🌺 *Summary of Outcomes from the 54th GST Council.* 🍎 *1. Rates Reduced* 👉 *1.1 Namkeens* and Extruded/Expanded Savoury Food Products: GST rate reduced *from 18% to 12%* for certain savoury food products. 👉 *1.2 Cancer Drugs*: GST rate reduced from 12% to 5% on Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. 🍎 *2. Rates Increased* 👉 *Car and Motorcycle Seats*: GST rate increased *from 18% to 28%* on car seats to bring parity with motorcycle seats. 🫐 *3. New Section to be Inserted* 👉 *Section 128A of CGST Act, 2017*: Introduction of procedures for waiver of interest or penalty under section 73 for FYs 2017-18, 2018-19, and 2019-20. 🍒 *4. New Rule to be Inserted* 👉 *Rule 164 in CGST Rules, 2017*: Provides procedure and conditions for waiver of interest or penalty under section 128A of CGST Act, 2017. 🍋🟩 *5. Clarifications* 👉 *5.1 Roof Mounted Package Unit (RMPU)* Air Conditioning Machines for Railways: Classified under *HSN 8415 with 28%* GST. 👉 *5.2 Life a...
Financial Year 2023-2024 is about to close Let's see Things to Do Before 31st March 2024:- Basic checklist for 31st March, 2024. Income Tax: 1. Make necessary investments eligible for deductions thereby reducing taxable income for FY 2023-24 and ultimately save tax. (Eg: PPF, LIC, ELSS Mutual Funds, Health Insurance, etc..). 2. Calculate tax liability and pay necessary advance tax. 3. Last chance to file updated income tax return for FY 20-21 by paying 50% additional tax. 4. Last chance to file updated income tax return for FY 21-22 by paying only 25% additional tax; thereafter, it would increase to 50% additional tax. 5. Ensure 43B(h) compliance which deals with timely payment to Micro and Small Enterprises. Such payments have to be made within 45days/15 days as applicable. 6. If turnover for FY 2023-24 exceeds Rs. 10 Crores, then, TDS provisions under section 194Q, TCS provisions under section 206C(1H) will become applicable for FY 2024-25...