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Indirect Tax Proposals - Budget 2019

CSSwati Rawat
2019 Budget Revamps Indirect Taxes: Digital Export-Import, GST Exemptions, and Customs Act Updates The 2019 budget proposed several indirect tax changes, including a revised system for duty-free import of capital goods and inputs for manufacturing and exports. It introduced a single approval point for manufacturing and warehouse operations under the Customs Act, 1962, and emphasized full digitalization of export-import transactions and the use of RFID technology to enhance export logistics. For Goods and Services Tax, the exemption limit for small business registration was proposed to double to 40 lakh. Businesses with turnovers up to 1.5 crore could opt for a Composition Scheme, and small service providers with turnovers up to 50 lakh could pay a reduced GST rate of 6%. (AI Summary)


1. Customs Duty
1.Revised system introduction of importing duty free capital goods and inputs for manufacture and exports.
2.Single point of approval for manufacture and other operations in relation to manufacturing process or other operations in the warehouse in relation to goods as required under section 65 of the Customs Act, 1962.
3. Full and comprehensive digitalization of export and import transactions.
4. Promoting Radio Frequency Identification (RFID) technology to improve export logistics.

2. Goods and Services Tax
1. Exemption limit for GST Registration for small businesses proposed to be doubled from ₹ 20 lakh to ₹ 40 lakh.
2. Taxable persons having turnover of 1.5 crore may opt for Composition Scheme, wherein they pay GST at 1% flat rate and file one return annually.
3. Small service providers having an Annual Turnover in the preceding Financial Year up to ₹ 50 lakhs can now opt for composition scheme and pay GST at 6% (3% Central GST +3% State GST) instead of 18%.

Budget - Tax Proposals
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