​Income-tax Deduction from salaries during the Financial Year 2018-19

Income Tax : Circular No.1/2019 : Dated 01st January 2019 : ​Income-tax Deduction from salaries during the Financial Year 2018-19 under section 192 of the Income-tax Act, 1961

Link :

https://incometaxindia.gov.in/communications/circular/circular_1_2019.pdf 

Recommendations made by the GST Council in its 32nd Meeting held on 10th January’ 2019

Recommendations made by the GST Council in its 32nd Meeting held on 10^th January’ 2019:

Ministry of Finance:

1. The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special Category States would decide, within one week, about the Composition Limit in their respective States.
2. Other important decisions taken in the Council Meeting include Compliance Simplification: The compliance under Composition Scheme shall be simplified as now they would need to file one Annual Return but Payment of Taxes would remain quarterly (along with a simple declaration).
3. Higher exemption threshold limit for supplier of Goods:There would be two Threshold Limits for exemption from registration & payment of GST for the suppliers of Goods i.e. Rs 40 lakh & Rs 20 lakh. States would have an option to decide about one of the limits within a weeks’ time.
4. The Threshold for registration for Service Providers would continue to be Rs 20 lakh and in case of Special category States at Rs. 10 lakh.
5. GST Council also decided to introduce a Composition Scheme for Services: A Composition Scheme shall be made available for suppliers of Services (or mixed suppliers) with a tax rate of 6% (3% CGST +3% SGST)having an Annual Turnover in preceding Financial Year up to Rs 50 lakhs.
6. The said Scheme shall be applicable to both Service Providers as well as suppliers of Goods and Services, who are not eligible for the presently available composition scheme for goods.
7. They would be liable to file one Annual Return with Quarterly payment of Taxes (along with a simple declaration).
8. GST Council also decided that Free Accounting and Billing Software shall be provided to small taxpayers by GSTN.
9. They would be liable to file one Annual Return with Quarterly payment of Taxes (along with a simple declaration).
10.  Revenue Mobilization for Natural calamities: GST Council approved levy of cess on intra-State supply of Goods and Services within the State of Kerala at a rate not exceeding 1% for a period not exceeding 2 years.
11.  The Last Date for passing the examination for GST Practitioners to be extended till 31.12.2019 for those GST Practitioners who have enrolled under rule 83(1)(b) i.e. who were sales tax practitioner or tax return preparer under the existing law for a period of not less than five years.