LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Budget 2019: Three major changes that can be made to GST

Budget 2019: Finance Minister Nirmala Sitharaman is set to present Union Budget 2019 on July 5 and the expectations are high as this is the first budget of the second term of the Modi government. While several industries have put forward their demands, more and more voices have been asking changes in the Goods and Services Tax (GST) for its simplification.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Budget 2019: Three major changes that can be made to GST
The GST Council had recommended a few changes to the GST law recently. Source - Pixabay.
Written By: ZeeBiz WebTeam
Updated: Thu, Jun 27, 2019
10:09 am
New Delhi, ZeeBiz WebDesk
RELATED NEWS
No change in dividend distribution tax, but grandfathering tax can be discussed: Govt No change in dividend distribution tax, but grandfathering tax can be discussed: Govt
Your money: Investors alert! CPSE ETFs as ELSS coming soon; get tax breaks and more Your money: Investors alert! CPSE ETFs as ELSS coming soon; get tax breaks and more
This is how Modi government's infra push can help travel and tourism industry This is how Modi government's infra push can help travel and tourism industry
No PAN mandatory for deposit or cash transactions above Rs 50,000, you can use Aadhaar No PAN mandatory for deposit or cash transactions above Rs 50,000, you can use Aadhaar
Budget 2019: Four proposals made by government to boost Digital India Budget 2019: Four proposals made by government to boost Digital India

Budget 2019: Finance Minister Nirmala Sitharaman is set to present Union Budget 2019 on July 5 and the expectations are high as this is the first budget of the second term of the Modi government. While several industries have put forward their demands, more and more voices have been asking changes in the Goods and Services Tax (GST) for its simplification. Prashant Deshpande, Partner, Deloitte India told Zee Business Online that during the run-up to Union Budget 2019, expectations are rising to bring in reforms aimed at creating a tax and business-friendly environment. 

The GST Council had recommended a few changes to the GST law recently. These changes are expected to be brought into effect in the ensuing budget. Here are the three major changes that can be made to GST, according to Prashant Deshpande -

1. Relief to taxpayers for calculation of interest on net liability (after adjusting input tax credit).

2. Creation of the Centralised Appellate Authority for Advance Ruling to deal with divergent decisions given by two or more state Authorities for Advanced Rulings.

3. Removal of interest component on the reversal of credit in case of non-payment of vendor invoices within 180 days from the date of invoice, and a similar relaxation from payment of interest on the import invoices where GST is payable under reverse charge when the payment to the vendor is delayed beyond 60 days.

As far as the customs are considered, he said that to ease the financial burden on importers, Merchandise Export from India Scheme and service export from India scheme scrips should be allowed to use for the payment of GST.

"The present law does not provide for manner of claiming refund of countervailing duty (‘CVD’) and special addition duty (‘SAD’) paid after 1 July 2017 on the non-fulfillment of export obligation where imports were made before the implementation of GST. In the pre-GST period, CVD or SAD was allowed to be recovered by way of input tax credit. To provide continuity of tax neutralisation, the government should lay down a procedure to claim the refund of such duties," Prashant added. 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Union Budget 2019Budget 2019GSTEconomyNirmala Sitharaman
RELATED NEWS
No change in dividend distribution tax, but grandfathering tax can be discussed: Govt No change in dividend distribution tax, but grandfathering tax can be discussed: Govt
Your money: Investors alert! CPSE ETFs as ELSS coming soon; get tax breaks and more Your money: Investors alert! CPSE ETFs as ELSS coming soon; get tax breaks and more
This is how Modi government's infra push can help travel and tourism industry This is how Modi government's infra push can help travel and tourism industry
No PAN mandatory for deposit or cash transactions above Rs 50,000, you can use Aadhaar No PAN mandatory for deposit or cash transactions above Rs 50,000, you can use Aadhaar
Budget 2019: Four proposals made by government to boost Digital India Budget 2019: Four proposals made by government to boost Digital India

LATEST NEWS

PUBG update: Alert! PUBG Mobile India may release on THIS date? Here's all you need to know

Serum Inst prices COVID-19 vaccine for pvt hospitals at Rs 600; for state govts at Rs 400

WhatsApp Privacy Policy: Court verdict likely on WhatsApp, Facebook in India soon- Check all details here

Covid-19 fears persist, YES Bank share price declines by nearly 3.5% in last one week

ALERT! SBI names company, says beware of this fake loan provider; has it contacted you?

Tourism is a vehicle for earning revenue and the government should support it: V Kamat, CMD, Kamat Hotels

New Apple iMac, AirTag, MiniLED iPad Pro with M1 Chip launched - Check India pricing, specifications and other details here

Garena Free Fire redeem codes update: Check how to grab special redeem codes, free rewards and more

After CBSE, CISCE CANCELS ICSE class 10 board exams, ISC class 12 exams POSTPONED - students DON'T MISS this IMPORTANT UPDATE on class 11 admission

Tata Sons chairman emeritus Ratan Tata invests in Mailit, a mailroom management and logistics company

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved