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Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs

The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019. This was announced by the Union Minister for Finance & Corporate Affairs Smt Nirmala Sitaraman during the Press Conference in Goa today. The Finance Minister elaborated  further , the salient features of these ...

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CBDT issues clarification on eligibility of small Start-ups to avail tax holiday 

The Central Board of Direct Taxes (CBDT) has clarified today that small start-ups with turnover upto Rs. 25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961(the ‘Act’), which provides deduction for 100 per cent of income of an eligible start-up for 3 years out of 7 years from ...

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Exchange Rates Notification No.52/2019-Custom (NT) dated 18.07.2019 

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Central Board of Indirect Taxes and Customs No.48/2019-CUSTOMS (N.T.), dated 4th  July, 2019 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and  Customs hereby determines ...

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Several tax proposals aim to promote investments in start-ups and sunrise industries in the country 

PROMOTING INVESTMENTS Several of the tax proposals announced by the Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman, while presenting the Union Budget 2019-20 in Parliament today, are aimed at promoting investments in Sunrise Advanced Technology industries and in Start-ups.  To boost  economic growth and Make in India, a Scheme is to be launched to invite global companies ...

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FDI inflows into India remained robust in 2018-19 

The Union Minster of Finance and Corporate Affairs, Nirmala Sitharaman said that FDI inflows into India have remained robust despite global headwinds. Presenting the Union Budget 2019-20 in Parliament today, she said that India’s FDI inflows in 2018-19 remained strong at USD 64.375 billion marking a 6% growth over the previous year. The Finance Minister proposed the following steps to ...

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Fertilizer Subsidy sees a hike of around Rs. 10,000 crores in Budget 2019-20 

Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, presented the Union Budget 2019-20 in Parliament today. Union Minister for Chemicals & Fertilizers, Shri D.V. Sadananda Gowda thanked the Finance Minister for increased allocation towards the Fertilizer Subsidy and said that the increased allocation would further help in increasing the efficiency of subsidy transfers to the farmers through DBT. ...

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State of the Economy in 2018-19 – A Macro View 

GDP to grow at 7% in 2019-20 due to growth of investment & consumption Service exports enhanced to Rs. 14.389 lac cr in 2018-19 from Rs. 0.746 lac cr in 2000-01. India’s share in world service exports increased from 2% in 2005 to 3.5 % in 2017 India’s foreign exchange reserves comfortably placed at US $ 422.2 billion in June ...

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Exchange Rates of conversion of Foreign Currencies notified for Imported and Export Goods 

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super-session of the notification of the Central Board of Indirect Taxes and Customs (CBIC) No.24/2019-CUSTOMS (N.T.), dated 20th March, 2019 except as respects things done or omitted to be done before such super-session, the Central Board of Indirect Taxes and Customs (CBIC) ...

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Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed 

Individual taxpayers having taxable annual income up to  Rs.5 lakhs will get full tax rebate and therefore will not be required to pay any income tax.  While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal said “Because of major tax reforms undertaken by us during last four ...

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Rs. 94,726 crore  of  total gross GST revenue collected in the month of December

The total gross GST revenue collected in the month of December, 2018 is Rs. 94,726 crore of which CGST is Rs. 16,442 crore, SGST is Rs. 22,459 crore, IGST is Rs. 47,936 crore (including Rs. 23,635crore collected on imports) and Cess is Rs. 7,888 crore (including Rs. 838 crore collected on imports). The total number of GSTR 3B Returns filed for the month of November up to 31st December, 2018 is 72.44 lakh. The government has settled Rs. 18,409 ...

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