FM says looking to increase container cargo transport on Brahmaputra River
Domestic air traffic doubled in last 5 years: FM
Indian Railways budget outlay Rs1,48,658 crore
Govt allocates Rs 64,587 crore for Railways in FY 19-20
Entertainment Industry – Single Window for Domestic Film
Access to capital to become easier for MSMEs
Gratuity Limit Increased to Rs.30 Lakh
Mega Pension Scheme for Un-Organised Pension Scheme for organised sectors having income below Rs.15,000/-. till 60 years and Govt will contribute equal contribution. For a person of 29 years age, monthly contribution will be Rs.100/-. Rs.3000/- pension after 60 years.
Govt announces 8 crore free LPG connections under ‘Ujjwala’ Yojana
2% interest subvention on MSME loans with ticket size of Rs 1 cr
New PM Kisan Samman Scheme positive for farm equipment sector
Defence Budget increased to Rs 3 lakh crore
Assured Income Support for Small and marginal farmers holding up-to 2 Hectares – New Scheme Launched – Rs.6000/- to farmers by Direct Account Transfer Scheme in 3 installments of Rs.2000 each. A wholly Central Govt Sponsored Scheme. Rs.75000 crore for FY 2019-20 and Rs.20000 crore in current year and the same will be implemented this year itself.
Rs.750 crores for Animal Husbandry and Fisheries for 2018-19
Fisheries – Seperate Department will be constituted. Benefit of 2% interest subvention for Animal Husbandry and fisheries.Additional 3% interest subvention for timely repayment.
All farmers affected by national calamity, who reschedule loan will get 2% interest subvention and 3% interest subvention for rescheduled period als0.
Extracts from FM Budget Speech
Address problems of NPA with confidence
Poor have 1st right of Nation’s resources
Construction of Rural Roads tripled under NDA
Rs.19000 crores to Pradanmantri Gramin Sadak Yojana for Rural Roads
Every household electrified. 1,53,000 houses electrified
Health care – 10 Lakhs benefitted from Ayushman Bharath Scheme since launch
AIIMS in state of Haryana
Housing for all, water, Universal health care, Double Farmers Income by 2022 is the aim
Controlled Inflation by Government
Fiscal deficit bought down
Finance minister Piyush Goyal started presentation of Budget..
GST : Return of Time Expired Goods
CBIC had issued a Circular No.72/46/2018-GST dated 26th October, 2018, stating the procedures to be followed when time expired drugs and medicines are returned back to manufacturer through supply chain. In the circular, two options/procedures are given. The same are:
The two options are discussed below:
In case the goods returned is destroyed by the manufacturer, the manufacturer is required to reverse the Input tax Credit (ITC ) availed on the return supply. ITC that need to be reversed in such scenario is the ITC availed on return supply and not ITC that is attributable to manufacture of such expired goods.
Illustration: Supposedly, manufacturer has availed ITC of Rs. 10/- at the time of manufacture of medicines valued at Rs. 100/-. At the time of return of such medicine on the account of expiry, the ITC available to the manufacturer on the basis of fresh invoice issued by wholesaler is Rs. 15/-. So, when the time expired goods are destroyed by the manufacturer he would be required to reverse ITC of Rs. 15/- and not of Rs. 10/-.
As per sub-section (1) of Section 34 of the CGST Act the supplier can issue a credit note where the goods are returned back by the recipient. Thus, the manufacturer or the wholesaler who has supplied the goods to the wholesaler or retailer, as the case may be, has the option to issue a credit note in relation to the time expired goods returned by the wholesaler or retailer, as the case may be. As per law, there is no time limit for issuing of Credit Note. But, when it comes to adjustment of tax liability, the following scenarios may arise:
It is also clarified that, the circular will be applicable to other scenarios, where the goods are returned on account of reasons other than return of expired goods.
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Karthik & Sunil 