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The Union Finance Ministry has begun arrangements for the demonstration of the full Budget 2019-20 by a fresh federal government in July, even as the national country is in the midst of the ongoing seven-phased general elections. The Ministry has delivered communications to various industry bodies and other stakeholders inviting their recommendations on direct and indirect taxes related to various sectors.

Industry market leaders said they expect changes in custom rates and direct taxes as the products and Services Tax (GST) has removed most indirect taxes from the purview of the Budget. We expect a whole great deal of changes on immediate tax front side. If the current government comes home they might bring changes as they have certain things in their mind from previous years. In case a new authority comes, they might unlikely to go for just about any major change given that they would have hardly any time.

From November, arrangements will need to start for next fiscal’s Budget, an older industry executive said. The GST Council Thursday expanded by 10 times till May 20 the deadline for realtors to choose for old GST rates with input taxes credit for ongoing tasks or shift to new lower taxes rates.

The Ministry of Corporate Affairs (MCA) is likely to ask Serious Fraud Investigation Office (SFIO) to probe the alleged account diversion and writing off of investments by Jet Airways. The new investigation follows the recommendation given by MCA’s Mumbai regional office after inspecting the airline’s books. In Jet Airways’ initial probe, Registrar of Companies RoC (Mumbai) informed the MCA that it has found a violation of Companies Act and unaccounted assets, official sources said, adding the natural way forwards can be an SFIO probe. ANS had reported on Wednesday that the RoC Mumbai had submitted a report that appropriate action would be taken after its examination.

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The SFIO will now look into Jet’s written-off assets in a variety of subsidiary companies and try to source where they have got. The SFIO will also start the process for seeking personal appearance of the company’s then top management in an attempt to discover why the business suddenly posted a loss in the fiscal yr 2018 after a string of revenue. The company got receiving finance infusion by means of Etihad ‘s purchases twice through the period.

In his issue, whistleblower Arvind Gupta experienced alleged that Jet Airways’ promoters were endeavoring to siphon Rs 5,125 come from the airline’s books. The RoC Mumbai has completed the books’ inspection of Jet Airways within its preliminary analysis before turning to SFIO for a full-fledged analysis. Many posts are resting vacant in the Central Board of Indirect Taxes and Customs (CBIC) across the country. These posts need to be urgently filled up to raise the income collections and streamline operations. Existing employees are overburdened with increasing workload resulting in inefficiency heavily, said union in Nagpur.

· Consensus on primary issues. Mr Das highlighted the key focus areas which substantial emphasis should be positioned, such as implementation of trade facilitation methods, cross-border e-commerce transactions, building capacity of small island economies and the on-going review of the Revised Kyoto Convention (RKC). Builders must refund the GST paid by home buyers in case he cancels the flat booked in the last fiscal and you will be permitted to avail credit modification for such refunds, the tax section has said. This clarification forms area of the FAQ released by the Central Board of Indirect Taxes and Customs (CBIC) on real property sector.

Solar power programmers are hopeful of relief in GST rates after the Delhi High Court’s order directing government bodies to redress their grievances. The courtroom last week aimed Central Board of Indirect Taxes and Customs (CBIC), Ministry of New & Renewable GST and Energy Council to consider their concerns. According to the court order, on the petition being filed by the SOLAR POWERED ENERGY Developers Association (SPDA), a consultative meeting will be held with CBIC next a month for the solar-powered energy producers to put forward their grievances. Ministry of New & Renewable Energy could also be a part of the meeting. Post the deliberations, a report will be positioned before GST Council for consideration upon those points.

Your GST responsibility will only come down to 5% on the remaining installments of your under-construction apartment, if your contractor decides to go to the new system. Rahul Gandhi said on Wednesday that key petroleum products will be brought under the ambit of Goods and Services Tax (GST) to lessen inflation if the party arrived to power following the Lok Sabha elections.

We know that the normal man is distressed due to increasing prices. To be able to provide relief to them, Congress will bring diesel and petrol under GST, which can only help in checking rising inflation, Gandhi said in a Facebook post. Extend the deadline for declaration of ongoing real property tasks for GST rates, demanded taxes practitioners of the continuing state.