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.
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.
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:
Return
of the Time Expired Goods to be treated as fresh supply
Return
of time expired goods using credit note
The two options are discussed below:
Return of the Time Expired Goods to be treated as fresh supply
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/-.
Return
of time expired goods by issuing credit note
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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The major decisions by GST Council in it’s 32nd meeting are as follows:
GST Exemption limit increased to Rs.40 Lakhs from existing Rs.20 Lakhs for supplier of goods. The exemption limit of small states also increased to Rs.20 lakhs from existing Rs.10 lakhs. The Threshold for Registration for Service Providers would continue to be Rs 20 lakhs and in case of Special Category States at Rs 10 lakhs.The exemption limit is the threshold of annual turnover above which companies have to mandatorily register under the GST regime.
Extended the composition scheme to traders from informal sector rendering services or mixed supplies with a turnover up to Rs 50 lakh. The composition rate for service providers in the informal sector has been pegged at 6 per cent.
In the meeting today, the GST Council also decided to allow Kerala to levy a cess to cope up with the natural calamities it faced last year. The cess is applicable only on intrastate transactions.
Two ministerial panels have been formed to take a closer look at real estate and uniformity of taxation on lottery or other issues arising out of lottery
To ease compliance burden, a single annual return with quarterly tax payments has been introduced for the composition schemes.
Free accounting and billing software will be made available to small assessees upto Rs.1.5 crore turnover.
The limit of Annual Turnover in the preceding Financial Year for availing Composition Scheme for Goods shall be increased to Rs 1.5 crore. Special Category States would decide, within one week, about the Composition Limit in their respective States.
The limit of composition schemes for goods has been raised to Rs.1.5 crore at 1% GST rate.
Karthik & Sunil 