13/06/2021
BUDGET 2021-22
*BULLET POINTS*
*PART I*
1- Self Assessment Scheme to be revive
2- Third Party audit introduced
3- Automated based selection for audit
4- Income and expenditure based tax system to be introduced
5- Information technology to be used for non filers
6- No harassment by any official to tax payers
7- Salaried person no new taxes
8- GST net to be increased and all wholesaler and retailer will be brought in scheme
9- Prizes will be given to sales tax payees receipt owners
10- To introduce simple tax return form
11- Sales tax and FED changes introduced
12- Small business turnover tax increased to 10 Million rupees having tax credits
13- Cars upto 850cc car FED abolished and sales tax decreased to 12.5% and VAT abolished.
14- IT services, zero rated introduced
15- Locally Electronic cars sales tax decrease to 1%, VAT exempted, Fed exempted
16- Special Techonolgy zones will be introduced and for their related imports will be exempted
17- Telecom --- FED exempted, Sales tax from 17 to 165, Merchant discount abolished
18- Tier 1 Retailers ---price scheme introduced for POS schemes
19- INCOME TAX—Enquiry system will be abolished
20- Show cause time increase to 20 days
21- Third party audit is introduced to curtail powers of assessing officers
22- Automated system for Refund will be introduced
23- ADR again to be revive
24- WHT decrease by 40%
25- Direct and Indirect taxes is burden and making compliance difficult thereof
26- Documented sector is deducting 38 clauses and from this 12 clauses deleted
27- WHT deleted from banking transaction, Stock Exchange, Travelling, Mobile phone (decrease); Minerals, Credit Cards, etc.
28- Decrease in WHT in oil field , tourism, etc
29- Disposal of securities Capital Gain Tax is decreased to 12.5%
30- Individual and AOP turnover tax increased to 100 Million
31- Turnover tax Rate decrease to 1.25% of turnover
32- Installation of POS machine will get tax credit
33- Fix Tax Scheme for SME’s
34- Special tax regime for Manufacturers
35- One page tax return to be introduced for SME’s
36- Services from Banking channel receipts, tax to be lower down
37- Tax Credit on IT sectors under section 100C
38- Special economic zone, tax on turnover now exempted
39- Future commodities market reduced tax to 3%
40- Telecommunication sector as industrial undertaking
41- Many changes in Custom Act for cars below 850 cc, motorcycles, electronic cars, etc
42- Relief to textile sector
43- More than 300 Pharmaceuticals materials—custom duty exempt including syringes etc.
44- Leather industry material and dairy industry will get relief through changes in Tarriff
45- Increase in Regulatory duty on mobile rejected by PM
46- My car policy introduced
47- Minimum salary increase to rs. 20000/-
48- Government servant to be allowed 10% Adhoc Allowances
49- Pensioners will get 10% more
50- Many incentives for Stock Exchange, Housing, Autos, Agriculture, Health, Services, IT sector, Students, Individuals, Govt.. Servants, etc etc INTRODUCED
