BUDGET HIGHLIGHTS 2023

BUDGET HIGHLIGHTS 2023

Union Finance Minister Nirmala Sitharaman on Wednesday presented the Union Budget 2023, the fifth budget of Modi 2.0. In the last full-fledged Budget before the general elections next year, Nirmala Sitharaman said that the Indian economy is on the right path and heading towards a bright future. In a big boost for taxpayers and economy, Sitharaman announced major changes in tax slabs under the new tax regime and big hike in allocation for railways and capital expenditure.

Here follows a sector-wise detailed reading of the various measures Finance Minister Sitharaman announced in Budget 2023:

1.      Income Tax payers:

2.      No changes in the old tax regime

3.      New tax regime to become the default tax regime. However, citizens can opt for the old tax regime.

4.      No tax on income up to Rs 7.5 lakh a year in new tax regime (with inclusion of standard deduction)

5.      Govt proposes to reduce highest surcharge rate from 37% to 25% in new tax regime

New Income Tax Slabs Under New Tax Regimes:

Rs 0-3 lakh:	Nil
Rs 3-6 lakhs:	5%
Rs 6-9 lakhs:	10%
Rs 9-12 lakhs:	15%
Rs 12-15 lakhs:	20%
Rs Over 15 lakhs:	30%

1.      An individual with annual income of Rs 9 lakh will have to pay only Rs 45,000 in taxes: FM Sitharaman

2.      Income of Rs 15 lakh will fetch Rs 1.5 lakh tax, down from Rs 1.87 lakh

3.      A Rs 50,000 standard deduction to taxpayers has been introduced under the new regime

4.      Payment received from Agniveer Corpus Fund by Agniveers to be exempted

5.      Tax exemption removed in insurance policies with premium over Rs 5 lakh

6.      For online games, govt proposes to provide for TDS and taxability on net winnings at the time of withdrawal or at the end of fiscal

7.      Tax exemption on leave encashment on retirement of non-government salaried employees hiked to Rs 25 lakh from Rs 3 lakh.

8.      A higher limit of Rs 3 crore for TDS on cash withdrawal to be provided to co-operative societies.

9.      Next-generation Common IT Return Form to be rolled out for tax payer convenience

10.  Grievance redressal mechanism to be strengthen.

11.  TDS rate to be reduced from 30 per cent to 20 per cent on taxable portion of EPF withdrawal in non-PAN cases.

What gets cheaper and what's get costlier:

Costlier:

Cigarettes

Silver

Compounded rubber

Imitation Jewellery

Articles made from gold bars

Imported bicycles and toys

Imported kitchen electric chimney

Imported luxury cars and EVs

Cheaper

Mobile phones

TV

Lab-grown diamonds

Shrimp feed

Machinery for lithium ion batteries

Raw materials for EV industry

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All You Need to Know about GST

All You Need to Know about GST

Introduction

GST is the new indirect tax system in India. GST was first introduced in India on July 1, 2017. It is a single tax on the supply of goods and services, from the manufacturer to the consumer.

GST is levied at every stage of the supply chain, with credits available for the tax paid at each stage. This ensures that the final consumer bears the burden of only the GST on the value addition at each stage.

In This article will discuss different types of GST and their respective rates in India.

Overview of Goods and Services Tax (GST) in India

Goods and Services Tax or GST is an indirect tax levied on the supply of goods and services in India. The tax is levied at every stage of the supply chain, from the manufacturer to the final consumer.

The central government introduced GST in India on July 1, 2017, as a replacement for all the indirect taxes that were being levied previously. The idea behind GST was to create a uniform tax system in India that would make doing business easier and more efficient.

Under GST, there are five slabs of tax rates: 0%, 5%, 12%, 18% and 28%. These rates apply to both goods and services. There are certain goods and services that are exempt from GST, and there are also certain items that have been placed in the highest slab of tax.

What Are the Various Types of GST?

There are four types of GST: Central GST, State GST, Integrated GST, and Union Territory GST. CGST will be levied by the Central government, SGST will be levied by the State governments, and IGST will be levied by the Central government on inter-State supply of goods and services. UTGST will be levied by the Union Territories.

The rate of CGST will be 10%, while the rates of SGST and IGST will be 10% each. The rate of UTGST will be 9%.

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How to View Trial Balance in Tally Prime

How to View Trial Balance in Tally Prime

The Trial Balance in Tally Prime is a summary of all the ledger balances. It helps in checking whether the transactions are correct and balanced. If the journal entries are error-free and posted correctly to the general ledger, the total of all debit balances should be equal the total of all credit balances.

With Tally Prime, the Trial Balance will be at your fingertips. You can prepare the Trial Balance periodically for your company, for example, at the end of a quarter or financial year. This will ensure that the entries in your books are mathematically correct. You can easily spot any errors or discrepancies, and make the necessary adjustments. What’s more, you can also view the Trial Balance in your browser!

View Trial Balance

By default, the report Trial Balance in Tally Prime will be generated as on the date of the last voucher entry. You can change the date to view the report for the required period.

Gateway of Tally > Display More Reports > Trial Balance.

Alternatively, Alt+G (Go To) > type or select Trial Balance > press Enter.

Press Alt+F5 (Detailed) for a detailed format of the report.

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