Major Highlights of the Interim Budget 2024

Interim Budget

Major Highlights of the Interim Budget 2024

Interim Budget

1. For 2023–2024 (FY24), the government’s shortfall between its receipts and outlays is projected to be 5.8% of GDP, or the revised fiscal deficit. A 5.1% GDP fiscal deficit is anticipated for FY25. In 2025–2026 (FY26), the goal is to bring the fiscal deficit down to less than 4.5% of GDP.

2. Income tax slabs remain unchanged.

3. The government has made a significant announcement by agreeing to waive unpaid direct tax claims up to Rs 25,000 for the years 2009–10 and up to Rs 10,000 for the years 2010–11 through 2014–15.

4. According to Sitharaman, the number of tax filers increased by 2.4 times. Since 2014, the amount collected in direct taxes has tripled. The estimated tax revenue for 2024–2025 is Rs 26.02 lakh crore.

5. Two crore new homes would be included in the Pradhan Mantri Awas Yojana – Gramin (PMAY-G) according to the Finance Minister.

6. This will be a great age for our tech-savvy children. With the provision of a 50-year interest-free loan, a corpus of Rs. 1 lakh crore will be established. Long-term financing and re-financing with extended terms and low or no interest rates will be made available by the corpus. This will incentivize the private sector to considerably increase research and innovation in early-stage industries.

7. “Create programs that harness the power of technology and our young people.” In order to accelerate Atma Nirbharta and improve deep tech technology for defense, a new plan will be introduced.

8. Sitharaman also declared his intention to use the “existing hospital infrastructure under various departments” to establish other medical institutions.To look into the problems and provide recommendations that are pertinent, a committee will be formed for this purpose.

Interim Budget

9. Their dignity has been improved by outlawing triple talaq, allocating one-third of the seats in the Lok Sabha and state assemblies to women, and providing over seventy percent of the dwellings in rural regions under the PM Awas Yoajana to women.

10. “One crore families will be able to receive up to 300 units of free electricity per month through roof-top solarization. This plan is in line with the Prime Minister’s determination on the historic day of Shri Ram Mandir’s Ayodhya dedication. By 2070, the government wants to reach “net zero.”

11. “Long-term interest-free loans to be provided to States to encourage development” is a plan to boost tourism.

12. Sitharaman began her address by pointing out that for the past ten years, there has been positive change in the Indian economy.

13. “The needs and aspirations of the poor, women, youth, and farmers will guide the country’s growth.”

14. By 2047, the government wants to have transformed India into “Viksit Bharat.””Sabka sath, sabka vikas” is our main concern.

15. GDP is a priority for the government, along with governance, development, and performance.

16. “Our government is working with an approach to development that is all-round, all pervasive, and all inclusive,” stated the Finance Minister in reference to social justice.

17. The Ministry of Finance forecast that the Indian economy would grow at a rate of more than 7% in the upcoming years and that, with a $5 trillion GDP, it will rank third in the world in the next three years in a review report released prior to the interim budget.

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GST Amnesty Scheme: Eligibility, Deadline, and Application Process

GST Amnesty Scheme: Eligibility, Deadline, and Application Process

GST Amnesty Scheme

A unique amnesty program for taxpayers having problems with goods and services taxes (GST) has been introduced by the Central Board of Indirect Taxes and Customs (CBIC). Specific GST taxpayers who disagree with a GST tax demand order may file an appeal under this GST Amnesty Scheme until January 31, 2024.

It was announced that the Special Amnesty Scheme would excuse the delay in filing the GST Appeal. The amnesty program will remain in effect until January 31, 2024. For taxpayers who might have missed the appeal deadline, this is a fantastic chance.

Who can file an appeal against a GST tax demand order?

In a notice titled “No. 53/2023- CENTRAL TAX” published on November 2, 2023, the CBIC said that only a specific group of taxpayers may utilize this GST Amnesty program to appeal a GST tax demand order. The designated taxpayers are:

GST Amnesty Scheme

1. Individuals who failed to submit an appeal against the GST demand order issued by the GST competent officer by March 31, 2023, at the latest.

2. if the prior appeal against the GST demand order was turned down only because it was submitted after the deadline had passed.

Benefits of the amnesty program are available for any GST demand order issued by March 31, 2023, or before. Therefore, even in the case of a GST demand order for FY 2018–19, amnesty advantages may be obtained.

The GST Amnesty Scheme is only available to those GST demand orders made under Sections 73 or 74 on or before March 31, 2023, thus taxpayers should carefully review the demand order. This means that GST orders issued under other sections, such as refund denial, revocation of GST registration, etc., cannot be appealed under the GST amnesty plan.

Form for filing GST Amnesty Scheme

GST Form APL-01 must be used to file an appeal under the GST Amnesty Scheme against the GST tax demand order.

Sub-section (1) of Section 107 of the aforementioned Act requires the said individual to file an appeal against the said order in FORM GST APL-01 by no later than January 31, 2024.

GST Amnesty Scheme

How to submit a form under the GST Amnesty Scheme

A taxpayer must complete the following in order to file the GST APL-01 form under the amnesty plan.

A taxpayer must determine whether a tax notice is entirely or substantially inaccurate after receiving a GST demand notice. 12.5% of the disputed amount must be submitted with the GST administration if the taxpayer completely disagrees with the GST demand notice. The amount in dispute cannot be more than Rs 25 crore.

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Advisory on auto-population of e-invoice details into GSTR-1

1. Certain notified taxpayers have to prepare and issue their invoices by obtaining an Invoice Reference Number (IRN) from the Invoice Registration Portal (IRP) (commonly referred to as ‘e-invoices’).

2. Upon successful generation of IRN, details of such e-invoices will be auto-populated in respective tables of GSTR-1. The same can be downloaded as an Excel file as well.

3. In case the GSTR-1 for the corresponding period was already filed by the taxpayer, then, the details from e-invoices can be downloaded as an Excel file only.

 

e invoice

 

4. The details would be auto-populated based on the document date.

5. Auto-population into GSTR-1 is as follows:

 

[table id=69 /]

 

6. The item-level details in the document will be aggregated at the rate level for auto-population into GSTR-1. For the auto-populated invoices, below additional details will also be displayed.

a. Source (e-invoice)

b. Invoice Reference Number (IRN)

c. Invoice Reference Number Date (IRN Date)

7. After auto-population of details from e-invoices, in case of cancellation of IRN, such documents will be deleted in the respective table.

8. Details of e-invoices auto-populated in GSTR-1 can be edited/deleted by the taxpayer. However, in such cases, the ‘Source’, ‘IRN’ and ‘IRN date’ fields will be reset to blank in respective tables of GSTR-1. Such edited documents will be treated as if they were not auto-populated but uploaded separately by taxpayer.

9. Before filing GSTR-1, taxpayers are advised to review the details of e-invoices auto-populated in specified tables:

a. By viewing them online on GST Portal, or

b. By downloading the JSON from GST Portal, or

c. By using APIs via GSP

10. Taxpayers are advised to modify/update only those documents where the details auto-populated from e-invoices are not as per the actual invoice issued.

11. Taxpayers are required to add details of supplies made in respective tables of GSTR-1, other than those auto-populated from e-invoices.

12. An additional facility for the consolidated download of all documents auto-populated from e-invoices is available in the GSTR-1 dashboard. For this, you can use the ‘Download details from e-invoice (Excel)’ button on the GSTR-1 dashboard. It may be noted that the auto-populated details in this Excel file are as reported on the e-invoice portal Invoice Registration Portal (IRP). So, this Excel file would not reflect any subsequent modifications to the auto-populated documents (in GSTR-1 tables).

13. Taxpayers can use the link ‘e-invoice download history’ to view the list of the last five downloaded files. On clicking the link, you can download the file.

14. The Excel file downloaded from the GSTR-1 dashboard page will have details of all the e-invoices received from the Invoice Registration Portal (IRP) including cancelled invoices.

Following additional information relating to such e-invoices will also be available:

a. Invoice Reference Number (IRN) – 64 string hash

b. Date of Invoice Reference Number (IRN date)

c. e-invoice Status – Valid/ Cancelled

d. Date of auto-population/ deletion (in case of canceled IRN) will be the date when the e-invoice details are auto-populated in GSTR-1 or when the IRN was cancelled. Any subsequent modifications made to the auto-populated documents (in GSTR-1 tables) would not be reflected in this excel file.

e invoice

 

e. GSTR-1 auto-population / deletion status (either of the following):

Auto-populated,

• Deleted,

• Auto-population failed,

• Deletion failed

f. Error in auto-population/ deletion – Error description, if any