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Budget 2018- Miscellaneous Provisions in the Finance Bill, 2018 Annexure V

Budget 2018 brings about the following changes under the Miscellaneous Provisions of Finance Bill, 2018

S. No.

Amendment

Clause of the Finance Bill, 2018

Renaming of Central Board of Excise and Customs as the Central Board of Indirect Taxes and Customs

of Central Board of Excise and Customs is being changed to Central Board of Indirect Taxes and Customs, with consequential amendments in the following Acts: –

The Central Boards of Revenue Act, 1963 54 of 1963)
The Customs Act, 1962 (52 of 1962) ( [157 and 218]
Central Goods and Services Tax Act, 2017 (12 of 2017)

This amendment will be effective from the date of enactment of the Finance Bill 2018.

[157 and 218]

Source: Page 28 http://www.indiabudget.gov.in/ub2018-19/cen/dojstru1.pdf

February 2, 2018

Post Budget Interactive Session on Implications of Union Budget 2018 by PHD Chamber of Commerce

PHD Chamber of Commerce is organizing a post budget Interactive session on the Implications of Union Budget 2018 with special presence of Revenue secretary, Dr. Hasmukh Adhia. You are all requested to attend this session for fruitful discussion.

February 2, 2018
Union Budget – 2018: Video recording by Mr. Bimal Jain on important changes in Indirect Taxes along with key pointers in other areas

Finance minister, Mr. Arun Jaitley unveiled the Union Budget 2018 in Parliament on February 1, 2018, amid expectations of increased spending to boost growth in the Indian economy. Finance Minister Arun Jaitley delivered his government’s last full year Budget speech for financial year 2018-19. He began his speech by highlighting the government’s economic reforms undertaken in the last four years and its achievements. Mr. Jaitley said that this year’s Budget will focus on strengthening agriculture and rural economy and the government was committed to double the farmers income by 2022.

Being a populist budget, there were minimal changes in taxation front. With GST subsuming Service Tax and Excise, Indirect taxes mainly saw changes in Customs Act and Tariff.

For understanding key highlights of the Budget, Mr. Bimal Jain has recorded a Video Presentation on Union Budget, 2018, discussing the various amendments brought/proposed in Indirect Taxes along with suggesting the GST roadmap which could have been the part of Budget.

The video can be accessed at : https://youtu.be/4JNkzNuE_Qk

Trust you will find this video helpful for easy digests of Union Budget, 2018.

February 2, 2018
Pinning hopes on GST

At a time when conventional wisdom of the political establishment is decidedly against Goods and Services Tax (GST), the Economic Review pins its hope on the GST regime turning out to be beneficial to Kerala because of its profile of a consumer State.

“The GST is a destination tax and Kerala is a consumer State. Kerala has every reason to hope that the GST would fetch more tax revenue for the State and achieve the desired growth rate of more than 20% in tax revenues in the years to come. Moreover, considering the share of the service sector in the State GDP, the benefit of GST to the State is expected to be more than enormous,” the Economic Review noted.

Positive turnaround

The State is optimistic about a positive turnaround in its revenue growth once the problems in the GST system is resolved.

It is widely presumed that introduction of the GST would augment efficiency in economic activities and would benefit the State in the enhancement of indirect tax proceeds, it said.

At the same time, the Economic Review conveys its apprehension at the confusion and popular protest over rate changes, failure to ensure that the benefits are passed to the consumers, absence of e-way bill, changes in the threshold and attempts to tinker with the GST architecture.

Read more at: http://www.thehindu.com/todays-paper/tp-national/tp-kerala/pinning-hopes-on-gst/article22628113.ece

February 2, 2018