Quick Summary
Indirect Tax GST: o Cash reward system envisaged to incentivise customers to seek invoice. o Simplified return with features like SMS based filing for nil return and improved input tax credit flow to be implemented from 1st April, 2020 as a pilot run. o Dynamic QR-code capturing GST paramet
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FAQ :
The budget proposes a cash reward system to encourage customers to seek invoices, simplified returns with features like SMS filing for nil returns, and dynamic QR codes for consumer invoices. Aadhaar-based taxpayer verification is also being introduced.
Customs duty has been raised on footwear to 35% and furniture to 25%. However, it has been reduced on newsprint and light-weight coated paper to 5%. Rates for electric vehicles and mobile parts have also been revised.
The Customs Act is being amended to improve checks on imports under Free Trade Agreements (FTAs), and rules of origin for sensitive items will be reviewed. Provisions for safeguard duties and combating dumping are also being strengthened.
Yes, excise duty is proposed to be raised on cigarettes and other tobacco products, but there is no change in duty rates for bidis.
The anti-dumping duty on PTA has been abolished, which is intended to benefit the textile sector.
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