There may be a change in the GST rate of some items. The Group of Ministers on GST may gradually eliminate the 12 percent slab by putting some items in the 5 percent slab and some in the 18 percent slab. Its purpose is to simplify the tax framework and reduce tax compliance for businesses. People associated with this matter told Moneycontrol this. After removing the items from the 12 percent slab, this slab ended. Then instead of four, there will be only 3 slabs of GST – 5 percent, 18 percent and 28 percent.

Focus on simplifying the GST system

A person aware of the matter said on the condition of anonymity that this could be another option instead of merging the 12% and 18% slabs. The proposal to merge the two slabs has been under consideration for a long time. Another source said that the 12% slab is expected to cease to exist. It has been 7 years since the GST system was implemented. In such a situation, the pressure on the GST Council to rationalize the slabs has increased.

The burden of compliance on businesses will be reduced

Experts say that simplifying the GST system and reducing the number of slabs will reduce the compliance burden on businesses. Rajat Mohan, executive director of consultancy firm Mor Singhi, said that by putting things falling in 12% slab in 5% or 18% slab, the need for 12% slab will end. This can be a big step towards simplifying the tax structure.

Group of ministers may submit report this month

The chairman of the group of ministers formed to simplify GST rates is Bihar’s Deputy Chief Minister Samrat Chaudhary. It is expected that this group will submit its report this month. After this, this report can be considered in the GST Council meeting next month. The source who gave information about this said that the proposal to remove items from the 12 percent slab is being worked on. But it will take time, because the states will give their consent only after understanding its impact on revenue.

Related Articles:-

Pensioners DA-DR- Bonus! DA-DR may increase by 3%, salary and bonus will be given before Diwali, govt has made preparations

Petrol Diesel Price: New prices of petrol and diesel released early in the morning, know the rate

EPFO’s new system: Now you will get an SMS alert as soon as your PF is deposited

The post GST tax slab: 12% GST tax slab may be abolished, know what is the plan of GST Council first appeared on Rightsofemployees.com.

The Finance Ministry has given this information. Last week, the Union Cabinet approved an incentive scheme of Rs 2,600 crore for banks to promote RuPay debit cards and low-value BHIM-UPI transactions in the current financial year.

Incentive to Government banks as a percentage of the value of RuPay Debit Card transactions and low value BHIM-UPI transactions up to Rs 2,000 under the Incentive Scheme for Promotion of RuPay Debit Card Rupay Debit Card and low value BHIM-UPI transactions pays the amount. The Payment and Settlement Systems Act, 2007 prohibits banks and system providers from accepting or making payments to anyone through RuPay Debit Cards or BHIM.

Let us tell you that UPI has created a record of 782.9 crore digital payment transactions worth Rs 12.82 lakh crore in December alone. At the same time, in a circular sent to the Chief Commissioners of GST, the Ministry said that the incentive is directly related to the subsidy linked to the value of the service. It does not form part of the taxable value of the transaction under the provisions of the Central GST Act, 2017.

GST rate It added, “As recommended by the Council, it is clarified that the rates given by the Ministry of Electronics and Information Technology (MeitY) to promote RuPay Debit Card and low value BHIM-UPI transactions GST will not be applicable on the incentives given. Such transaction is in the form of subsidy and will not be taxed.

The post GST Rate: Finance Ministry gave good news before the budget, tax waived on this item first appeared on Rightsofemployees.com.

NPS partial withdrawal

After easing the Corona epidemic, PFRDA issued a new order regarding this, according to which customers of all government sector customers (Central, State and Central Autonomous Bodies) will now have to submit their application for partial withdrawal (NPS Partial Withdrawal) to their nodal officer. Must be deposited with Explain that in January 2021, the pension regulator PFRDA had allowed NPS subscribers to submit online applications for partial withdrawals with the help of self-declaration.

New Bank Locker rules

A new guideline related to bank locker has been issued by the Reserve Bank of India (RBI). The new rules will come into effect from January 1, 2023. Under this, banks will no longer be able to do arbitrariness with customers on the issue of lockers.

According to the new rule, if there is any damage to the goods kept in the bank locker, then the bank will be responsible for it. For this, an agreement will be signed between the bank and the customer, which will be valid till December 31. Banks will have to give all the information to the customers through SMS and other means about the change in the rules related to the locker.

Changes in Credit Card Rules

From January 1, 2023, there is a change in the reward points received on payment through credit card. From the beginning of the new year, HDFC Bank will change the reward points received on payment from its credit card. In such a situation, customers have been advised to pay all the remaining reward points in their credit cards before December 31, 2022. Because from January 1, 2023, under the new rules, the facilities of reward points will be given.

Changes in CNG-PNG Price

With the change in the prices of petrol and diesel from January 1 in the new year, there may also be a change in the prices of CNG and PNG gas used in the kitchen of homes. During the last one year, there has been an increase of more than 70 percent in the prices of CNG in the national capital and its surrounding areas. On the other hand, since August 2021, 10 hikes have been recorded in PNG rates.

GST related rules will change

There will also be important changes in the rules related to GST e-invoicing and electronic bill. The government has reduced the threshold limit for GST e-invoicing from Rs 20 crore to Rs 5 crore. In such a situation, it will now be necessary for traders whose turnover is five crore rupees or more to generate electronic bills.

AADHAAR AND PAN CARD LINK

The IT department has issued an advisory saying that the PAN (Permanent Account Number) which is not linked to Aadhaar by the end of March next year will be deactivated. This change will be applicable from the first date of April instead of January.

The post New Year 2023: From January 1, the rules from kitchen, car to bank locker will change, check the complete list first appeared on Rightsofemployees.com.

Meanwhile, to give relief to the common man from rising inflation, the Confederation of Indian Industry (CII) has demanded a cut in income tax from the government. This industry body has made this recommendation citing Russia’s invasion of Ukraine and China’s economic slowdown.

CII made this big demand

In fact, the Confederation of Indian Industry, the world’s important financial institution, has made disappointing predictions about the global economic rate after these developments, after which this demand has been made to the government. Significantly, on Saturday, the Center has decided to abolish export duty on iron ore and many steel products. Further, to promote exports, CII has also recommended covering all export products under the Remission of Duties and Taxes (RoDTEP) scheme, which provides refunds against various embedded taxes.

Common man will get relief

CII suggests implementing policies such as rationalizing income tax slabs and rates for taxpayers, reducing the 28% GST rate on select consumer goods, and expediting rural infrastructure projects to facilitate job creation in rural areas Have given. In addition, CII has also recommended raising capital expenditure to 3.3-3.4% of GDP in FY24 from the current 2.9%. You may recall that in the last Union Budget, a record increase of Rs 7.5 trillion was registered in capital expenditure, an increase of 35.4% from the previous financial year. The Treasury says that this number could reach ₹10 trillion with improvements in tax collection.

Why was this suggestion given?

CII said, “The cut-off date for commencement of construction under Section 115BAB of the Income Tax Act should be extended from the present 31 March 2024 to 31 March 2025. This would encourage more investment in the manufacturing sector and exports.” Apart from this, CII said that the budget should promote the speedy functioning of important dispute resolution mechanisms like Faceless Appeal, Advance Pricing Agreement (APA) mechanism, Advance Ruling Board (BAR) and Dispute Resolution Scheme (DRS).

The post Attention ITR filers! These big announcements will be made in the new budget, all taxpayers will be affected first appeared on Rightsofemployees.com.