Introduction

 The Indian Republic’s annual budget is known as the Union Budget. Every year, it is usually represented in February by the Union Finance Minister. The final full-fledged budget of the present government before the upcoming Lok Sabha elections, which are scheduled for 2024, was delivered by Union Finance Minister Nirmala Sitharaman on February 1st, 2023.

Sitharaman highlighted significant modifications to the tax slabs under the new tax regime as well as a significant increase in funding for railways and capital expenditures, which will greatly benefit taxpayers and the economy.

Constitutional Provisions

 The Indian Constitution’s Article 112 refers to the Union Budget of a year as the Annual Financial Statement (AFS). It is a statement of the government’s expected receipts and expenditures for a certain fiscal year (which begins on 1st April of the current year and ends on 31st March of the following year).

The nodal institution in charge of creating the budget is the Department of Economic Affairs under the Ministry of Finance.

Highlights of Budget 2023-24

 The previous tax system has not changed.

New tax regime to become the default tax regime. The old tax system is still an option for citizens, though.

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

In the new tax system, the government wants to lower the maximum surcharge rate from 37% to 25%.

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%

•  Taxes for an individual income of Rs 9 lakh a year will only be Rs 45,000: Sitharaman, FM
• Tax on income of Rs 15 lakh is reduced to Rs 1.5 lakh from Rs 1.87 lakh.
• A basic deduction of Rs 50,000 has been made available to taxpayers under the new system.
• Payment from the Agniveer Corpus Fund received by Agniveers will be exempt.
• Insurance policies with premiums over Rs. 5 lakh are no longer free from taxes.
• The government wants to make sure that net wins from online games are taxed at the moment of withdrawal or at the end of the fiscal year by instituting TDS.
• Tax-free leave encashment for non-government salaried workers has increased from Rs 3 lakh to Rs 25 lakh.
• The TDS on cash withdrawal would have a higher cap of Rs 3 crore for cooperative organisations.
• A new version of the Common IT Return Form will be released for the benefit of taxpayers.
• Grievance redressal mechanism to be strengthened.
• TDS rate to be reduced from 30 percent to 20 percent on the taxable portion of EPF withdrawal in non-PAN cases.

Cheaper

•  Mobile phones
• TV
• Lab-grown diamonds
• Shrimp feed
• Machinery for lithium-ion batteries
• Raw materials for the EV industry

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

Indirect Taxes

•  A tax increase of 16% on certain cigarettes
• Up to March 2024, new cooperatives that start production would pay 15% less in taxes.
• Glycerine and crude oil now only carry a 2.5% general customs duty.
• Silver bar import taxes increased to match those of gold and platinum
• Customs tax reductions on imports of mobile phone parts should be extended by a year.
• Customs duty on open TV panel cells has been cut to 2.5% in order to encourage TV production.
• Customs duty on the import of certain components and inputs, such as camera lenses, is waived
• Extension of the one-year concessional duty on lithium-ion batteries
• Number of basic custom duty rates on goods other than textiles and agriculture reduced from 21 to 13. As a result, there are minimal tax modifications for several goods, including toys, bicycles, and cars.

Saving schemes announcements

• The Senior Citizen Savings Scheme’s maximum deposit amount would increase from Rs. 15 lakh to Rs. 30 lakh.
• Limits for joint accounts under the Monthly Income Scheme have been raised to Rs. 9 lakh and Rs. 15 lakh.
• Mahila Samman Saving Certificate, a one-time new saving programme for women, will be made available for 2 years, through March 2025.
• The scheme would offer a deposit facility of up to Rs 2 lakh for a 2-year term with a fixed interest rate of 7.5% and the option of a partial withdrawal in the name of women or girls.

 Railways get a massive boost:

•  In FY24, a budget of Rs 2.4 lakh crore was allocated for the railways.
• It is about nine times higher than the allocations for FY14 and is the highest allocation for Railways ever.
• This year, a total of Rs 17,296.84 crore has been allotted for track renewal, higher than Rs 15,388.05 crore in RE 2022-23.
• By August 2023, the Railways would probably have introduced 75 Vande Bharat trains.

Capex hiked by 33%

•  To increase the economic potential and job creation, attract private investment, and act as a buffer against global headwinds, the government has announced a capital investment of Rs 10 lakh crore, a steep increase of 33% for the third year in a row.
• The Centre will effectively spend Rs 13.7 lakh crore on capital.
• 3% of GDP is projected for capital investment in FY24.
• In FY24, the Center’s actual capital investments were Rs 13.7 lakh.
• In order to increase options for private investment in infrastructure, a new Infrastructure Finance Secretariat has been established.

Defence Budget hiked by 13%:

•  From Rs., 5.25 lakh crore last year, the defence budget jumped to Rs. 5.94 lakh crore this year.
• The Rs. 1.62 lakh crore budgeted for capital expenses covers the acquisition of new weapons, aircraft, warships, and other military hardware.
• The budgetary allotment for capital outlay for 2022–2023 was Rs. 1.52 lakh crore.
• The Border Roads Organization’s capital budget increased to Rs 5,000 crore.
• The Indian Air Force incurred the largest capital expenditure, totaling Rs 57,137.09 crore.
• The Indian Navy received a capital outlay budget of Rs 52,804 crore.
• The Army’s capital expenditure is estimated to reach Rs 37,241 crore.
• The amount allotted to the Defence Research and Development Organization (DRDO) is estimated at Rs 23,264 crore.

Fiscal position:

•  By 2025–2026, the fiscal deficit is expected to be less than 4.5%.
• In the Revised Estimate for FY23, the objective for the fiscal deficit was kept at 6.4%; for FY24, it was cut to 5.9%.
• In FY24, gross market borrowing was estimated at Rs 15.43 lakh crore.
• At Rs 11.8 lakh crore, net market borrowing was recorded for FY24.
• The revised estimate for FY23 net tax collections is Rs 20.9 lakh crore.
• The updated estimate for FY23 overall expenditure is Rs. 41.9 lakh crore.
• Total receipts other than borrowing estimated at Rs 24.3 lakh crore for FY23.
• Net tax collections for FY24 were $23.3 lakh crore.

MSME

•  A revised credit guarantee for MSMEs would go into effect on April 1, 2023, with a corpus infusion of Rs 9,000 crore.
• The plan would permit an additional Rs 2 lakh crore of collateral-free guaranteed lending while also lowering the cost of the credit by roughly 1%.

Jobs:

•  Pradhan Mantri Kaushal 4.0 Vikas Yojana will be launched by the government.
• 30 Skill India International Centers will be built throughout various States to prepare young people for opportunities abroad.
• Under a pan, Direct Benefit Transfer 47 lakh young people would receive stipend support through the India National Apprenticeship Promotion Scheme over the course of three years.

Gems and Jewellery:

 An IIT will get a five-year research and development funding in order to promote domestic manufacturing of lab-grown diamonds. In Part-B of the budget paper, a proposal to revise the customs duty on lab-grown diamonds is included.

Digital services

•  Expanding the scope of services offered by DigiLocker.
• Engineering colleges will establish up 100 labs for researching 5G applications.
• Precision farming, smart classrooms, and healthcare applications will all be covered in labs.
• Projects to launch Phase 3 of E-courts with an investment of Rs 7,000 crore.
• Leading business actors will collaborate to create scalable solutions for the health, agricultural, and other sectors.

Education:

• Three artificial intelligence centres of excellence will be established in leading universities.
• Alongside the 157 medical colleges that have already been operating since 2014, 157 new nursing colleges will also be founded.
• In the upcoming three years, Eklavaya Model Residential Schools will be established. 38,800 teachers and support staff will be hired by the Center to work in 740 schools that will serve 3.5 lakh tribal students.
• A national data governance policy will be released to encourage scholarly and entrepreneurial research and innovation.
• A grant increase of Rs 459 crores has been made to the University Grants Commission (UGC) (9.37 pc).
• In comparison to BE 2022–23, support for Central Universities has increased by 17.66%, for Deemed Universities by 27%, IITs by 14%, and NITs by 10.5%.

Seven priorities of the Budget, ‘Saptarishi’:

 Health:

• The Union Budget includes Rs 89,155 crore for the health sector.
• the goal of eradicating sickle cell disease by 2047.
• The industry will be encouraged to make research investments as a result of the formulation of a new pharmaceutical research program.
• The Department of Health and Family Welfare will receive 86,175 crores of the total budget of Rs. 89,155 crores, while the Department of Health Research will receive 2,980 crores.
• The Pradhan Mantri Swasthya Suraksha Yojana will have a budget of Rs 3,365 the crore years 2023–2024.
• The National Health Mission’s budget allocation has grown from Rs 28,974.29 crore, one of these central sector initiatives.
• The AYUSH ministry’s budget allotment has increased from Rs 2,845.75 crore.
• The National Digital Health Mission’s budget has increased from Rs 140 crore to Rs 341.02 crore.

Conclusion

 The Finance Minister asserted that a number of achievements, including the world-class digital public infrastructure projects Aadhaar, Co-Win, and UPI; the unprecedented scale and speed of the COVID-19 vaccination drive; and India’s proactive role in frontier areas such as achieving the goals of mission LiFE and the National Hydrogen Mission, have contributed to the country’s rising international profile.

She said that through a programme to provide free food grains to more than 80 million people for 28 months during the Covid-19 pandemic, the government made sure that nobody went to bed hungry. The Minister continued by saying that, as part of the Center’s ongoing commitment to ensuring food and nutritional security, the government will begin implementing a programme on January 1, 2023, to provide free food grain to all Antyodaya and priority homes for the following year.

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What is Marriage Registration ?

 An official document that certifies a couple is married is a marriage registration certificate. Marriages can be registered in India either the Special Marriage Act of 1954 or the Hindu Marriage Act of 1955. A marriage registration certificate is an official declaration that a couple is married for both forms of unions. To protect women’s rights, the Supreme Court mandated marriage registration in 2006. Therefore, getting a marriage registration certificate after getting married might be very advantageous.

When applying for a passport or creating a new bank account with a new surname after getting married, you must present your marriage registration document. In addition, while requesting a visa or travelling overseas, many embassies need a copy of the marriage registration certificate.

Eligibility Criteria To Apply For A Marriage Certificate

To get a marriage licence, the couple must fulfil the following conditions:

A permanent resident of India must be the bride or groom in order to obtain a marriage certificate.

At the time of the marriage, the applicant should have a spouse who is still alive.

While the husband must be at least 21 years old, the wife must be at least 18 years old.

Documents Required for Marriage Registration:

•  Marriage registration Application forms
• Formal affidavit in the required manner
• Birth certificate or Mark Sheet: Age Verification for the Groom and the Bride
• Address Verification: Aadhaar, PAN, and Voter ID
• pictures of married couples (Joint Photo of bride and groom)
• Marriage Card (Marriage invitation letter)
• Photographs of the two witnesses

Duration

 Under the Hindu Marriage Act, the appointment would be registered within 15 days of online registration, but under the Special Marriage Act, it might take up to 60 days.

Procedure and Jurisdiction

 Apply For A Marriage Certificate According To The Hindu Act

When both couples are Hindus, Buddhists, Jains, or Sikhs, or have converted to any of these religions, the Hindu Marriage Act is applicable.

You can submit an application at any time during business hours to the office of the Sub-Divisional Magistrate in whose district the husband or wife resides.

Have the husband and wife both sign the form before submitting it.

All paperwork is examined on the application day, and the spouses are given an appointment date and instructions for registering.

Both parties must show up in front of the Additional District Magistrate on the designated day, together with a Designated Officer who observed their marriage (ADM). The Certificate is issued on the same day.

The Hindu Marriage Act of 1955 specifies a number of requirements that must be fulfilled for a marriage to be recognised as legal and lawful. Sections 5 and 7 of the Act provide a description of the requirements. Additionally, a marriage is only accepted as legal if both spouses are Hindus, according to Section 5 of the Hindu Marriage Act. The marriage will not be accepted as a legitimate Hindu union if one of the partners is a Muslim or a Christian.

Marriage Registration Under the Special Marriage Act

All citizens of India are covered by the Special Marriage Act. Under this Act, marriages are performed in court. In addition, anyone, regardless of religion, might solemnise and declare their marriage under the Special Marriage Act of 1954. Additionally, notice is required from those wishing to register a wedding under this Act. Written notice must be sent in the appropriate forms to the responsible marriage officer, whose jurisdiction at least one of the parties to the marriage has resided in for at least 30 days prior to the notification date.

Benefits Of Marriage Certificate

• A marriage certificate serves as official documentation of the relationship.
• To stop child marriages, it establishes a minimum marriage age.
• This documentation can be used by widows to claim their assets.
• You could use it to check for bigamy or polygamy.
• It serves as a cautionary tale for spouses who desert their wives.
• This certification encourages women to exercise their rights to custody of their children and safety from their husbands.
• Additionally, it is still used when requesting immigration aid, visas, and passport services.

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What is MSMEs?

 Micro, Small, and Medium Enterprises (MSME’s) are entities that are involved in production, manufacturing, and processing of goods and commodities.

Micro, small, and medium-sized businesses are known as MSMEs. Manufacturing and service enterprises are two categories of MSMEs that are engaged in the production, processing, and manufacturing of goods and services. Businesses involved in manufacturing produce goods, whereas businesses involved in services deliver services.

Since the introduction of the MSME Development Act (MSMED) in 2006, MSMEs have grown to be a sizeable and crucial component of the economy. MSMEs in India contribute to 48% of the nation’s exports, make up 45% of the manufacturing sector, and produce over 6,000 unique goods. With a 30% GDP contribution, India has the largest MSMEs population in the world after China. In other words, MSMEs support the economy.

They are now the ones who speed up growth. The Ministry of MSME and the Ministry of Agro and Rural Industries joined in 1961, which was the beginning of everything. Following the agricultural sector, MSMEs make a significant contribution to the creation of jobs. About 110 million people are employed by them nationwide, particularly giving rural and underprivileged people possibilities. In India, the rural economy is home to more than 50% of MSMEs.

MSMEs actively encourage innovation and give aspiring business owners excellent possibilities to develop cutting-edge products that boost business expansion and, in turn, the economy.

Eligibility and Classification of MSMEs

 Classification of MSMEs, MSMEs are categorised based on their investment and turnover. The table below lists the new classes under the Aatma Nirbhar Bharat Abhiyan Scheme for 2020:

Micro, Small and Medium Enterprises Classification 2020

MSME Registration

For all currently operating MSMEs in the nation as well as new MSMEs, “Udyam” registration will be required as of July 1, 2020. Online self-registration is possible for this straightforward process. The mandatory document needed to obtain the MSME Udyam registration online is an Aadhaar number.

In the case of a sole proprietorship, the owner’s Aadhaar number would be used (individual). The managing partner’s Aadhaar is necessary for a partnership organisation. Karta must register his or her Aadhaar number in the system for a Hindu Undivided Family (HUF). The authorised signatory’s Aadhaar must be submitted for Limited Liability Partnerships (LLP) and trusts/cooperative societies.

The company (MSME Unit) will be given a “Udyam Registration Certificate” once the online MSME registration process is finished. This certificate has no expiration date. The certificate is valid as long as the company upholds moral principles and is profitable. An online MSME registration has a number of advantages. The certificate is only required for the parent entity where the details would be given if there are several units, plants, or businesses. It is simpler to obtain government contracts after registering and the minimum alternate tax can now be carried over for 15 years (instead of 10 years).

If the investment exceeds the cap set forth in the MSME Act or the company makes any goods that require additional licences, the government has the right to deregister the business (industrial or any statutory license).

Significance and Features of MSME’s

The MSME sector is regarded as the foundation of the Indian economy and has made a significant contribution to the growth of the country’s economy. It helps to develop rural and underdeveloped areas and provides employment opportunities. There are over 6.3 crore MSMEs in India.

They are also seen as a viable source of income for those wishing to enter the manufacturing sector because of the following qualities.

Indian products’ potential for export and export promotion

• Funding – Finance & Subsidies
• Government’s Promotion and Support
• Growth in demand in the domestic market
• Less Capital required
• Manpower Training
• Project Profiles
• Raw Material and Machinery Procurement

Role of MSMEs in Indian Economy

MSMEs account for more than 29% of the GDP and 50% of all exports from the nation. Additionally, they are responsible for 30% of India’s manufacturing production. More than 11 crore people are employed by MSMEs, and in the upcoming years, it is intended to increase this number to 15 crore.

Since the introduction of the MSME Development Act (MSMED) in 2006, MSMEs have grown to be a sizeable and crucial component of the economy. MSMEs in India contribute to 48% of the nation’s exports, make up 45% of the manufacturing sector, and produce over 6,000 unique goods. With a 30% GDP contribution, India has the largest MSMEs population in the world after China. In other words, MSMEs support the economy.

They are now the ones who speed up growth. The Ministry of MSME and the Ministry of Agro and Rural Industries joined in 1961, which was the beginning of everything. Following the agricultural sector, MSMEs make a significant contribution to the creation of jobs. About 110 million people are employed by them nationwide, particularly giving rural and underprivileged people possibilities. In India, the rural economy is home to more than 50% of MSMEs.

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What is Startup India

 Startup India is the initiative of the Government of India through which the government wants to develop a strong eco-system for nurturing innovation and startups in the country which will lead to sustainable economic growth and increasing employment opportunities. The aim of the government is to grow through innovation and design.

 OVERVIEW OF STARTUP INDIA ACTION PLAN

 Prime Minister Narendra Modi launched the Startup India Action Plan on 16th January, 2016. The Government of India Action Plan has been announced which relates to all the aspects of Startup ecosystem for meeting the objectives of the initiative. The government hopes for accelerating the growth of Startup movement from technology sector to sectors including agriculture, manufacturing, healthcare, education, etc. and across all the sectors in Tier 1,2 and 3 cities including semi-urban and rural areas.

Startup Indian helps to boost entrepreneurship and economic development by providing support and incentives to people having potential to innovate and start their own business. It has received worldwide support as it empowers the entrepreneurs with a strong eco-system by providing support to their creativity and growth.

BENEFITS UNDER STARTUP INDIA

1. Simple process – Only a simple form is required to be filled on the website and upload certain documents by anyone interested in setting up a startup.
2. Reduction in cost – All the facilitator fees will be paid by the government and startup will bear only statutory fees so they will enjoy 80% reduction in cost of filing patents.
3. Easy access to funds – For providing funds to the startups as venture capital, a 10,000 crore rupees fund is set-up by the government.
4. Tax holiday for 3 years – Income tax is exempted to startups for 3 years.
5. Apply for tenders – Government tenders can be applied by the startups and they are also exempted from prior experience/ turnover criteria.
6. R & D facilities – For providing facilities to startups in the R & D sector, several new research parks will be set up.
7. No time-consuming compliances – For saving time and money various compliances have been simplified and startup shall be allowed for self-certification compliance with 9 labour and 3 environment laws.
8. Tax saving for investors – The people investing in venture funds setup by the government will be exempted from capital gains which will help to attract more investors.
9. Choose your investor – The startups will be having an option for choosing the VCs that will give them liberty for choosing their investors.
10. Easy exit – The business can be closed within 90 days from the date of application of winding up.
11. Meet other entrepreneurs – It has been proposed by the government for holding 2 startup fests annually both nationally and internationally so that various stakeholders of a startup can meet each other.ELIGIBILITY

The following requirements must be met in order for your business to be registered under this programme:

The Department of Industrial Policy and Promotion was the authorized agency to have given the company its approval (DPIIT)

The business shouldn’t be more than five years old.

The annual turnover must be greater than Rs. 25 crores.

A recommendation letter from a startup incubator is required.

It must provide distinctive goods and services.

It should promote the creation of jobs.

It shouldn’t result from the closure of an existing company.

CHARACTERISTICS OF STARTUP INDIA

The GOI launched the Start Up India Scheme to create an atmosphere that encourages entrepreneurship throughout India. The following are a few scheme characteristics:

Government has announced improvements to the clearance, approval, and registration processes for companies.

Absence of Inspections: Up to three years after launch, there will be no labour law inspection.

Startup India Hub: Establishing Startup India Hub to promote information sharing and financial awareness

Legal Support: Launching the Entrepreneur’s Intellectual Property Protection (SIPP) plan to make it easier for startups to secure their patents, trademarks, and designs.

Simple Exit: Easy exit for companies to encourage innovation and experimentation

Tax exemption: After receiving the interministerial board certification, individuals are exempt from paying income tax for the first three years and are eligible to claim a capital gains tax exemption.

How to register a firm under Startup India

 The necessary paperwork and information are listed below so that we can apply to DPIIT for startup recognition.

Firm Registration Certificate: Certificate of Incorporation for Pvt. Ltd., OPC, LLP, and Firm

Copy of the Entity’s PAN Card

All Partners, Authorized Persons, and Directors Name, full addresses, gender, job title, phone number, and email address

Describe your company’s innovation, solutions, uniqueness, and revenue creation in brief

Website, mobile app, pitch deck, video, and patent link ( anyone)

Business Logo ( Optional)

Registration number for MSME (Optional)

REGISTRATION PROCESS

Step 1: Incorporate your Business

Your company must first be incorporated as a Limited Liability Partnership, a Private Limited Company, or a partnership firm. You must adhere to all standard business registration requirements, such as submitting an application and receiving a certificate of incorporation or partnership registration.

By submitting a registration application to the Registrar of Companies (ROC) in your area, you can incorporate a Private Limited Company or a Limited Liability Partnership (LLP). By submitting an application for your company’s registration with the local registrar of firms, you can create a partnership firm. The registration application must be submitted to the Registrar of Companies or Registrar of Firms along with the necessary paperwork and fees.

Step 2: Register with Startup India

Visit the Startup India website and click on the ‘Register’ button as shown below.

After creating a profile on the  website, companies can apply for a variety of challenges, incubator/mentorship programmes, and acceleration programmes, as well as have access to resources including learning and development programmes, government programmes, state policies for startups, and free services.

Step 3: Get DPIIT Recognition

Making a request for Department for Promotion of Industry and Internal Trade (DPIIT) Recognition is the next step after creating a profile on the Startup India website. With this recognition, startups are better able to take advantage of benefits like easy company winding, access to Fund of Funds, tax exemption for three years in a row, and tax exemption on investments that are more expensive than fair market value. Other advantages include relaxation of public procurement rules, self-certification under labour and environmental laws, and self-certification.

To receive DPIIT Recognition, log on to the Startup India website using your registered profile (account) credentials and select the “DPIIT Recognition for Startups” button under the “Schemes & Policies” tab.

Step 4: Recognition Application

You must fill out the “Startup Recognition Form” with information about the entity, the full address (office), the authorised representative, the directors, the partners, the information needed, the startup activities, and the self-certification. Enter data in each field by clicking the + symbol on the form’s right side. After completing the “Startup Recognition Form” in its entirety, accept the terms and conditions by clicking on the “Submit” button.

Step 5: Documents for Registration

Firm Registration Certificate: Certificate of Incorporation for Pvt. Ltd., OPC, LLP, and Firm

Copy of the Entity’s PAN Card

All Partners, Authorized Persons, and Directors Name, full addresses, gender, job title, phone number, and email address

Describe your company’s innovation, solutions, uniqueness, and revenue creation in brief

Website, mobile app, pitch deck, video, and patent link ( anyone)

Step 6: Recognition Number

That’s it! You will receive a startup recognition number after applying. The inspection of all your papers will lead to the issuance of the certificate of recognition, which typically happens two days following the online submission of the information.

But take care when you submit the docs. If, upon further verification, it is discovered that the relevant document was either not uploaded at all, was uploaded incorrectly, or was uploaded fraudulently, you will be subject to a fine equal to 50% of your startup’s paid-up capital, with a minimum fine of Rs. 25,000.

CONCLUSION

Startup India scheme served as a great method for leading the youth on the right path. The main point was that they target the youth as they do have a lot of potential. This initiative by the government gave the right way of channelizing it properly. It considers that the youth of the country are better for creating ideas and notions. Thus, it is a good decision to help people achieve greater heights from a young age.

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What is GST

 The government imposes the goods and services tax (GST) in place of numerous indirect levies. Any business offering sale of goods with an annual turnover of 40 lacs or service with an annual turnover of 20 lacs would require to do GST registration and should have a valid GST Number. On March 29, 2017, the Goods and Services Tax Act was approved by the Parliament. The first of July 2017 have seen the implementation of this Act. Every value addition is subject to the GST, a comprehensive, multistage, destination-based tax.

 GST is charged when goods and services are supplied. Every value addition is subject to this comprehensive, multi-stage, destination-based tax. As a result, GST is now the only domestic indirect tax law that applies to the entire nation. Every point of sale is taxed under the GST system.

Customers, purchasers, or consumers pay the GST, which is then forwarded to the government by the businesses and organisations that sell the goods. GST generates income for the government as a result. Before being purchased, the total cost of all products and services includes the GST. All previous indirect taxes levied by the national government and state governments in India are eliminated by this tax. The firms must have registered for GST in order to be eligible for this.

what are the GST registration guidelines as per the government of India?

The GST registration guidelines specified who should register, hence the government has supplied a list of all possible suppliers or customers:

1. Individuals who registered under the previous tax regulations, such as excise, VAT, service tax, etc.
2. Companies with annual revenue over the highest reaches of Rs. 40 Lakhs (Rs. 10 Lakhs for states including North-Eastern States, J&K, Himachal Pradesh, and Uttarakhand)
3. Managers of a distributor and supplier of input services
4. A casual taxable person is a person who sporadically provides taxable products or services in a taxable region. There is no fixed location for the business; instead, it shifts from one location to another.
5. People who are being taken into account for the reverse charge mechanism include: Reverse Charge means that the tax charge is reversed and the receiver is now responsible for paying it.
6. Every online buyer and seller
7. A supplier through an e-commerce aggregator
8. All people who, other than an enlisted taxable person, provide online data and database access or recovery administrations to a person in India are eligible for GST registration.

What are the types of GST?

 The Indian government claims that there are four different forms of GST. Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST).

There are various GST types.

1. CGST: Goods and services are subject to the CGST (Central GST). The interstate supply tax is imposed and administered by the central government. Revenue received under the CGST will be retained by the central government.
2. SGST: The State Government imposes SGST, which is a tax on intrastate deliveries of both goods and services, and the SGST Act will be responsible for its administration. The state government is in charge of collecting the money. However, the central government alone is in charge of the state government’s core functions.
3. IGST: IGST is assessed when goods and services are supplied from one state to another. Consequently, it is referred to as the interstate tax. The supplies of goods and services, whether imported into India or exported from India, are also subject to this tax. The Indian government is in charge of collecting the money.
4. Major union territories in India include Delhi (India’s Capital Territory), Chandigarh, Dadra & Nagar Haveli, Andaman & Nicobar Islands, Daman & Diu, Lakshadweep, and Puducherry. All of these union territories are subject to UTGST. The union territory government is in charge of collecting the money. Only the CGST is assessed, not the UTGST.

What is the structure of GST?

 GST was created with the average person’s condition and inflation rates in mind. GST was organised into four tiers to make it easier and simpler. These four areas have different GST rates: zero, low, standard, and high.

1. Zero rates: The goods and services are subject to zero rates of taxation. This tax is equivalent to tax exemptions and has no impact on the product’s actual price. Whether or not the government decides to raise the tax rates in the future, the GST structure’s zero rates will keep the price of necessities in check.
2. Standard rate: This covers the tax rates of 12% and 18%. In this case, the council has decided on two standard rates to keep inflation under control.
3. Higher rates: Taxes with higher rates include a 28% tax rate. Products like washing machines, air conditioners, soft drinks, etc. are included in this. Previously, this 27% tax increased to 30–31% due to the cascading effect. However, it becomes fixed at 28% as a result of this higher rate tax.

What are the 5 slabs of GST?

 The five GST slabs—0%, 5%, 12%, 18%, and 28%—are roughly categorised into the four levels. Zero rate, lower rate, standard rate, and higher rate are the four options.

1. Zero rates: The goods and services are subject to zero rates of taxation. This tax is equivalent to tax exemptions and has no impact on the product’s actual price. Whether or not the government decides to raise the tax rates in the future, the GST structure’s zero rates will keep the price of necessities in check.
2. Standard rate: This covers the tax rates of 12% and 18%. In this case, the council has decided on two standard rates to keep inflation under control.
3. Higher rates: Taxes with higher rates include a 28% tax rate. Products like washing machines, air conditioners, soft drinks, etc. are included in this. Previously, this 27% tax increased to 30–31% due to the cascading effect. However, it becomes fixed at 28% as a result of this higher rate tax.

What are the products and services that come under GST?

 Consumables including sugar, coal, coffee, tea, packaged paneer, raisins, edible oil, PDS Kerosene, home LPG, skim milk powder, cashew nuts, footwear under Rs. 500, infant formula, and clothing are all included under the under 5% slab.

Butter, laptops, ghee, processed or packaged food, almonds, mobile phones, fruit juice, and dishes made from vegetables, fruits, nuts, or other plant components, such as pickled murabba, chutney, jam, jelly, packed coconut water, and umbrellas, fall under the 12% slab.

Hair oil, investment products, toothpaste, industrial intermediaries, soap, ice cream, pasta, toiletries, corn flakes, computers, soups, and printers are among the items that fall within the 18% slab.

Small automobiles (+1% or 3% cess), high-end motorcycles (+15 cess), consumer durables like refrigerators and air conditioners, luxury and sinful goods like BMWs, aerated drinks (+15 cess), and cigarettes are all included in the under-28% slab.

Which are the products and services exempted by GST?

 Exempted products:

Food includes cereals, perishable fruits and vegetables, edible roots and tubers, fish and meat, tender coconut, jaggery, tea leaves that haven’t been processed, coffee beans that haven’t been roasted, seeds, ginger, turmeric, betel leaves, papad, flour, curd, lassi, buttermilk, and supplements for fish.

Raw materials include unprocessed silk, unfinished wool, raw cotton used to make khadi yarn, unprocessed jute, firewood, charcoal, and handloom garments.

Tools include things like: hearing aids, hand equipment (such spades and shovels), agricultural tools, and hand-made musical instruments.

Agriculture services are included on the list of exempted services. These services include harvesting, fumigation, cultivation, packaging, renting, buying, or leasing machines for agricultural use, activities involving warehouses, and the provision of farm labour.

Transportation Service: Inland waterway transportation of goods, Air travel is used for passenger transport (in the conditions of Manipur, Meghalaya, Assam, Arunachal Pradesh, Nagaland, Sikkim, Tripura, and Bagdogra), transporting goods without air conditioning, transporting milk, salt, papers, or woodgrains, transporting goods for which the total amount charged is less than Rs. 1500.

Transportation for students and faculty, catering for lunchtime, security, housekeeping, and services for admission, exams, etc. are all examples of educational services.

Medical services include those offered by a veterinary clinic, clinics, paramedics, ambulances, charitable organisations, and groups that facilitate religious pilgrimage.

How does the central govt and state govt revenue share the GST?

 In India, a federal state, both the centre and the states have the authority to levy and collect taxes. According to the Constitution, both governments must raise tax money to fund a variety of commitments.

GST is imposed concurrently by the Center and the States.

Assume that Manufacturer A sells 10,000 rupees worth of goods to Dealer B in Uttar Pradesh.

Dealer B sells them to Trader C in Madhya Pradesh for Rs 17,500 retail.

In Madhya Pradesh, trader C eventually sells to end-user D for Rs. 30,000.

Assume that the applicable GST rates are CGST = 9%, SGST = 9%, and IGST = 9 + 9 = 18%. This is an intra-state sale because A sells it to B within the state of Uttar Pradesh; as a result, CGST and SGST will be applied at 9%.

Traders buy C (Madhya Pradesh) from Dealer B (Uttar Pradesh). With IGST of 18%, this transaction is also interstate.

Since end-user D purchases from Trader C (Madhya Pradesh) in the same state, both CGST and SGST are taken into account and will be applied at 9% each, or equally divided.

Since GST is a tax on consumers, the state where the goods were sold would pay GST (Madhya Pradesh). By that logic, Uttar Pradesh (where the items were sold) wouldn’t pay any taxes. Madhya Pradesh and the federal government (30,000 * 9%) will each have 2,700 representatives at the state level. Since GST is a tax on consumers, the state where the goods were sold would pay GST (Madhya Pradesh). By that logic, Uttar Pradesh (where the items were sold) wouldn’t pay any taxes. Madhya Pradesh and the federal government (30,000 * 9%) will each have 2,700 representatives at the state level.

The 900 rupee SGST credit (used for the IGST payment) would then need to be transferred from Uttar Pradesh, the exporting state, to the Centre.

In return, the central government will give the importing state of Madhya Pradesh Rs. 450 in IGST.

How to find HSN number or Service tariff code for GST

 “Harmonized nomenclature system” is the meaning of the HSN code. This technique is used all around the world to classify things systematically. The six-digit HSN code is a standardised number that categorises more than 5000 products and is used all over the world. It was created by the World Customs Organization (WCO), and it went into effect in 1988.

Services Accounting Code (SAC) under GST: For consistent recognition, measurement, and taxes, goods and services that are likely to be related to one another are also categorised. Services Accounting Code, or SAC, is the name of the codes used for these services.

The HSN structure consists of 21 sections, 99 Chapters beneath them, and approximately 1,244 headings and 5,224 subheadings.

Many Chapters are included in each Section. Each chapter has headings that are further subdivided into subheadings.

While the headings and subheadings give comprehensive explanations of the products, the titles of the sections and chapters describe the many kinds of commodities.

The goal of HSN codes is to make and promote GST internationally.

The requirement to publish a thorough product summary is eliminated by HSN codes. This would reduce time spent on filing and make it simpler because GST tax filing returns are automated. Eight digits can represent the HSN code, and each digit has a specific meaning:

The Chapter under HSN codes is indicated by the first two numbers.

The next two digits indicate the headings under Chapters.

The following two digits denote the subheadings, and the six-digit HSN code is recognised globally.

The product tariff heading during supply import and export is subclassified by the following two numbers.

GST Returns Types

Under GST, there are 13 returns. The GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, GSTR-9, GSTR-10, GSTR-11, CMP-08, and ITC-04 are those documents. All results, however, do not apply to every taxpayer. Depending on the kind of taxpayer/type of registration acquired, taxpayers file returns.

A self-certified reconciliation statement in Form GSTR-9C must also be submitted by eligible taxpayers, defined as those with a turnover exceeding Rs. 5 crore.

The GSTR-2A (dynamic) and GSTR-2B statements of input tax credit are available to taxpayers in addition to the GST returns that must be filed (static). Small taxpayers who are registered under the QRMP programme may also use an invoice furnishing facility (IFF) to submit their business-to-business (B2B) sales for the first two months of the quarter. These small taxpayers will still have to submit Form PMT-06 each month to pay their taxes.

Here is a list of all the returns that must be submitted in accordance with the GST Law, together with their respective deadlines.

Return Form	Description	Frequency	Due Date
GSTR-1	Details of outward supplies of taxable goods and/or services affected.	Monthly	11th of the next month.
		Quarterly (If opted under the QRMP scheme)	13th of the month succeeding the quarter.
IFF (Optional by taxpayers under the QRMP scheme)	Details of B2B supplies of taxable goods and/or services affected.	Monthly (for the first two months of the quarter)	13th of the next month.
GSTR-3B	Summary return of outward supplies and input tax credit claimed, along with payment of tax by the taxpayer.	Monthly	20th of the next month.
		Quarterly (For taxpayers under the QRMP scheme)	22nd or 24th of the month succeeding the quarter***
CMP-08	Statement-cum-challan to make a tax payment by a taxpayer registered under the composition scheme under Section 10 of the CGST Act.	Quarterly	18th of the month succeeding the quarter.
GSTR-4	Return for a taxpayer registered under the composition scheme under Section 10 of the CGST Act.	Annually	30th of the month succeeding a financial year.
GSTR-5	Return to be filed by a non-resident taxable person.	Monthly	20th of the next month. (Amended to 13th by Budget 2022; yet to be notified by CBIC.)
GSTR-5A	Return to be filed by non-resident OIDAR service providers.	Monthly	20th of the next month.
GSTR-6	Return for an input service distributor to distribute the eligible input tax credit to its branches.	Monthly	13th of the next month.
GSTR-7	Return to be filed by registered persons deducting tax at source (TDS).	Monthly	10th of the next month.
GSTR-8	Return to be filed by e-commerce operators containing details of supplies effected and the amount of tax collected at source by them.	Monthly	10th of the next month.
GSTR-9	Annual return by a regular taxpayer.	Annually	31st December of the next financial year.
GSTR-9C	Self-certified reconciliation statement.	Annually	31st December of the next financial year.
GSTR-10	Final return to be filed by a taxpayer whose GST registration is cancelled.	Once, when the GST registration is cancelled or surrendered.	Within three months of the date of cancellation or date of cancellation order, whichever is later.
GSTR-11	Details of inward supplies to be furnished by a person having UIN and claiming a refund	Monthly	28th of the month following the month for which statement is filed.
ITC-04	Statement to be filed by a principal/job-worker about details of goods sent to/received from a job-worker	Annually (for AATO up to Rs.5 crore)     Half-yearly (for AATO > Rs.5 crore)	25th April where AATO is up to Rs.5 crore.       25th October and 25th April where AATO exceeds Rs.5 crore.   (AATO = Annual aggregate turnover)

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What exactly is the NCR Report?

Non-Cognizable Report, or N.C.R. Criminal offences are classified by the law of the land as either non-cognizable or cognizable. According to the current definition of “N.C.R.” in the Cr.P.C., it is an offence that is not subject to police investigation or prosecution. since it is acknowledged that police are not required to look into an NCR. As a result, the next step is to present a private complaint to the magistrate based on the NCR report. As a result, there is no need to register a second NCR; even if a third NCR is reported, the police cannot take action because it is against the law to do so.

What is an FIR?

According to Section 154 of the CrPC, FIR stands for First Information Report. In essence, it is information that was provided to the police regarding the commission of a crime. Once the FIR is filed, the police are given the authority to look into the incident and take legal action against those responsible. They have the authority to search without a search warrant for any evidence connected to the alleged crime, arrest the defendant without a warrant, and confiscate any incriminating objects or materials.

The police file a First Information Report (FIR) when they have information concerning the commission of a crime that is legally actionable. The First Information Report is a report of information that comes to the police first in time, for this reason. The victim of a cognizable offence or someone acting on their behalf typically files a complaint with the police. Anyone may make a verbal or written report of the commission of a cognizable offence.

The Indian Penal Code (IPC), the 1973 Code of Criminal Procedure (CrPC), or any other law do not define the term “FIR.” However, information documented in accordance with Section 154 of the CrPC is referred to as an “FIR” in police regulations or rules.

What is a complaint?

S.2(d) CrPC defines the word “complaint” as any accusation made orally or in writing to a magistrate with the intention of him taking action under this code against some person who has committed an offense. A police report is not included. Additionally, the offence shall be deemed a complaint if it is determined following a preliminary investigation that it is a non-cognizable offence.

Any first- or second-class magistrate may take cognizance of any offence upon receiving a complaint of the facts that constitute the offence, according to S. 190(1)(a) CrPC. Cognizance denotes that the magistrate has given thoughtful consideration to the alleged offence in the complaint. Regardless of whether the offence is cognizable or not, a private citizen may file a complaint before a qualified judicial magistrate. The Magistrate can examine the complainant and any witness under oath under section 200 CrPC. The magistrate can then issue a summons against the defendant and begin an investigation on his or her own, or he or she can order a police officer or another qualified individual to look into the case and determine if there are enough reasons to move forward or not.

Different types of FIR

 General F.I.R. :

A general F.I.R. is one that is filed at the nearest police station by the aggrieved party or the first party against another party in a general transaction.

Zero F.I.R.:

Normally, an F.I.R. is recorded with a serial number in the police station with jurisdiction over the crime’s investigation; however, a zero F.I.R. is recorded throughout India without a serial number. Following the 2012 Nirbhaya Gang Rape case, the Justice Varma committee recommended the implementation of Zero F.I.R.

Cross F.I.R. :

Cross F.I.R. is the term used when two parties file F.I.R.s against one another in connection with the same incident.

Multiple F.I.R.s:

Multiple F.I.R.s: In Surender Kaushik v. State of U.P., the court reiterated its view on the ban on filing multiple F.I.R.s for the same offence just because doing so will jeopardise the investigation. The court did this by taking all prior precedents into account. Multiple F.I.R.s won’t be filed unless the later informant provides an altogether fresh account of the suspected event.