News & Updates

Section 16 of the CGST Act, 2017 pre-budget status
Section 16(1) of the CGST Act, 2017 is quoted below
Every registered person shall, subject to such conditions and restrictions as may be prescribed and, in the manner, specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person.

The finance minister and her team take almost six months to prepare union budget, which affect our all economy. Then in January team devotes their time to freeze the documents, usually week before its presentation in parliament. This year finance minister Nirmala Sitharaman will present her third budget on February 1. Taxpayers are looking to the finance minister to bring some relief. The budget will have a positive impact on voters if FM succeeds in creating a good factor on middle class. Taxpayers expect standard deduction hike, tax relief for saving for kid’s education, income tax relief in compliances.