Tuesday, May 17, 2022
  • About
  • Advertise
  • Careers
Scoftware Magazine
  • Home
  • Politics
  • Business
  • Culture
  • Opinion
  • Lifestyle
  • Entertainment
  • Login
No Result
View All Result
Scoftware Magazine
Home Business

Govt provides booster dose to economy; supports vision of Atmanirbhar Bharat

Jaleel M. by Jaleel M.
February 2, 2022
in Business
0
Govt provides booster dose to economy; supports vision of Atmanirbhar Bharat
0
SHARES
12
VIEWS
Share on FacebookShare on Twitter


Union Budget 2022-23: Changes in customs duty rates on imported goods, legislative changes under GST to nudge India to become a manufacturing hub

Related posts

How a sustainable, destination-oriented tourism may do wonders for India

How a sustainable, destination-oriented tourism may do wonders for India

May 17, 2022
10 grams of 24-carat stands at Rs 50,450; silver at Rs 59,400 per kilogram 

10 grams of 24-carat stands at Rs 50,450; silver at Rs 59,400 per kilogram 

May 17, 2022

Budget 2022: Govt provides booster dose to economy; supports vision of Atmanirbhar Bharat

Indian Union Budget 2022: Booster dose to the Indian economy. Image courtesy Money Control

The government has kept its promise of giving a booster dose to the Indian Economy by introducing a Budget, which is supporting its vision of ‘Atmanirbhar Bharat’ as well as incentivising ‘Make in India’ products. The whole lot of changes in rates of customs duties on imports of goods into India and the legislative changes under GST alludes to the unwavering commitment of the government to make India a manufacturing hub while giving a further push to ease of doing business ratings.

Phased withdrawal of concessional rate of customs duty

The concessional rate of customs duty on import of capital goods is proposed to be withdrawn in a phased manner. The Project Import Scheme providing concessional rates on specified projects will be available up till 10 September, 2022. If the contracts are registered with the customs officer till 30 September, 2022, then the imports can be affected at a concessional rate till 30 September 2023. Post-the expiry of the period, Basic Customs Duty will be paid at the rate of 7.5 percent. Further, customs duty exemptions on multiple products are withdrawn.

DRI proceedings limitations to be removed

Limitations to the validity of DRI proceedings and other investigative wings of customs sought to be removed from a retrospective effect. The amendments will address the judgment of the Supreme Court in the case of Canon India Limited, wherein it was held that the officers of the Department of Revenue Intelligence are not the proper officer under the Customs Act to issue notices.

Advance Ruling obtained to be valid for three years

Advance Ruling obtained will now be valid for a period of three years or the change in the law. Earlier, the advance ruling obtained was valid unless there is a change in the law. The taxpayers will now be required to approach the Advance Ruling Authority every three years to review the earlier position provided by the authority.

Automation of various compliances to be undertaken under Import of Goods at Concessional Rate of Duty (‘IGCR’) regulations is a welcome step and will definitely ease the compliance burden on the industry.

BCD on non-blended fuels hiked

Basic Excise Duty on non-blended fuels (ethanol/methanol blended petrol and bio-diesel blended high-speed diesel) is being increased by Rs 2 per litre to be effective from 1 October, 2022. The amendment will promote manufacturing and retail sale of biofuels which will also support the government’s ambition of achieving a target of 20 percent ethanol blending in petrol by 2025.

ITC availment changed

The procedure prescribing the two-way communication for availing of the input tax credit has been deleted and the input tax credit will be available basis of the auto-generated statement in GSTR 2B provided the credit is not restricted. Further, the government can prescribe restriction of input tax credit basis various non-compliances of the vendor. The changes are intended to further strengthen the input tax credit availment system in the companies and reduction of non-compliance. However, the proposed changes would further push the industry to use the technology so as to automate the process of availment / tracking of input credit.

The government has also proposed to increase the time limit for availment of credit and issuance of a credit note to 30 November of the following financial year.

Government can now prescribe the limit towards maximum utilisation of input tax credit for payment of output tax liability. Further, the returns need to be filed sequentially. The return of a particular period will not be allowed to be filed unless all previous returns have been filed.

Another welcome move is that CGST and IGST amounts in the electronic cash ledger can be transferred to other GST registrations of the same taxpayer

The amendments under the Customs legislation will increase the cost of imports; consequently, it is likely to provide a boost to manufacturing within the country. The GST amendments will further make the compliance process robust. Reduction in non-compliance coupled with the boost in the manufacturing sector will further enhance revenue collections.

The writer is Tax Partner, EY India. Views are personal.

Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.





Source link

Previous Post

Higher capital expenditure will keep economic revival going, says Finance Minister Nirmala Sitharaman

Next Post

Petrol and diesel prices; here’s what you need to pay in your city today on 3 February 2022

Next Post
Petrol and diesel prices; here’s what you need to pay in your city today on 3 February 2022

Petrol and diesel prices; here's what you need to pay in your city today on 3 February 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

IPL GC Yet To Happen, BCCI Unlikely To Sever Ties If Exit Clause Favours Sponsor: Report

IPL GC Yet To Happen, BCCI Unlikely To Sever Ties If Exit Clause Favours Sponsor: Report

2 years ago
US workers face unequal future when the coronavirus recedes, United States News & Top Stories

US workers face unequal future when the coronavirus recedes, United States News & Top Stories

2 years ago
Ozomatli Announce Episode 3 Worldwide Quarantine Block Party –

Ozomatli Announce Episode 3 Worldwide Quarantine Block Party –

2 years ago
Ex-F1 Driver Alex Zanardi In “Extremely Serious Condition” After Bike Crash

Ex-F1 Driver Alex Zanardi In “Extremely Serious Condition” After Bike Crash

2 years ago

FOLLOW US

  • 110 Followers
  • 29.5k Followers
  • 168k Subscribers

BROWSE BY CATEGORIES

  • Business
  • Culture
  • Entertainment
  • Lifestyle
  • Music
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Tech
  • Travel
  • World News

BROWSE BY TOPICS

2018 League Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan Istana Negara Market Stories National Exam Visit Bali

POPULAR NEWS

  • Charles B and Kamil Ghaouti Collaborate on Groovy New Track “You’re Not Mine,” featuring LauraBrown. Out on Protocol Recordings

    Charles B and Kamil Ghaouti Collaborate on Groovy New Track “You’re Not Mine,” featuring LauraBrown. Out on Protocol Recordings

    0 shares
    Share 0 Tweet 0
  • Kris Jenner Spills Details About Her Sex Life With Corey Gamble: Watch

    0 shares
    Share 0 Tweet 0
  • Sam Heughan & Graham McTavish Are Men in Kilts for Travel Show

    0 shares
    Share 0 Tweet 0
  • Common Saints Release New Single “Idol Eyes”

    0 shares
    Share 0 Tweet 0
  • Salted vs. Unsalted Pistachios

    0 shares
    Share 0 Tweet 0
  • About
  • Advertise
  • Careers

© 2020 Scoftware.com

No Result
View All Result
  • Home
  • Politics
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© 2020 Scoftware.com

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Terms and Conditions - Privacy Policy