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News and Notice
 
Introduction of Nation Wise e-Way Bill System

The rules for nationwide e-way bill system have been notified with effect from 1st February, 2018, vide Notification No.74/2017 Central Tax dated 29.12.2017.
E-Way Bill is an electronic way bill for movement of goods which can be generated on the e-Way Bill Portal. Transport of goods of more than Rs 50,000 in value cannot be made by a registered person without an e-way bill. Under GST, transporters should carry an e-Way Bill when moving goods from one place to another.
GST Returns and Their Due Dates

GSTR-1 -Quarterly Returns (Taxpayers with Annual Turnover upto Rs. 1.5 Crore who opt for Quarterly return filing)

July- Sept 10th January 2018
Oct- Dec 15th Feb 2018
Jan- Mar 30th April 2018

GSTR-1 For Taxpayers with Annual turnover of more than Rs 1.5 cr
and for Taxpayers with the Annual turnover of upto Rs 1.5 cr (who opt for monthly return filing instead of Quarterly return filing)

July to Nov-10th Jan 2018
Dec-10th Feb 2018
Jan-10th Mar 2018
Feb- 10th Apr 2018
March-10th May 2018

GSTR-3B-All businesses to file GSTR-3B by 20th of next month till March 2018.
GSTR-4-Due date for the quarter July-September, 2017 is 24th Dec 2017
GSTR-5-Due date for the period July-December 2017 is 31st January 2018.
GSTR-6-Due date for July 2017 is 31st December 2017.
Official launch of Goods & Services Tax

At midnight on June 30, the historic Central Hall of Parliament witnessed the launch of the Goods and Services Tax (GST). The event was attended by many well-known figures, from veteran actor Amitabh Bachchan to industry doyen Ratan Tata.

President Pranab Mukherjee along with Prime Minister Narendra Modi officially launched the Bill in Central Hall of Parliament.
New Income Tax Slab for Financial Year 2018-2019

Finance Minister Arun Jaitley reduced the rate of taxation from the existing 10 per cent to 5 per cent for individual assesses between income of Rs 2.5 lakh to Rs 5 lakh. This would reduce the tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50 per cent of their existing liability.
Tax Rebate u/s 87A

Rebate under Section 87A: Tax rebate of Rs 2,500 for individuals with income of up to Rs 3.5 Lakh has been proposed. While the taxation liability of people with income upto Rs 5 lakhs will be reduced to half, all the other categories of tax payers in the subsequent slabs will also get a uniform benefit of Rs 12,500/- per tax assessee.
Surcharge on Income Tax - Latest Rate

If the total income exceeds Rs 50 Lakhs but below Rs 1 crore, a surcharge of 10% will be levied. 15% surcharge on income tax if the total income is over and above Rs 1 cr.
Tax on Long Term Capital Gain - Budget 2017

Holding period for Long term capital gain for all immovable properties has been reduced to 2 years from 3 year. The base year for calculation of Indexation is going to be 2001.
Changes in Corporate Tax - Budget 2017

rnover of Companies upto 50 crores Tax will be 25 percent instead of 30 percent.