Union Budget 2019

Union Budget 2019 of India, also referred to as the Annual Financial Statement in the article of the constitution of India. The budget was presented on the last working day of February by the Finance Minister of India in the parliament. The budget, which has presented by means of the Finance bill and the Appropriation bill has to pass by Lok Sabha, before it can come into effect on April 1, the start of India’s financial year.

Table of Contents

  1. Personal Taxation.
  2. Non-Resident Taxation.
  3. Corporate Taxation.
  4. International Financial Service Center
  5. NBFC and Start-ups.
  6. Transfer Pricing Proposal
  7. Indirect Taxes.

1. Personal Taxation for Union Budget 2019

  Income tax slab rates for Financial Year 2019-20 ( Assessment Year 2020-21)

INCOME SLAB ( IN INR)

STATUS OF INDIVIDUALS – GENERAL CATEGORY

250,000 Nil
250,001-500,000 5%
500,001-10,00,000 INR 12500+20% on the excess of INR 5 lakhs
10,00,001 & Above INR 112,500+30% on the excess of INR 10 lakhs

INCOME SLAB ( IN INR)

STATUS OF INDIVIDUALS – RESIDENT SENIOR CITIZEN (60 years to 79 years)

300,000 Nil
300,001-500,000 5%
500,001-10,00,000 INR 10,000+20% on the excess of INR 5 lakhs
10,00,001 & Above INR 110,000+30% on the excess of INR 10 lakhs

 

INCOME SLAB ( IN INR)

STATUS OF INDIVIDUALS – RESIDENT VERY SENIOR CITIZEN (80 years and above)

500,000 Nil
500,001-10,00,000 20% on the excess of INR 5lakhs
10,00,001 & Above INR 100,000+30% on the excess of INR 10 lakhs

 

  • Hence, There are no changes in personal income tax rates and slabs.
  • Surcharge for individuals having income exceeding INR 2 crores but less INR 5 crores would be 25% and individual having income more than 5 crores would be 37%
  • Tax Deduction at Source (TDS) on payment by Individual/HUF to contractors and professionals for Union Budget 2019

    It is proposed to insert a new section 194M in the Act to provide for levy of TDS at the rate of five percent on the sum, or the aggregate of sums, paid or credited in a year on account of contractual work or professional fees by an individual or a Hindu undivided family exceeds fifty lakh rupees in a year not subject to tax audit and TDS can be deposited using their Permanent Account Number (PAN) and shall not be required to obtain Tax deduction Account Number (TAN).

Therefore, This amendment will take effect from 1st September 2019.

  • TDS at the time of purchase of immovable property – 194IA

    The term ‘consideration for immovable property’ is presently not defined for the purposes of this section. Accordingly, it is proposed to amend the term “consideration for immovable property” shall include all charges of the nature of club membership fee, car parking fee, electricity and water facility fees, maintenance fee, advance fee or any other charges of similar nature. Which are incidental to the transfer of the immovable property needs to deduct TDS at 1%. Therefore, This amendment will take effect from 1st September 2019.

  • Mandatory furnishing of return of income by certain persons

    The person shall be mandatorily required to file his return of income if during the previous year, he-

(i)  has deposited an amount or aggregate of the amounts exceeding one crore rupees in one or more current account maintained with a banking company or a co-operative bank, or

(ii)  has incurred an expenditure of an amount or aggregate of the amounts exceeding two lakh rupees for himself or any other person for travel to a foreign country, or

(iii)  has incurred an expenditure of an amount or aggregate of the amounts exceeding one lakh rupees towards consumption of electricity, or

(iv)  Moreover, it fulfills such other prescribed conditions, as may be prescribed.

Therefore, These amendments will take effect from 1st April 2020 and will, accordingly apply in relation to the assessment year 2020-2021 and subsequent assessment years

  • Inter-changeability of PAN & Aadhaar and mandatory quoting in prescribed transactions for Union Budget 2019

    However, PAN or Aadhaar number can be furnished in such documents where quoting PAN was mandatory. Therefore, If a person fails to intimate the Aadhaar number. The PAN allotted to such person has made inoperative in the prescribed manner. Therefore,  This amendment will take effect from 1st September 2019.

  • Incentives to National Pension System (NPS) subscribers 
    • Increase the said exemption under section 10 from 40% to 60% of the total amount payable to the person at the time of closure or his opting out of the scheme.
    • Section 80CCD – Hence, it is proposed to increase the limit from 10% to 14% of the contribution made by the Central Government to the account of its employee.

These amendments will take effect from 1st April 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent assessment years.

  • Tax incentive for affordable housing

    New section 80EEA in the Act so as to provide an additional deduction in respect of interest up to one lakh fifty thousand rupees on loan is taken for residential house property from any financial institution subject to the following conditions:

  • the loan has been sanctioned by a financial institution during the period beginning on the 1st April 2019 to 31st March 2020.
  • Moreover, the stamp duty value of house property does not exceed forty-five lakh rupees,
  • Therefore, the assessee does not own any residential house property on the date of sanction of loan.

This amendment will take effect from 1st April 2020 and will accordingly apply in relation to the assessment year 2020-21 and subsequent assessment years. Hence, The existing provisions of the section 80-IBA of the Act, provide that where the gross total income of an assessee includes any profits and gains derived from the business of developing and building housing projects, there shall, subject to certain conditions, be allowed, a deduction of an amount equal to hundred percent of the profits and gains derived from such business.

Hence, The term “affordable housing” under section 80-IBA is as under
  • the assessee shall be eligible for deduction under the section, in respect of a housing project if a residential unit in the housing project have carpet area not exceeding 60 square meter in metropolitan cities or 90 square meter in cities or towns other than metropolitan cities of Bengaluru, Chennai, Delhi National Capital Region (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (whole of Mumbai Metropolitan Region), and
  • Therefore, the stamp duty value of such residential unit in the housing project shall not exceed forty-five lakh rupees.

These amendments will take effect from 1st April 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent assessment years.

  • Tax incentive for electric vehicles

    – New section 80EEB in the Act to provide for a deduction in respect of interest on loan taken for the purchase of an electric vehicle from any financial institution up to one lakh fifty thousand rupees subject to the following conditions:

    (i) the loan has been sanctioned by a financial institution including a non-banking financial company during the period beginning on the 1st April 2019 to 31st March 2023. (ii) Therefore, the assessee does not own any other electric vehicle on the date of sanction of loan.

It is also proposed that where a deduction under this section is allowed for any interest, deduction shall not be allowed in respect of such interest under any other provisions of the Act for the same or any other assessment year. This amendment will take effect from 1st April 2020 and will, accordingly, apply in relation to the assessment year 2020-2021 and subsequent assessment years.

  • TDS on the non-exempt portion of life insurance pay-out on a net basis

    – Provide for tax deduction at source at the rate of 5% on Net income component (i.e. after deducting the amount of insurance premium paid by him from the total sum received ) as against previously it was 1% on the total sum received.

  • TDS on cash withdrawal to discourage cash transactions

    Eventually, New section 194N – Levy of TDS at the rate of two percent on cash payments in excess of one crore rupees in aggregate made during the year, by any person (other than banks, government, etc.). Therefore, This amendment will take effect from 1st September 2019.

 2. Non-Resident Taxation for Union Budget 2019

  • Deemed accrual of the gift made to a person outside India for the union budget 2019

    Presently, It is proposed to tax gifts made by residents to non-resident arising from any sum of money paid, or any property situates in India transferred, on or after 5th July 2019 shall be deemed to accrue or arise in India. However, the existing provision for exempting gifts as provided in the proviso to clause (x) of sub-section (2) of section 56 will continue to apply for such gifts deemed to accrue or arise in India. In a treaty situation, the relevant article of applicable DTAA shall continue to apply for such gifts as well. Therefore, This amendment will take effect from 1st April 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent assessment years.

  • Relaxation in conditions of special taxation regime for offshore funds

    Hence, To give an impetus to fund management activities in India, certain constraints are proposed to be removed by suitably amending section 9A of the Act, so as to provide that,-

  • The corpus of the fund shall not be less than INR 100 crore rupees at the end of a period of six months from the end of the month of its establishment or incorporation or at the end of such previous year, whichever is later, and
  • The remuneration paid by the fund to an eligible fund manager in respect of fund management activity undertaken by him on its behalf is not less than the amount calculated in such manner as may be prescribed. Therefore, These amendments will take effect retrospectively from 1st April 2019 and shall apply to the assessment year 2019-20 and subsequent assessment years.
  • Exemption of interest income of a non-resident referred under section 194LC

    Therefore, interest payable by an Indian company or a business trust to a non-resident, including a foreign company, in respect of rupee-denominated bond issued outside India, shall be exempt from tax. This amendment will take effect from 1st April 2019 and will, accordingly, apply in relation to the assessment year 2019-20 and subsequent assessment years.

  • Online filing of application seeking lower deduction or non-deduction of taxes on payment to non-residents

    – This was previously carried out manually. Now it is proposed to make it available online. Therefore, These amendments will take effect from 1st November 2019.

3. Corporate Taxation for Union Budget 2019

Income tax slab rates for Union Budget 2019

Type of companies

Income up to INR 1crore

Above(Income) INR 1 crore and less than INR 10 crores

Income above INR 10 crores

 

Surcharge Effective Rate Surcharge Effective Rate Surcharge Effective Rate
Domestic with turnover (or gross receipts) not exceeding INR 400 crores in the FY 2017-18 Nil 26% 7% 27.82% 12% 29.12%
New domestic manufacturing Nil 26% 7% 27.82% 12% 29.12%
Other Domestic Nil 31.20% 7% 33.38% 12% 34.94%
Foreign Companies Nil 41.60% 2% 42.43% 5% 43.68%

 

Corporate taxes – Minimum Alternative Tax for Union Budget 2019

Type of companies

Income up to INR 1crore

Above (Income) INR 1 crore and less than INR 10 crores

Income above INR 10 crores

  Surcharge Effective Rate Surcharge Effective Rate Surcharge Effective Rate
Domestic Companies Nil 19.24% 7% 20.59% 12% 21.55%
Foreign Nil 19.24% 2% 19.62% 5% 20.20%
International Financial Services Centre (“IFSC”) Nil 9.36% 7% 10.02% 12% 10.48%

 

Moreover, Health and education cess of 4% has been considered for determining the tax rates above.

LLP Tax rates for Union Budget 2019

Type of entity

 up to (Income) INR 1crore

Above (Income) INR 1 crore

  Surcharge Effective Rate Surcharge Effective Rate
LLP Nil 31.20% 12% 34.94%

 

LLP Tax rates – Alternative Minimum tax (AMT) for Union Budget 2019

Type of companies

up to (Income) INR 1crore

Income above INR 1 crore

  Surcharge Effective Rate Surcharge Effective Rate
Other than in IFSC Nil 19.24% 12% 21.55%
In IFSC Nil 9.36% 12% 10.48%

 

  • Domestic companies with a turnover not exceeding INR 400 crore during FY 2017- 18. To enjoy a reduced tax rate of 25% (increased by applicable surcharge and cess).
  • Proposal to introduce faceless assessment in electronic mode involving no human interface.
  • Prescription of electronic mode of payments

    Here, Inclusion of other electronic modes as may be prescribed. In addition to the already existing permissible modes of payment/receipt in the form of an account payee cheque or an account payee bank draft or the electronic clearing system through a bank account under various sections such as

  1. Section 13A – Donation to Political Party
  2. 35AD – Any expenditure of capital nature on Specified Business
  3.  40A – Any expenses incurred exceeding INR 10,000 – Payment mode to be other than cash
  4. 43(1) – Assets purchased more than INR 10,000 – Payment mode to be other than cash
  5. 43CA- Transfer of asset – Payment mode to be other than cash
  6. 44AD – Presumptive taxation benefit – 6% of total turnover to be declared as profit
  7. 80JJAA – Emoluments to be paid to employees through any mode other than cash

These amendments will take effect from 1st April 2020 and will, accordingly apply in relation to the assessment year 2020-2021 and subsequent assessment years.

  • Mandating acceptance of payments through prescribed electronic modes –

    New section 269SU in the Act so as to provide that every person, carrying on business, shall provide the facility for accepting payment through the prescribed electronic modes. In addition to the facility for other electronic modes of payment. If his total sales turnover or gross receipts in business exceed fifty crore rupees during the immediately preceding previous year. Bank or system provider shall not levy any charge for using the electronic mode of payment.

New section 27IDB provides that the failure to provide a facility for electronic modes of payment prescribed under section 269SU shall attract a penalty of a sum of five thousand rupees per day during which such failure continues. However, the penalty shall not be imposed if the person proves that there were good and sufficient reasons for such failure. Any such penalty shall be imposed by the Joint Commissioner. Therefore, This amendment will take effect from 1st November 2019.

  • Hence, The aggregate amount of unabsorbed depreciation and brought-forward loss to be allowed as a deduction for computing MAT liability of distressed companies.
  • Tax on income distributed to the shareholder in case of listed companies –

    Section 115QA of the Act provides for the levy of additional Income-tax at the rate of twenty percent of the distributed income on account of buy-back of unlisted shares by the company. As additional income-tax has been levied at the level of the company. Therefore, The consequential income arising in the hands of shareholders has been exempted from tax under clause (34A) of section 10 of the Act. It is proposed to include listed companies who carry buyback of shares on or after 5 July 2019.

  • Prescription of exemption from deeming of the fair market value of shares for certain transactions:

    – The applicability of sections 56(2)(x) and 50CA are proposed to be amended to empower the Board. Hence, To prescribe transactions undertaken by a certain class of persons to which the provisions of section 56(2)(x) and 50CA shall not be applicable. These amendments will take effect from 1st April 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent assessment years.

4. International Financial Service Center for Union Budget 2019

  • Incentives to International Financial Services Centre (IFSC):
  • Any transfer of a capital asset, specified in the said clause by such AIF, of which all the unitholders are non-resident, are not regarded as a transfer subject to fulfillment of specified conditions. These amendments will take effect from 1st April 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent assessment years.
  • Hence, Any income by way of interest payable to a non-resident by a unit located in IFSC in respect of monies borrowed by it on or after the 1st day of September 2019, shall be exempt. This amendment will take effect from 1st April 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent assessment years.
  • Any dividend paid out of accumulated income derived from operations in IFSC, after 1st April 2017 shall also not be liable for tax on distributed profits. Therefore, This amendment will take effect from 1st September 2019.
  • In case, No additional income-tax shall be chargeable in respect of any amount of income distributed, on or after the 1st day of September 2019, by a Specified Mutual Fund of which all the unitholders are non-residents, located in IFSC, and which derives income solely in convertible foreign exchange. Therefore, This amendment will take effect, from 1st September 2019.
  • Section 80LA of the Act, inter alia, provide a profit-linked deduction to be available for 100% for any ten consecutive years out of 15 years with the year in which the necessary permission was obtained. This amendment will take effect, from 1st April 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent assessment years. Accordingly, section 115A is proposed to be modified to allow claiming of deduction under section 80LA.

5. NBFC and Start-ups for Union Budget 2019

  • Incentives to Non-Banking Finance Companies (NBFCs)

    -It is proposed to amend section 43B of the Act to provide that any sum payable by the assessee as interest on any loan or advances from a deposit-taking NBFCs and systemically important non deposit-taking NBFCs shall be allowed as deduction if it is actually paid on or before the due date of furnishing the return of income of the relevant previous year. Therefore, These amendments will take effect from 1st April 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent years.

  • Incentives for start-ups under Union Budget 2019

    The loss incurred in any year prior to the previous year. In the case of a closely held eligible start-up, shall be allowed to be carried forward and set off against the income of the previous year. On the satisfaction of either of the two conditions stipulated currently at clause (a) or clause (b) of Section 79.

To incentivize investment in eligible start-ups, it is proposed to amend the said section so as to-

  • Although extend the sunset date of transfer of residential property for investment in eligible start-ups from 31st March 2019 to 31st March 2021,
  • relax the condition of minimum shareholding of 50% of share capital or voting rights to 25%.
  • relax the condition restricting the transfer of new asset being computer or computer software from the current 5 years to 3 years.

This amendment will take effect from 1st April 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent assessment years.

  • Incentives for Category II Alternative Investment Fund (AIF) for Union Budget 2019

    – Category II AIF to be included for exemption from section 56 of the Income-tax act i.e. the aggregate consideration received for such shares as exceeds the fair market value of the shares shall be charged to tax.

  • Alternate composition scheme introduced for the supplier of services and mixed suppliers with an annual turnover up to INR50 lakhs.
  • However, Specified suppliers will mandatorily give the option of digital payment to their customers.

6. Transfer Pricing Proposal for Union Budget 2019

Clarification with regard to provisions of secondary adjustment and giving an option to assessee to make a one-time payment. Hence, The assessee shall be required to carry out secondary adjustment, where the primary adjustment to transfer price has been made. The proviso to sub-section provides an exemption in cases where the amount of primary adjustment made in any previous year does not exceed one crore rupees. And the primary adjustment is made in respect of an assessment year commencing on or before 1st April 2016

So, In order to provide some clarification on the above. It is proposed to amend section 92CE of the Act so as to provide that:-

  • The excess money pertaining to secondary adjustment or part thereof has not been repatriated in time, the assessee will have the option to pay additional income-tax at the rate of eighteen percent on such excess money or part thereof in addition to the existing requirement of calculation of interest till the date of payment of this additional tax. Hence, The additional tax is proposed to be increased by a surcharge of twelve percent.
  • the tax so paid shall be the final payment of tax and no credit shall be allowed in respect of the amount of tax so paid,
  • In case, the deduction in respect of the amount on which such tax has been paid, shall not be allowed under any other provision of this Act, and
  • Therefore, if the assessee pays the additional income-tax. He will not be required to make a secondary adjustment or compute interest from the date of payment of such tax.
The amendments proposed for Union Budget 2019, above will be effective from 1st September 2019. 
  • The power of AO in case of a modified return filed pursuant to a signed APA for a year(s) of completed assessment or reassessment restricted to merely modifying the total income in accordance with the terms of the APA. Therefore, This amendment will take effect from 1 September 2019.
  • The CbCR of a Non-Resident Parent filed by an Indian Resident Alternate Reporting Entity would be as per the accounting year followed by the Non-Resident Parent in its jurisdiction and not as per the financial year followed by the Indian Reporting Entity
  • Therefore, The provisions of filing Master File (MF) stand amended as under from 1 April 2020:
    • The MF has to file by every constituent entity of an international group irrespective of whether the constituent entity has entered into an international transaction/s or not.
    • Therefore, The powers of the Tax Officer and the Commissioner (Appeal) to call for MF has done away with.
  • Rationalization of the provisions of section 276CC in Union Budget 2019

    In case of The existing provisions of section 276CC of the Act provides that prosecution proceedings for failure to furnish returns of income against a person shall not proceed against, for failure to furnish the return of income in due time. Hence, If the tax payable by such person, not being a company, does not exceed INR 3,000. Therefore, This has increased to INR 10,000/. These amendments will take effect from 1st April 2020 and will, accordingly, apply in relation to the assessment year 2020-21 and subsequent assessment years.

  • Enhancing time limitation for sale of attached property under rule 68B of the Second Schedule of the Act in Union Budget 2019

    Therefore, The existing provisions of rule 68B of the Second Schedule of the Act provide that no sale of immovable property attached towards the recovery of tax, penalty, etc. shall be made after the expiry of three years from the end of the financial year in which the order in consequence of which any tax, penalty, etc. becomes final. Therefore, The period of limitation has been proposed to increase to seven years. And, These amendments will take effect from 1st September 2019.

7. Indirect Taxes for Union Budget 2019

CUSTOMS ACT for Union Budget 2019

  • Customs duty rates realigned by increasing rates/withdrawing exemptions, to boost domestic manufacturing of several products.
  • Services provided or agreed to be provided by the State Government by way of grant of liquor licence, against consideration in the form of licence fee or application fee or by whatever name it is called, are proposed to be exempted from service tax for during the period commencing from 1st April, 2016 and ending with the 30th June, 2017.
  • Moreover, Special Additional Excise duty and Road and Infrastructure Cess, each proposed has to increased by INR1 a liter on petrol and diesel, to boost government revenue
  • Customs duty rate reduction proposed on certain raw materials and capital goods (such as inputs for the manufacture of the artificial kidney, disposable sterilized dialyzer, and fuels for nuclear power plants or capital goods for manufacture of specified electronic items) to further promote domestic manufacturing
  • Customs duty exempted proposed on certain parts of electric vehicles to incentivize e-mobility. While Customs duty increased on some automobile parts. Also, Customs duty exemption provided on import of defense equipment to enable modernization and up gradation of the defense sector.
  • Moreover, Customs authorities have empowered to screen or scan person suspected to secreted goods liable for confiscation in his body, subject to the specific procedure.
  • Hence, Fraudulently obtaining an instrument of value exceeding INR50 lakh and utilization thereof under the Customs Act or Foreign Trade (Development and Regulations) Act, 1992 has made a cognizable and non-bailable offense
  • General penalty i.e. where no specific penalty has provided under the Customs Act increased from INR1 lakh to INR4 lakh.
  • Therefore, Extension of Countervailing duty on article imported by alteration of description, name, composition, or condition (assembled or disassembled form) to circumvent Countervailing duty on specific goods
  • Hence, The specific provision introduced to extend the appellate provision to specific circumstances requiring the imposition of Safeguard duty.
  • Dispute resolution-cum-amnesty scheme called “the Sabka Vishwas Legacy Dispute Resolution Scheme, 2019” has proposed for resolution and settlement of legacy cases (pre-GST regime).

SERVICE TAX for Union Budget 2019

  • Retrospective Amendment – Service tax exemption on the following for Union Budget 2019
  • further, Services provided or agreed to provided by the State Government by way of grant of a liquor license has proposed to exempt from service tax for during the period commencing from 1st April 2016 and ending with the 30th June 2017.
  • Services provided or agreed to provided by the Indian Institutes of Management has proposed to exempted from service tax for during the period commencing from the 1st day of July 2003 and ending with the 31st day of March 2016.
  • Hence, Upfront amount payable by developers to State Government Industrial Development Corporation or any entity having 50 per cent or more ownership of Central Government, State Government, Union Territory, for grant of long-term lease of 30 years or more of plots, for development of infrastructure for financial business, in any industrial or financial business area, for the period from 01 October 2013 to 30 June 2017.

GOODS AND SERVICES TAX for Union Budget 2019

  • Higher threshold exemption limit from Rs. 20 lakhs to such amount not exceeding Rs. 40 lakhs in case of the supplier who has engaged in the exclusive supply of goods
  • Eventually, Aadhaar authentication mandatory for a specified class of new taxpayers. And to prescribe the manner in which certain class of registered taxpayers has required to undergo Aadhaar authentication
  • Provision inserted to make interest applicable on net cash liability of tax declared in the return (i.e. cash paid by debiting electronic cash ledger instead of gross liability), except in those cases where returns have filed subsequent to initiation of any proceedings relating to short payment, non-payment of tax or wrong availment of ITC, etc.
  • Hence, The Finance Minister reiterated recent recommendations of the GST Council on a simplified return structure, automated refund mechanism, E-invoicing which obviates the need for a separate E-way bill from January 2020 and reduction in GST rate for electrical vehicles from 12 percent to 5 percent.
  • Provide a facility to the registered person to transfer an amount from one (major or minor) head to another (major or minor) head in the electronic cash ledger.
  • Presently, Charging interest only on the net cash tax liability, except in those cases where returns have filed subsequent to initiation of any proceedings under section 73 or 74 of the CGST Act.
  • Moreover, the Introduction of a penalty is 10 percent of the profiteered amount. In the case, the National Anti-profiteering Authority concludes that the taxpayer is guilty of profiteering. However, the said penalty has not payable where the profiteered amount has deposited within 30 days of the date of passing of the order by the Authority.
  • An alternative composition scheme for a supplier of services or mixed suppliers, having an annual turnover in the preceding financial year up to INR50 lakh, has been introduced. Therefore, The rate of tax payable under the composition scheme has capped at 3 percent.
  • So, as To provide that the Central Government may disburse refund amount to the taxpayers, in respect of a refund of State taxes as well.
  • Hence, A new section 17A has inserted in the IGST Act. So as to bring into the Act, the provisions for transfer of amount between Centre and States consequential to amendment in section 49 of the CGST Act allowing the transfer of an amount from one head to another head in the electronic cash ledger of the registered person.

 

 

In case of any help or assistance in filing your Union Budget 2019 in Chennai, Union Budget 2019 in Mumbai, Union Budget 2019 in Bangalore contact Virtual auditor support team on 9962 230 333/9513 93 9333/044- 48560333 /mail us [email protected], our team will guide through the entire process and help you comply

 

 

 

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Union Budget 2019
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Union Budget 2019
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In case of any help or assistance in filing your Union Budget 2019 in Chennai, Union Budget 2019 in Mumbai, Union Budget 2019 in Bangalore contact Virtual auditor support team on 9962 230 333/9513 93 9333/044- 48560333 /mail us [email protected], our team will guide through the entire process and help you comply
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