Union Budget 2018-19
WTC Jaipur in association with Axis Bank State office Jaipur conducted a session on Union Budget 2018-19 and e-way bill at State office conference room, Axis Bank, Jaipur.
Mr. Amit Kumar Vice President & Circle Head, Axis Bank Jaipur, Mr. Rajesh Gupta, Asst. Vice President, Banking Transactions and Mr. Pulkit Khandelwal, Partner, Khandelwal & Associates, Jaipur shared their expert views with more than 50 participants comprising exporters and academicians.
Mr. Pulkit Khandelwal said, “Finance Minister Arun Jaitley presents general Budget 2018-19 in Parliament. Budget guided by mission to strengthen agriculture, rural development, health, education, employment, MSME, and infrastructure sectors. MSP for all unannounced kharif crops will be one and half times of their production cost like majority of rabi crops: Institutional Farm Credit raised to 11 lakh crore in 2018-19 from 8.5 lakh crore in 2014-15.22,000 rural haats to be developed and upgraded into Gramin Agricultural Markets to protect the interests of 86% small and marginal farmers. “Operation Greens” launched to address price fluctuations in potato, tomato, and onion for benefit of farmers and consumers. Two New Funds of Rs10,000 crore announced for Fisheries and Animal Husbandry sectors; Re-structured National Bamboo Mission gets Rs.1290 crore. Loans to Women Self Help Groups will increase to Rs.75,000 crore in 2019 from 42,500 crore last year.”
He further added “proposal to extend reduced rate of 25 percent currently available for companies with turnover of less than 50 crore (in Financial Year 2015-16), to companies reporting turnover up to Rs. 250 crore in Financial Year 2016-17, to benefit micro, small and medium enterprises. Standard Deduction of Rs. 40,000 in place of present exemption for transport allowance and reimbursement of miscellaneous medical expenses. 2.5 crore salaried employees and pensioners to benefit.Tax on Long Term Capital Gains exceeding Rs. 1 lakh at the rate of 10 percent, without allowing any indexation benefit. However, all gains up to 31st January 2018 will be grandfathered.Proposal to introduce tax on distributed income by equity oriented mutual funds at the rate of 10 percent.Proposal to increase cess on personal income tax and corporation tax to 4 percent from present 3 percent.”
Discussing with the participants Mr. Amit Kumar said, “E-way bill is an electronic document generated on the GST portal evidencing movement of goods. It has two Components-Part A comprising of details of GSTIN of recipient, place of delivery (PIN Code), invoice or challan number and date, value of goods, HSN code, transport document number (Goods Receipt Number or Railway Receipt Number or Airway Bill Number or Bill of Lading Number) and reasons for transportation; and Part B comprising of transporter details (Vehicle number). As per Rule 138 of the CGST Rules, 2017, every registered person who causes movement of goods (which may not necessarily be on account of supply) of consignment value more than Rs. 50000/- is required to furnish above mentioned information in part A of e-way bill. The part B containing transport details helps in generation of e-way bill.”
Mr Rajesh Gupta shared with the participants Axis Bank range of products and services structured to suit exporter community requirements.
Vote of thanks was proposed By Mr. Navneet Agarwal, Asst. Director , WTC Jaipur.