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AMENDMENTS IN THE IGST ACT, 2017 - FINANCE (No.2) BILL, 2019
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Intergovernmental transfer of IGST collections enabled to reflect electronic cash ledger head reallocation between Centre and States.
A new provision adds intergovernmental transfer mechanics to the IGST Act to govern movement of amounts between the Centre and States arising from reallocation of funds between heads within the electronic cash ledger, providing the legal basis for adjusting IGST-related balances and transferring sums to reflect such ledger head transfers.
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The Finance (No. 2) Bill, 2019 retrospectively amends Notification No. 2/2017 under the Central, Integrated and Union Territory GST rate schedules to exempt Uranium Ore Concentrate from Central Tax, Integrated Tax and Union Territory Tax for the period from 1st July, 2017 to 14th November, 2017, effectuating a removal of tax incidence on that good by amendment of the respective notifications.

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Increasing rate of TCS of certain remittances

1 February, 2023

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Union Budget 2023-24 + FINANCE Bill, 2023

Increasing rate of TCS of certain remittances

Section 206C of the Act provides for TCS on business of trading in alcohol, liquor, forest produce, scrap etc. Sub-section (1G) of the aforesaid section provides for TCS on foreign remittance through the Liberalised Remittance Scheme and on sale of overseas tour package.

2. In order to increase TCS on certain foreign remittances and on sale of overseas tour packages, amendment is proposed in sub-section (1G) of section 206C of the Act.

3. The current and proposed TCS rates are tabulated as under:

S. No

Type of remittance

Present rate*

Proposed rate*

(i)

For the purpose of any education, if the amount being remitted out is a loan obtained from any financial institution as defined in section 80E.

0.5% of the amount or the aggregate of the amounts in excess of Rs. 7 lakh.

No change.

(ii)

For the purpose of education, other than (i) or for the purpose of medical treatment.

5% of the amount or the aggregate of the amounts in excess of Rs. 7 lakh.

No change.

(iii)

Overseas tour package

5% without any threshold limit.

20% without any threshold limit.

(iv)

Any other case

5% of the amount or the aggregate of the amounts in excess of Rs. 7 lakh.

20% without any threshold limit.

* In the table above, the present rate and the proposed rate of TCS are on the amount or the aggregate of the amounts being remitted by the buyer in a financial year.

4. This amendment will take effect from 1st July, 2023.

[clause 90]

 

Full Text:

Union Budget 2023-24 + FINANCE Bill, 2023

Topics

Acts Income Tax
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