Updates

Please Note This

No tax exemption of income upto 5 lac

Only applicable in case income not exceeded 5 lac hence not applicable on those whose income is over 5 lac.

Change is not made in tax structure but change is made in rebate of section 87A.

No slab change from 2.5 to 5 lac.

Rebate of rs. 2500 for income up to 3.5 lac is increased to rs. 12500 for income upto 5 lac.

The central board of indirect taxes and customs (CBIC) has notified that the goods and service tax (Amendment) act, 2018 is to be enforced from 1st Feb 2019. The GST act was notified within the gazette in last August.

The CBIC notified issued o last day said that except the provision of section 8(b), 17, 18, 20(a), 28(b)(i) and (c)(i), all different provision would be enforced from 1st Feb.

One of the most important changes would be that the GST composition levy has been extended to the services. The GST Amendment acts additionally the reverse charge mechanism under section 9(4).

Earlier, RCM would be applicable just in case of purchase higher than Rs. 50000 from each unregistered person by a registered person. The provision had never been enforced by the government. In September, the GST council planned to scrap the provision and set to re-introduce on for fixed items in future.

The central GST (Amendment) bill, integrated GST (Amendment) bill, Union territory GST (Amendment) bill and GST (Compensation to states.) Amendment bill cleared by the parliament a few months ago. The amendment made return forms easier and turnover threshold for availing composition scheme to Rs. 1.5 crore