax brackets over time, Italy ensured taxpayers could adapt without disruption. A similar phased approach could help ease the transition in India while maintaining compliance.

Awaiting the Verdict

With less than two months to go, Budget 2025 has taxpayers on edge. Whether the old tax regime will finally sunset remains uncertain, but the push toward a unified and simplified tax structure is undeniable. For now, the focus remains on creating a system that balances simplicity with fairness.

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[finverto]

Highlights of the 53rd GST Council Meeting: Key Updates and Outcomes

Highlights of the 53rd GST Council Meeting: Key Updates and Outcomes. The 53rd GST Council meeting, held on June 22, 2024, in New Delhi, marked the first meeting after the 2024 Lok Sabha elections. Chaired by the newly appointed Union Finance Minister, Nirmala Sitharaman, the meeting addressed several critical issues to streamline GST compliance and enhance the tax structure. This blog provides a comprehensive overview of the meeting’s highlights, updates, outcomes, and the latest news. GST Registration.

Key Decisions and Updates from the 53rd GST Council Meeting

Ease of Compliance Burden for Taxpayers

1. Changes in GSTR-1 Filing:

Introduction of GSTR-1A: Taxpayers can now add or amend particulars in GSTR-1 of the current tax period/IFF for the 1st and 2nd month of the quarter before filing GSTR-3B.

Reporting B2C Supplies: The threshold for reporting Business-to-Consumer (B2C) interstate supplies invoice-wise in Table 5 of GSTR-1 has been reduced from ₹2.5 lakh to ₹1 lakh.

2. GSTR-4 Due Date Revised:

The due date for filing GSTR-4 by composition taxable persons has been extended from April 30 to June 30, starting from the fiscal year 2024-25.

3. TCS Rate Reduction:

The Tax Collected at Source (TCS) rate for Electronic Commerce Operators (ECOs) has been reduced from 1% to 0.5% (0.25% each under CGST and SGST/UTGST or 0.5% under IGST).

4. Compulsory Filing of GSTR-7:

GSTR-7 must be filed mandatorily even if no Tax Deducted at Source (TDS) is deducted. No late fee will be charged for nil filing. GST Filing.

5. GSTR-9/9A Filing Exemption:

Taxpayers with an aggregate annual turnover up to ₹2 crore will be exempt from filing the annual return in GSTR-9/9A for the fiscal year 2023-24.

Modifications to Sections and Rules

1. Modification to Section 16(4):

The time limit to avail Input Tax Credit (ITC) for invoices or debit notes in any GSTR-3B filed up to November 30, 2021, is deemed to be November 30, 2021. This applies retrospectively from July 1, 2017. Section 16(4) shall be relaxed for returns filed within 30 days of the order of revocation.

2. Amendment to CGST Rule 88B:

No interest will be charged on the amount available in the electronic cash ledger on the due date of filing GSTR-3B, debited while filing the return in cases of delayed filing.

3. New Section 128A:

Waives interest and penalties for demand notices issued under Section 73 of CGST for fiscal years 2017-18, 2018-19, and 2019-20 in cases not involving fraud, suppression, and misstatement. This applies if the taxpayer pays the full amount in the notice by March 31, 2025.

4. Changes in Sections 73 and 74:

A common time limit will be set for issuing demand notices and orders. The time limit for taxpayers to claim the benefit of reduced penalty, by paying the tax demanded along with interest, is increased from 30 to 60 days.

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Monetary Limits and Appeals

1. Monetary Limits for GST Appeals:

Recommended monetary limits for filing appeals: ₹20 lakh for GST Appellate Tribunal, ₹1 crore for High Court, and ₹2 crore for Supreme Court.

2. Amending Sections 107 and 112:

The maximum amount for pre-deposit for filing an appeal before appellate authorities is reduced from ₹25 crore to ₹20 crore under both CGST and SGST. For appeals before the GST Appellate Tribunal, the pre-deposit is reduced from 20% with a maximum amount of ₹50 crores to 10% with a maximum of ₹20 crores under both CGST and SGST.

Additional Key Decisions

1. Sunset Clause for Anti-Profiteering Cases:

A sunset clause will be added for pending anti-profiteering cases. The hearing panel will shift from CCI to the principal bench of GSTAT. The sunset date for receiving new applications regarding anti-profiteering is set for April 1, 2025.

2. Time Limit for GSTAT Appeals:

Modifying Section 112 to provide a 3-month time frame for filing appeals before the GST Appellate Tribunal. The timeline will commence from a date yet to be notified, likely by August 5, 2024.

3. New Section 11A:

Allows regularization of non-levy or short levy of GST due to common trade practices.

4. IGST Refunds and Adjustments:

Mechanism introduced for claiming refunds of additional IGST paid due to upward price revisions after exports. No IGST refund will be allowed where export duty is payable.

5. Biometric-based Aadhaar Authentication:

Implementation of biometric-based Aadhaar authentication for GST registration will be rolled out nationwide in a phased manner.

6. DRC-03 Circular:

A circular will prescribe a mechanism for adjusting any demand amount paid through DRC-03 against the amount payable as a pre-deposit for filing a GST appeal.

7. Amendment to Section 122(1B):

Clarification that the penal provision is applicable only for those e-commerce operators required to collect TCS under Section 52 and not for other e-commerce operators.

The 53rd GST Council meeting has brought significant changes aimed at simplifying compliance, reducing the tax burden, and enhancing the efficiency of the GST system. These updates reflect the government’s ongoing efforts to create a more robust and taxpayer-friendly GST framework. Keep an eye on official announcements for further details and implementation guidelines.

Stay tuned for the latest updates and insights on GST and other financial regulations.

[jaagrukbharat]

The Birth Of GoM For Reassessing Tax On Health & Life Insurance Premiums

Insurance is a way opted by innumerable people to protect themselves from the uncertainties of the future, especially health and life insurance. The insurance sector is now one of the most significant sectors and just like every other sector, it has deep relations with taxation. The Income Tax Act of 1961 has several provisions that offer deductions or incentives to ease an individual’s tax liability regarding health and life insurance premiums. However, people still experience financial burdens as the rate of premiums has seen a significant rise due to inflation and growing healthcare needs.

Read More: IRDAI Role and Function in Insurance Sector | Insurance Regulatory Development Authority

The Goods and Services Tax (GST) Council of India announced the formation of a new Group of Ministers (GoM) that would work primarily on assessing taxation concerns on health and life insurance premiums. The GST Council took this decision during their 54th meeting held on September 9th, 2024 under the leadership of India’s Union Finance Minister, Smt. Nirmala Sitharaman.

This decision of the GST Council aims to reduce the financial burden from the shoulders of the people of India and rationalise GST rates in the insurance sector.

[babatax]

New TDS rates effective october 1: Key changes for taxpayers to know

TDS rates: Several key changes to income tax regulations, announced by Finance Minister Nirmala Sitharaman during the Union Budget presentation, came into effect in October. These changes include multiple adjustments to Tax Deducted at Source (TDS) rates, intended to simplify the tax system and offer relief to taxpayers. Among the key revisions in the Finance Bill 2024 are the removal of the 20%…

[drcare4u]

GST Council sets up GoM on reduction in GST on health insurance; cuts rate on cancer drugs, ET HealthWorld

New Delhi: GST Council headed by Union Finance Minister Nirmala Sitharaman on Monday decided to set up a Group of Ministers (GoM) on reducing tax rate on life and health insurance and cut GST on cancer drugs and namkeens. Briefing reporters on the outcome of the 54th GST Council meeting, Sitharaman said it has decided to have a Group of Ministers (GoM) to look into the GST rate on life and health…

[livemintvideos]

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[eazystartups]

As we move into the fiscal year 2024-25, several important updates to India’s income tax laws are coming into effect. These changes, announced by Finance Minister Nirmala Sitharaman in the 2023 budget, are set to impact taxpayers across the country. Understanding these updates is crucial for ensuring compliance and maximizing your tax benefits. At Eazy Startups, we specialize in providing Online Income Tax Registration and related services in India. We stay ahead of these changes to offer our clients the most accurate and up-to-date guidance. If you’ve been searching for income tax guidance, look no further—Eazy Startups is here to help you navigate the new tax regime with ease.