Session on Analysis of Union Budget 2020-21 organized by FICCI
Jaipur: FICCI Rajasthan State Council in association with Jaipur Branch of CIRC (Central Indian Regional Council), The Institute of Chartered Accountants of India, today organized a session on Analysis of Union Budget 2020-21. With the objective of addressing industry concerns and queries on the Union Budget 2020-21 announcements, the session enlightened the participants about the impact of budget and taxation on the industry. Mr. P.K. Singh, Chief Commissioner, CGST Government of India was the Chief Guest for the session. Booklet on “Union Budget 2020-21” was also released during the programme.
Explaining the highlights of budget provisions, Mr. P.K. Singh, Chief Commissioner, CGST, Government of India mentioned that soon there will be a lottery system to encourage citizens to opt for GST Bills. The decision will be taken by the GST Council in this regard.
He also talked about how the fake invoice menace affected trade as people with malafide intentions are misusing certain provisions of law. However, department is very vigil and from last two years it has been taking strong actions against these. He also cautioned people about circular trading malpractices where people use the system to inflate their balance sheets.
Provisions related to Direct Taxes in Union Budget 2020-21 were explained by Mr. Rajeev Sogani, Founder and Managing Partner, R Sogani & Associates through his presentation where he explained various new offerings in the budget related to income tax. He also elaborated that under new section 194(O), now it is mandatory of E-Commerce players to cut TDS on its worker-partner’s income.
Mr. Sogani also explained how the income tax department is progressing with new technology. Now with the help of data analytics, the department has 360 degree profile of assessee.
Addressing the gathering, Mr. Jatin Harjai, Advocate, JHA Legal elaborated various aspects related to Goods and Service Tax (GST) and said that in coming days, the Tax Administration will be stricter. During his session, he also explained in detail about the various landmark judgments and its implications.
Mr. Rajneesh Singhvi, Chairman, FICCI, Rajasthan MSME Sub-Committee & Director, SME Consulting Pvt Ltd. welcomed all the delegates in the session.
More than 250 industry members and professionals participated in the session today.