Indian GST & TAXES

HIGHLIGHTS OF BUDGET 2019 *Tax* 1. Within 2 years, Tax assessment will be done electronically 2. IT returns processing in just 24 hours 3. Minimum 14% revenue of GST to states by Central Govt. 4. Custom duty has abolished from 36 Capital Goods 5. Recommendations to GST council for reducing GST rates for home buyers 6. *Full Tax rebate upto 5 lakh annual income after all deductions.* 7. Standard deduction has increase from 40000 to 50000 8. Exempt on tax on second self-occupied house 9. Ceiling Limit of TDS u/s 194A has increased from 10000 to 40000 10. Ceiling Limit of TDS u/s 194I has increased from 180000 to 240000 11. Capital tax Benefit u/s 54 has increased from investment in one residential house to two residential houses. 12. Benefit u/s 80IB has increased to one more year i.e. 2020 13. Benefit has given to unsold inventory has increased to one year to two years. *Other Areas* 14. State share has increased to 42% 15. PCA restriction has abolished

GST Rates & HSN Codes on Aquatic Animals - Fish Fillets & Other Fish Meat HSN Code Description Rate (%) Effective From CESS (%) Related Export / Import HSN Code 0301 Live fish. NIL 28/06/2017 03011100, 03011900, 03019100, 03019200, 03019300, 03019400, 03019500, 03019900 0302 Fish, fresh or chilled, excluding fish fillets and other fish meat of heading 0304 NIL 28/06/2017 03021100, 03021300, 03021400, 03021900, 03022100, 03022200, 03022300, 03022400, 03022900, 03023100, 03023200, 03023300, 03023400, 03023500, 03023600, 03023900, 03024100, 03024200, 03024300, 03024400, 03024500, 03024600, 03024700, 03024900, 03025100, 03025200, 03025300, 03025400, 03025500, 03025600, 03025700, 03025900, 03027100, 03027200, 03027300, 03027400, 03027900, 03028100, 03028200, 03028300, 03028400, 03028500, 030289, 03028910, 03028920, 03028930, 03028990, 03029000, 030291, 03029110, 030292, 03029210, 030299, 03029910, 03029990 0303 Fish, frozen, excluding fish fillets and other fish meat of he

GST Rates & HSN Codes on Edible Meat & Offal of Animals - Bovine, Poultry & Sea Animals HSN Code Description Rate (%) Effective From CESS (%) Related Export / Import HSN Code 0208 Other meat and edible meat offal, frozen and put up in unit containers and put up in unit container and,- (a) bearing a registered brand name; or (b) bearing a brand name on which an actionable claim or enforceable right in a court of law is available [other than those where any actionable claim or enforceable right in respect of such brand name has been foregone voluntarily], subject to the conditions as in the ANNEXURE] 5 14/11/2017 02081000, 02083000, 02084000, 02085000, 02086000, 02089010, 02089090 0205 Meat of horses, asses, mules or hinnies, frozen and put up in unit Containers 12 28/06/2017 02050000 0205 Meat of horses, asses, mules or hinnies, fresh, chilled or frozen [other than frozen and put up in unit container] NIL 28/06/2017 02050000 0201 Meat of bovine animals, fre

*List of documents asked by GST Department with refund application in case of export of Goods/services without payment of IGST*  1. Copy of GSTRFD-01A downloaded from GST portal 2. Copy of ARN downloaded from GST portal 3. Copy of electronic credit ledger download from GST portal 4.Explanation for considering GSTR-1 in place of GSTT-3B/Reconciliation statement in case of difference between two. 5. Copy of GSTRFD-01 having bank account details. 6. Copy of GSTR-3B for the relevant period. 7. Copy of GSTR-1 for the relevant period. 8. Copy of Registration certificate. 9. Jurisdiction Proof. 10. Self declaration as per rule 89. 11. Declaration of goods exported are not subject to any export duty. 12. Declaration of available ITC on goods and services not availed for making nil rated & fully exempt supplies 13. Undertaking regarding not being prosecuted for any offence under the existing Acts. 14. Undertaking of sanction amount of refund paid back to govt i

Recent Rate Changes on Goods GOODS S.NO Items New Rate Old rate 1 Rakhi (other than that of precious or semi-precious material ) Nil 18% 2 Sanitary Napkins Nil 12% 3 Circulation and commemorative coins Nil 5% 4 Raw material for broom Nil 12% 5 Stone/Marble/Wood Deities Nil 5% 6 Sal leaves and its products Nil 18% 7 Khali dona Nil 18% 8 Coir pith Compost Nil 5% 9 Chenille fabrics and other fabrcis under 5801 5% 12% 10 Handloom dari 5% 12% 11 Phosphoric Acid (fertilizer grade only) 5% 12% 12 Handmade Carpets, Textile Floor, Coverings 5% 12% 13 Knitted cap/topi having retails sale value exceeding Rs. 1000 5% 12% 14 Kota Stones and Simliar Stones (other than polished) 5% 18% 15 Ethanol for sale to oil marketing companies for blending with fuel 5% 18% 16 Solid Bio fuel pellets 5% 18% 17 Marine Engine 5% 28% 18 Bamboo Flooring 12% 18% 19 Hand Operated Rubber Roller 12% 18% 20 Brass Kerosene Pressure Stove 12% 18% 21 Zip and Slide Fastener 12% 18% 22 Handicrafts (E