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Union budget and GST amendments

Aashik Aashik (16 Points)

30 January 2022

does union budget covers GST amendments?

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4 Replies

Nidhi (Chief Accountant) (3150 Points)
Replied 30 January 2022

Yes, it's for direct as well indirect taxation

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Eswar Reddy S (CFO- at NHTF) (58275 Points)
Replied 31 January 2022

They cover applicable changes in GST from 01.04.2022 but they may not be relevant for upcoming May 2022 ca exams

prasad Nilugal ( GST Practitioner & Accounts ) (14901 Points)
Replied 31 January 2022

Yes I agree with Nidhi , both Direct and Indirect Tax amendment effects in Budget .

The Government of any country incurs lot of expenditure for the walfare of its Citizens and for that purpose it collect money from its Citizens for i.e Tax , sale of an asset etc it's GOVT revenue
If expenditure is more , it's leads to Deficit
Deficit = Total Expenses - Total Receipt

Two Types of Deficit
1) Revenue Deficit
2) Fisical Deficit .

Revenue Deficit = Total Revenue Expenses - Total Revenue Receipts .

Fisical Deficit = Total Expenses ( Revenue+Capital ) - Total Receipt ( Revenue + Capital )
Fisical Deficit is always bad .

If these expenses which are incurred by the GOVT for walfare of the Nation are less than revenue collected by it , this leads to Surplus at the end of the year , It's Good position.

sabyasachi mukherjee (27781 Points)
Replied 31 January 2022

Can any one explain the Justification of importing crude oil from Iran /Syria in dollar. The import costs the country in 8 lakh crore.
Is it a prudent decision.
Many a times we all take loan but why not to this extent.
I think it's obligatory for everyone to accept this and the govt. must search for any other means.