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<keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords">Infosys</keyword> says that the Karnataka State authorities are withdrawing the pre-show cause <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "The Company has received a communication from Karnataka State authorities, withdrawing the pre-show cause notice and has directed the Company to submit a further response to DGGI central authority on this matter," said Infosys Earlier on Wednesday the Karnataka State GST authorities issued a pre-show cause notice to Infosys for payment of GST of Rs. 32,403 crores for the period July 2017 to March 2022 towards the expenses incurred by overseas branch offices of <keyword id="19916185" type="General" weightage="20" keywordseo="Infosys-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys Limited" meta.hostid="345" meta.entityid="Infosys Limited">Infosys Limited</keyword>. The Company responded to the pre-show cause notice and stated that the Company believes that as per regulations, GST is not applicable to these expenses. "Additionally, as per a recent Circular (circular number 210/4/2024 dated June 26, 2024) issued by the Central Board of Indirect Taxes and Customs on the recommendations of the <keyword id="19994390" type="General" weightage="20" keywordseo="gst-council" source="keywords">GST Council</keyword>, services provided by the overseas branches to Indian entity are not subject to GST," said the company. The clarification from Infosys came post news articles published on Wednesday for non-payment of GST towards expenses incurred by the overseas branches of the Company. Infosys said GST payments are eligible for credit or refund against the Infosys says that the Karnataka State authorities are withdrawing the pre-show cause GST notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "Infosys has paid all its GST dues and is fully in compliance with the central and state regulations on this matter," the statement said. (ANI) SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Infosys says Karnataka govt withdrawing pre-show cause notice on GST notice

The government wants to get everything under the tax ambit and now is planning to bring barters and exchanges under the <keyword id="6359833" type="ORGANIZATION" weightage="20" keywordseo="Goods-and-Services-Tax">Goods and Services Tax</keyword> (GST). 
 
So, if the bill gets passed in Rajya Sabha, exchanging smartphones and vehicles with new ones will no more be an advantage. 
 
If barters come under GST, consumers will have to pay tax on the full value. 
 
The government wants to put a clean chain without disruption in payments to ensure tax credit flows seamlessly. 
 
"It would have an impact on consumer electronics and automobile sectors, wherein old items or cars are exchanged with a new product at a reduced price. It would need to be seen how goods under barter or exchange would be valued," Pratik Jain, partner, KPMG India, told ET. 
 
But for this, government will have to mention clear guidelines. 
 
Reportedly, GST will be levied on supply of goods and services as against provision of service, sale or manufacture of goods presently. Supply will include barter, exchange and licences such as those for mining or spectrum.

GST will make sure everything is taxed, even exchange of smartphones, vehicles

While the new government guidelines have allowed IT manufacturing units including mobile phones to resume operations from May 4, there has been no official confirmation yet and Realme India is awaiting the nod to open its factory at Greater Noida and begin streamlining overall processes, its CEO Madhav Sheth said on Sunday. Due to the extended lockdown, there are many challenges faced by businesses with huge impact from sales, manufacturing and cost. "With the recent extension of the lockdown period for two more weeks, we haven't received any official confirmation on when can the production will resume," Madhav Sheth, Vice President, Realme and CEO, Realme India, told IANS. <div type="Article" hostid="261" msid="75515809" title="Tech Mahindra shares are cheap despite the earnings disappointment, says a research report" mstype="2" mssubtype="0"></div> "We have reached out to the government for approval on opening of factory and now await their decision. We will abide by the government's order strictly, while prioritising people's health," he added. The India Cellular And Electronics Association (ICEA) on Friday welcomed the decision to let the IT manufacturing units including mobile phones resume operations, saying it thanks the MHA for accepting the industry's recommendations to restart manufacturing of IT Hardware products which include mobile phones and mobile devices. The extended lockdown in India has resulted in zero shipments for the smartphone players in India in the month of April as factories are shut. According to Sheth, from manufacturing point of view, even if the government allows factories to reopen, it will take at least two-four weeks for the factory to resume its normal capacity. "We don't want to rush and open our factory as the situation is still not normal and we value our employees and their safety. We would wait for the government's further notice to understand that till what extent the factories can start working and would decide further on that,' he elaborated. The month of March saw a steep annual decline in smartphone shipments, at -19 per cent, due to COVID-19 nationwide lockdown that settled in from March 24. On cost factors, the outbreak of COVID-19 has also influenced countries like China, Korea, the US and Japan, where most of the upstream component suppliers of smartphones are located. "However, the demand on the sales side also got reduced due to the lock-down as most brands couldn't operate their business and had to delay product plans," said Sheth. In the future, he added, the disturbance of manufacturing along with the new surge of demand post lock-down might have further impacts on the price of components, which eventually influences smartphone selling price. "The GST hike and fluctuating rupee exchange rates are other two cost factors," he said. Other problem smartphone manufacturers are facing is lack of manpower. "The migrant workers, truckers and helpers have gone back to their hometown. It will take more time to revamp the entire production cycle even after the lock-down period is over," Sheth told IANS. The bigger uncertainty comes on the demand side. "If the nation's economy and people's income got hampered, then the smartphone demand in 2020 may not be optimistic. We will need to evaluate further how the economy recovers post the market reopen," he emphasized. "Bringing the factory back to work can help us sustain our business and employee welfare. Even during lock-down, we have been paying the same amount of salaries to workers on a monthly basis instead of daily wage," informed Realme CEO, adding that while sustaining business and considering employees welfare are top priorities, "we would hope to revamp the production to normal as fast as possible". SEE ALSO: <div type="Article" hostid="261" msid="75447090" title="How to pre-book OnePlus 8, OnePlus 8 Pro and save ₹1,000" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="75444717" title="Smartphone sales in China decrease by 24% due to Coronavirus" mstype="2" mssubtype="0"></div> <div type="Article" hostid="261" msid="75288731" title="Paytm is doubling down on e-sports as it launches another online tournament — this time with Garena’s Free Fire" mstype="2" mssubtype="0"></div>

Realme's India CEO says the Greater Noida smartphone factory can restart after 'official confirmation'

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> turned flat at 83.73 against the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword> <keyword id="20256153" type="General" weightage="20" keywordseo="currency" source="keywords">currency</keyword> on Friday amid weak equity markets and an upward movement in crude oil prices overseas. According to <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">forex traders</keyword>, the Indian currency found support due to softening <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> against major rivals following the US Federal Reserve's decision to maintain the status quo on interest rates and some inflow of foreign capital into Indian equities. At the interbank currency exchange, the domestic currency opened at 83.74 and inched up to trade at 83.73 against the dollar, the previous day's closing level. On Thursday, the rupee declined 5 paise to settle at 83.73 against the US dollar. Anand James, Chief Market Strategist, Geojit Financial Services, said the rupee's weakness was capped by "a likely intervention from the Reserve Bank of India, which sold dollars through state-run banks". "The next key US economic release is the July jobs report, expected on Friday," he added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.07 per cent to 104.13. Brent crude -- the global oil benchmark -- rose by 0.79 per cent to USD 80.15 per barrel in futures trade. In the domestic equity market, the 30-share BSE Sensex plunged 614.96 points or 0.75 per cent to 81,252.59 in morning trade, while the broader Nifty declined 194.80 points or 0.78 per cent to 24,816.10. Foreign institutional investors were net buyers in the capital markets on Thursday and bought shares worth Rs 2,089.28 crore, according to exchange data. A monthly survey released on Thursday showed India's manufacturing sector growth eased slightly to 58.1 in July from 58.3 in June on softer increases in new orders and output, while cost pressures and demand strength led to the steepest increase in selling prices since October 2013. The government's GST collections in July rose 10.3 per cent to over Rs 1.82 lakh crore, driven by domestic transactions in goods and services, according to official data released on Thursday. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Rupee turns flat at 83.73 against US dollar in early trade

<ul><li>India’s biggest automaker <keyword id="44883" type="General" weightage="80" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> has announced a price hike that will come into effect from January 2024.</li><li>This comes amid high inventory levels with <keyword id="6368404" type="General" weightage="20" keywordseo="automakers" source="Orion">automakers</keyword> and may be a measure to push year-end sales.</li><li>Companies often offer high discounts during the year-end to attract customers and offload inventory.</li></ul>India’s biggest automakers such as Maruti Suzuki and Tata Motors have announced a plan to increase prices of their vehicles from January 2024. Audi too has announced a price hike of up to 2% and other automakers are also expected to follow suit. The trigger for the price hike is not a change in taxes, something which has often been a reason in the past. Maruti Suzuki has cited an “increase in cost pressure” due to the overall inflation and increased commodity prices as the reason. In the pre-GST era, it was customary for the government to hike duties, so consumers would rush to buy cars, TVs and more, lest they turn expensive after the Budget. After GST has taken over the burden of most of such taxation, the Budget-date fear has been absent from the market. "The company has planned to increase the prices of its cars in January, 2024 on account of increased cost pressure driven by overall inflation and increased commodity prices. While the company makes maximum efforts to reduce cost and offset the increase, it may have to pass on some increase to the market," Maruti Suzuki said in a filing with the stock exchange. <cmsannotation type="cmsannotation" annotationid="Rise in inventory" comment="subhead" text="Rise in inventory">Rise in inventory</cmsannotation> The wholesale of vehicles has been higher than retail sales for a few months now, meaning dealers are purchasing more vehicles than they are selling to customers. This has led to a buildup of vehicles with dealers, with inventory levels rising to 63-66 days in October, as per data from the Federation of Automobile Dealers Associations (FADA). FADA had expressed its<a href="https://www.businessinsider.in/business/auto/news/auto-sales-in-october-up-13-pc-mom-says-fada-but-high-pv-inventory-levels-a-concern/articleshow/105003170.cms"> concerns</a> about the inventory buildup, adding that without substantial intervention, the weight of unsold stock could lead to significant dealer distress <cmsannotation type="cmsannotation" annotationid="Price hike may be aimed at pushing customers to buy now" comment="subhead" text="Price hike may be aimed at pushing customers to buy now">Price hike may be aimed at pushing customers to buy now</cmsannotation> The upcoming price hike in January may be a way for the companies to offload their existing inventory, before the year ends. While Maruti has not announced the quantum of the price hike, even a small percentage hike is enough to spook customers into moving up their purchase. <cmsannotation type="cmsannotation" annotationid="Automakers offers discounts, accessories and more" comment="subhead" text="Automakers offers discounts, accessories and more">Automakers offers discounts, accessories and more</cmsannotation> It’s not just with price hikes that companies try to lure customers to purchases cars in the fag end of the year. Companies offer discounts on the car, car’s accessories or even offer some free accessories in the name of year-end offers. In addition to this, companies also tie-up with insurance companies to offer better rates or better coverage. Companies also push for discounted extended warranties to push sales. <cmsannotation type="cmsannotation" annotationid="Experts warn about making year-end purchases" comment="subhead" text="Experts warn about making year-end purchases">Experts warn about making year-end purchases</cmsannotation> Initially, it may seem like a good idea to pull the trigger on a car purchase with a price hike looming and car makers offering attractive discounts, but there are some other aspects that you need to consider before purchasing a car in December. The first thing that you need to consider is the manufacturing date. Cars purchased in December will have their manufacturing date as 2023, even though you have purchased it at the end of the year. This may not seem like a big deal when you are thinking about discounts and other offers, but will have a huge impact on your car’s resale value. Your car is already outdated once the year ends. “You may feel that you are getting an amazing deal but always keep in mind that the same model will be outdated from next month. Also, your car gets depreciated by 10-12% every year, so technically one month difference will cost you 10% in depreciation,” said Ananth Ladha, founder, Invest Aaj for Kal, a financial planning firm. When compared to a car from January 2024, the resale value of a car from December 2023 may be 10% less, which is quite high for a month’s difference. “Whenever you get the car delivered, it is marked as a car of that year, say 2023. If you got a car in December and you attempt to resale it, you lose out on a good one year of use as the car will be earmarked to 2023, but you have got it at the tail-end of the year,” said Adhil Shetty, chief executive officer, BankBazaar. However, this does not mean that purchasing a car at the end of the year is not worth considering. “However, if you are getting very good benefits, it may offset the drop in resale value that can be the case with your vehicle,” Shetty added. So, you need to consider the value of the discounts being offered and compare it to the value that you are losing out by purchasing a car at the end of the year. Then, you need to identify whether it is worth doing so or not. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/indias-pc-market-surges-to-4-5-million-devices-in-q3-2023/articleshow/105285251.cms">India’s PC market shipments surge in Q3 amidst import restrictions talks</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-average-selling-price-of-smartphones-increased-in-a-flat-market/articleshow/105033814.cms">The average selling price of Indian smartphones has increased despite a flat market</a> <a href="https://www.businessinsider.in/business/auto/news/indias-electric-two-wheelers-up-and-running-after-reduced-fame-subsidy-bump/articleshow/104912419.cms">India’s electric two-wheelers up and running after reduced FAME subsidy bump</a>

Car prices set to rise in January – Should you buy one in December?

<ul><li><keyword id="10591" type="General" weightage="100" keywordseo="samsung" source="Orion">Samsung</keyword> announces the <keyword id="6354411" type="General" weightage="80" keywordseo="corporate" source="Orion">Corporate</keyword>+ program, exclusively for corporate employees.</li><li>Under this program, Samsung is also offering free insurance worth up to ₹7,999.</li><li>Buyers can get discounts of up to 30% on smartphones, tablets, laptops, TVs, and more.</li></ul>Ahead of the festive season, Samsung India has announced its Corporate + program, offering exciting offers and deals on products such as smartphones, laptops, TVs, tablets, and digital appliances. Samsung India is also providing no-cost EMI and exchange options and insurance worth up to ₹7,999 on select products. Over three lakh business employees in India have benefited from the corporate+ program, said the company. <cmsannotation type="cmsannotation" annotationid="Samsung Corporate+ Program: How to get deals" comment="subhead" text="Samsung Corporate+ Program: How to get deals">Samsung Corporate+ Program: How to get deals</cmsannotation> To benefit from this program, the corporate employee has to simply access Samsung.com and the Samsung Shop app using their unique official email ID. While logging in, they will receive an OTP in their mail, and after the OTP verification, users will land on the categories page, where they can select their products. Also, buyers can pre-book some of the latest products. Buyers can choose payment options, including no-cost EMI on selected bank cards. Further, buyers can also opt-in for a GST invoice. Additionally, Samsung is also running <keyword id="14336667" type="General" weightage="50" keywordseo="student-advantage-program" source="Orion">Student Advantage Program</keyword>, which aims to empower students by offering gadgets with cutting-edge technology for everyday use. <cmsannotation type="cmsannotation" annotationid="Samsung Corporate+ Program: Deals" comment="subhead" text="Samsung Corporate+ Program: Deals">Samsung Corporate+ Program: Deals</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Smartphones, tablets, smart wearables and laptops" comment="subhead" text="Smartphones, tablets, smart wearables and laptops">Smartphones, tablets, smart wearables and laptops</cmsannotation> The Samsung Corporate+ program brings up to 30% on Galaxy series smartphones, Galaxy Z Series, and <keyword id="1109555" type="General" weightage="50" keywordseo="galaxy-s-series" source="Orion">Galaxy S Series</keyword>. There are also discounts of up to 30% on the Samsung Galaxy Tab S Series, Watch5, <keyword id="7313481" type="General" weightage="50" keywordseo="samsung-galaxy-buds" source="Orion">Samsung Galaxy Buds</keyword>, and Samsung Galaxy Book2 Notebook. <cmsannotation type="cmsannotation" annotationid="TVs and Digital Appliances" comment="subhead" text="TVs and Digital Appliances">TVs and Digital Appliances</cmsannotation> The company has also offered discounts of up to 30% on <keyword id="12260078" type="General" weightage="50" keywordseo="samsung-neo" source="Orion">Samsung Neo</keyword> QLED 8K UHD TV, refrigerators, washing machines, and convection microwaves. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/best-deals-on-earbuds-headphones-tws-and-more/articleshow/94359894.cms">Amazon Great Indian Festival sale: Best deals on headphones and earphones</a> <a href="https://www.businessinsider.in/tech/news/best-deals-on-smart-devices-during-the-amazon-great-freedom-festival-sale/articleshow/94373343.cms">Best deals on smart devices during the Amazon Great Freedom Festival sale</a>

Samsung offers up to 30 percent discount on products to corporate employees

Here's where you can get the best deals on iPhone 13 Pro

Earlier this year, an application presented before the Authority for Advance Ruling sparked the interest of businesses across India. The appeal was made by a Global Investment Bank seeking clarification on applicable liabilities on the car lease scheme offered to its employees. The AAR held that any services provided by the employer to the employee in the course of employment do not amount to service provision and thus do not fall under the tax radar. However, in a contrasting ruling, the Hyderabad office of the Customs, Excise and Service Tax Appellate Tribunal, while determining the eligibility to avail of the input tax credit on services procured to provide facilities to employees, held that to the extent of the amounts recovered from employees, the employer-employee relationship does not exist. They step into the shoes of a service provider and a service recipient in such a situation. Very often companies get generous and present end of the year gifts, bonuses, and other employee benefits during the holidays. Did you know that these end of the year bonuses could cost you in tax liabilities? Since the scope of services under India’s Goods and Services Tax has extensive coverage and encompasses all forms of supply, with deemed inclusions and specified exclusions, the question of whether or not year-end gifts or prerequisites are taxable is still debatable. In legal terms, a prerequisite is defined as a non-cash benefit granted by an employer to its employee. As specified by the Income Tax Act, it is a benefit that an employee avails of or is entitled to on account of the employee’s job or position within an enterprise. Since services by an employee to an employer fall outside the purview of the Goods and Services Tax, the law follows that supply by the employer to the employee is made as per terms of a contractual agreement and therefore will not be subject to GST. However, the law also states that GST applies to the supply of goods and services. As per GST laws, supply includes all sale, transfer, exchange, barter, license, rental, lease, or disposal – made for consideration and shall be in the course or furtherance of a business. Supply can be from employee to the employer or from employer to its employees. Any supplies made by an employer to its employees will be taxed under GST. Back in 2017, the GST Council had issued a press release clarifying that supplies made by the employer to the employee in terms of the employment agreement will not be subjected to GST. Unfortunately, this clarification did not yield the desired result, and whatever clarity it offered was rendered moot by clashing AAR rulings. In separate rulings, the AAR benches of Kerala, Gujarat, and Haryana have held that the provision of cafeteria or canteen facilities to employees falls undersupply. This is because the supply of food is a transaction incidental to the main business and furthers the company. In a different ruling, the Maharashtra and Uttar Pradesh benches of the AAR held that recovery made towards premium paid for medical insurance does not fall undersupply as it is not connected to the main business. The same benches of the AAR, in different cases, held that the provision of transport facility was not considered as supply as it didn’t further the business - but the Haryana AAR passed a contrasting ruling stating that the transaction furthered the business. Contrasting AAR rulings on what falls under the purview of supply in an employee-employer transaction and vice versa have led to several businesses waiting for directives from higher jurisdictional authorities like High Courts and the Supreme Court. Eliminating bonuses and benefits can lead to a severe fall in employee morale and is not an option for most businesses. In a time when employee recruitment is more expensive than employee retention, companies prefer to have employees stay longer than hire new resources. The lack of clarity on whether or not bonuses, gifts, or other prerequisites fall undersupply leads businesses getting creative during the holidays. Instead of offering bonus amounts to their employees, employers provide their employees alternative benefits, including rewards like staycations, gym memberships, subscriptions to entertainment platforms like Amazon and Netflix, high discounts on company products like smartphones, tablets, clothing, etc. While alternative gifting seems like a good solution, it is likely to be short-lived and limited to a specified amount. Remote working has already shown a drop in employee morale. Businesses will have to keep coming up with innovative employee benefits to ensure better employee retention until the GST council irons out the saga on taxable prerequisites. Note: This is an opinion piece by Anil Paranjape, Director, Avalara India. SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/due-date-for-filing-income-tax-returns-extended-to-march-15-2022/articleshow/88836918.cms">Due date for filing income tax returns extended to March 15, 2022 for individuals whose accounts are to be audited</a> <a href="https://www.businessinsider.in/personal-finance/news/premiums-on-new-life-insurance-premiums-for-both-term-plans-and-endowment-are-rising/articleshow/88889744.cms">Premiums on new life insurance premiums for both term plans and endowment are rising</a> <a href="https://www.businessinsider.in/personal-finance/news/epf-heres-how-to-withdraw-money-from-your-account-online/articleshow/88295260.cms">Here’s how to withdraw money from your EPF account online</a>

OPINION: Received a year-end bonus? What will be the impact of perquisite tax in the new year?

<ul><li>The Flipkart Big Shopping Days sale will go on till March 22.</li><li>Customers can get smartphones, laptops, electronics and more at discounted prices.</li><li>SBI Credit card users can avail an instant 10% discount.</li></ul>Amid the coronavirus outbreak, e-commerce giant Flipkart is back with its Big Shopping Days sale. The sale is already underway and will go on till March 22. As a part of the sale, the company is offering discounts on smartphones, laptops, electric appliances, fashion and more. Flipkart partnered with State Bank of India to offer a 10% instant discount up to ₹1,500 on SBI Credit card and EMI transactions. Additionally, Flipkart is also offering discounts and exchange offers. If you are looking to get a smartphone before the <a href="https://www.businessinsider.in/tech/mobile/news/govt-to-increase-gst-on-mobile-phones-by-6-from-april-1/articleshow/74629148.cms">increase in GST</a> on mobile phones comes into effect, now is a good opportunity to get one at a discount. In this post, we will look at some of the best deals on smartphones. Flipkart Big Shopping Days sale: Best deals on smartphones As part of the sale, several big smartphones, including the Apple iPhone XS, iPhone 8, Oppo Reno 10x Zoom have been discounted. If you are looking for budget devices, you can choose from the Poco F1 Armoured Edition, Realme X, Galaxy A50 and the Redmi Note 7 Pro. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Smartphone </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Original price </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Sale price </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Apple iPhone XS </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 89,900 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 52,999 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Apple iPhone 8 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 39,900 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 36,999 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Oppo Reno 10x Zoom </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 41,990 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 36,990 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Google Pixel 3a </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 39,999 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 26,999 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Apple iPhone 7 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 29,900 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 24,999 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Asus 6Z </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 35,999 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 23,999 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Samsung Galaxy S9 Plus </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 70,000 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 23,999 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Black Shark 2 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 45,999 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 19,999 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">LG G7+ ThinQ </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 55,000 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 17,999 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Poco F1 Armoured Edition </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 30,999 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 16,999 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi Mi Mix 2 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 37,999 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 14,999 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Realme X </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 17,999 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 14,999 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Samsung Galaxy A50 </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 21,000 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 12,999 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi Redmi Note 7 Pro </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 15,999 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹ 9,999 </td></tr></tbody></table> There’s also something on offer for people who want a unique phone. The Xiaomi Mi Mix 2, the minimal bezel device and the Asus 6Z with the flip camera are also part of the sale. If you are looking for a gaming phone, the Black Shark 2 and the Poco F1 are good options. If you are an Android enthusiast and are looking for a stock Android device, the Pixel 3a is worth considering. See also: <a href="https://www.businessinsider.in/business/news/gst-hike-to-derail-mobile-industry-lead-to-job-losses-icea/articleshow/74640302.cms">Increased GST on mobile phones will lead to job losses says industry body</a> <a href="https://www.businessinsider.in/tech/mobile/news/top-phones-under-20000-in-india-in-february-2020/articleshow/74227664.cms">Top phones under ₹20,000 in India in February 2020</a> <a href="https://www.businessinsider.in/tech/mobile/news/top-phones-under-15000-in-india-in-february-2020/articleshow/74296351.cms">Top phones under ₹15,000 in India in February 2020</a>

Flipkart Big Shopping Days sale: Best deals on iPhone XS, Asus 6Z, Galaxy S9 Plus, Poco F1 and more

<ul><li>New income tax slabs: 10% tax on income between ₹7.5 lakh without exemption compared to 20% right now.</li><li>15% tax on income between ₹7.5 lakh and ₹10 lakh without exemption compared to 20% right now.</li><li>20% tax on income between ₹10 lakh and ₹12.5 lakh without exemption compared to 30% right now.</li><li>25% tax on income between ₹12.5 lakh and ₹15 lakh without exemption compared to 30% right now.</li><li>Cost to the exchequer ₹40,000 crore; Removed 70 tax exemptions and deductions. These new rates are available to those who forego exemptions, deductions, and rebates.</li><li>Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore</li><li>SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms" data-type="tilCustomLink" target="_blank">Business Insider India live blog</a> on Budget 2020.</li></ul>Finance Nirmala Sitharaman presented her second annual budget speech. The top highlights from the budget 2020 proposals include the government's plan to sell stake in state-iowned insurance giant Life Insurance Corporation of India, sweeping changes in the income tax slabs, as well as the abolition of the dividend distribution tax at the end of the corporates. Aside from theses, startups with revenue up to ₹25 crore can avail 100% tax deduction in any three years over a period of 7 years, according to the latest Finance Bill presented by Sitharaman. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 <div type="image" title="Finance Minister Nirmala Sitharaman" msid="73828645" hostid="261" caption="&amp;lt;p&amp;gt;&amp;quot;As per tradition, Finance Minister Nirmala Sitharaman calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget,&amp;quot; the official handle of the President&amp;#39;s office tweeted today.&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div>


































 Following are the key highlights of the budget speech: <ol><li>Only through higher growth, we can have our youth gainfully and meaningfully employed.</li><li>Fundamentals of the economy are strong, inflation has been contained, banks have been cleaning up the accumulated loans of the past decade. </li><li>An average household now saves about 4% of its monthly spends due to lower incidence of tax under the GST regime.</li><li>Welfare schemes with direct benefit transfer embedded in them, preventive healthcare via programmes like sanitation, healthcare via central schemes, housing scheme via Prime Minister Awas Yojana (PMAY) etc changed the established order of a few individuals cornering most of the benefits. </li><li>During 2014-19, Indian economy grew at an average of 7.4% with low inflation. India's foreign direct investment was $284 billion between 2014 an 2019 compared to $190 billion in the preceding five-year period.</li><li>India's government debt fell to 48.7% of GDP as of March 2019 compared to 52.3% as of March 2014.</li><li>Three themes of Budget 2020: 'Aspiring India', 'economic development', and 'to build a caring society'. </li><li>We shall aim for seamless delivery of services by leveraging technology. </li><li>6.11 crore farmers insured under Prime Minister Fasal Bima Yojana - a centrally-sponsored insurance scheme. Farm markets need to be liberalised.</li><li>16 action points: 1: Encourage state governments that will implement the following model laws that have already enacted by the centre. 2: Propose comprehensive measures for 100 water-stressed districts. 3: Expand outlay for solar pumps to 20 lakh farmers, another 15 lakh farmers to pumpsets to solar grid. Farmers if they have barren lands, they can set up solar power plants and sell it to the grid. 4: Balanced use of orgnaic and inorganic fertilisers. 5: Provide viability gap funding for setting up warehouses. Food Corporation of India can set up warehousing on their land too. 6: Push to reduce storage costs for farmers. 7: Promotion of women self-help groups. 8: To launch refrigerated trains to transport food items from the farm to other parts of the country. 9: Horticulture exceeds the production of foodgrains. 'One product for one district' to promote focussed development of horticulture. 10: Integrated farming system in rain-fed areas. Multiple crops, bee-keeping solar pumps in rain deficient area. 11: Financing on negotiable warehousing receipts will be linked to e-NAM. 12: The NABARD refinance scheme will expanded. The agriculture credit target for FY21 will be expanded to ₹15 lakh crore from ₹12 lakh crore. 13. To eliminate foot and mouth disease by 2025. To double milk production to 108 million metric tonnes by 2025. 14. Blue economy - development management of marine resources. Target ₹1 lakh crore in fish exports by 2025. 15. By FY23, propose raising fish production to 200 lakh tonnes, will also promote algae, seaweed.</li><li>16. Under Deendayal Antyodaya Yojana, self help groups will be expanded beyond the current 58 lakh.</li><li>Allocation for agriculture: ₹2.83 lakh crore, this includes ₹</li><li>Mission Indradhanush has been expanded to include 12 new diseases and 5 new vaccines. A very focussed water and sanitation programme to reduce the burden of diseases on the poor. There are 20,000 hospitals empanelled under the PMJAY, this has to rise. Propose to set up hospitals under the private-public partnership, the 112 districts identified as 'aspirational' will get priority in the setting up of new hospitals. </li><li>Proceeds from taxes on medical devices will be used to support the programme to build the infrastructure.</li><li>Reiterate India's commitment to eradicate tuberculosis by 2025. </li><li>Allocation for health: ₹69,000 crore including ₹6,400 crore for PMJAY.</li><li>By 2030, India is set to have the world's largest working-age population. They need education, skills, and employment opportunities. Our education system needs more money to attract better teachers and to set up better labs. Open the education sector to external commercial borrowing. </li><li>In order to provide quality education to the under privileged, a full-fledged online courses will be launched from the top 100 institutions in India.</li><li>Under 'Study In India' programme, a new INSAT exam to be launched for foreign students to enroll into Indian universities. </li><li>Every medical college will be linked to a nearby hospitals under the public-private partnership mode.</li><li>Total outlay for education sector: ₹99,300 crore and another ₹3,000 crore for skill development.</li><li>150 top education institutes to start offering apprenticeship programmes.</li><li>Propose to set up an investment clearance cell for end-to-end services including information on land bank and facilitating the approval process etc. </li><li>It is proposed to develop 5 new smart cities in collaboration with state governments in PPP mode. </li><li>Electronics manufacturing industry is cost competitive and India has shown its potential. To attract large investments in electronic manufacturing -- including electronic equipment, smartphones -- a new policy will be announced soon.</li><li>A National Textile Mission to work for next four fiscal years with an estimated outlay of ₹1,480 crore.</li><li>A new scheme Nirvik, for higher insurance cover, reduction in premium for small exporters, and simplified claim process, including digital refund process to help exporters.</li><li>Every district must become a hub for exports.</li><li>Unified procurement scheme: Propose ₹27,300 crore for development of industry and commerce in FY21.</li><li>National Infrastructure Pipeline will bring in generic and sectoral reforms in construction and maintenance of the infrastructure. Propose a project preparation facility that will employ economist, management graduates to execute projects.</li><li>A National Logistics Policy will soon be released to clarify the roles of Central government, state governments, and the regulators.</li><li>The Delhi-Mumbai Expressway and two other projects will be completed by FY23. The Chennai-Bengaluru expressway project will also started by then.</li><li>Government will monetise 12 NHAI highway projects.</li><li>Setting up a large solar power capacity alongside the rail tracks on the land owned by the railways, is a proposal under consideration.</li><li>150 trains under the PPP mode. More Tejas type trains will connect iconic tourist destinations. </li><li>Central government will give 20% of the funds needed for a suburaban rail transport system in Bengaluru.</li><li>100 more airports will be set up in the next five years.</li><li>₹1.7 lakh crore allocated for transport infrastructure.</li><li>Propose to replace traditional meters with digital meters in the next three years. This will allow consumers to port out of a service provider (selling power) just like they port out of mobile service provider.</li><li>Fibre to home connections through Bharat Net will connect 1 lakh villages this year itself. Propose to provide ₹6,000 crore for Bharat Net programme.</li><li>Quantum technology: An outlay of ₹8,000 crore over the next five years.</li><li>₹22,000 crore allocated for the power sector including renewble energy sector.</li><li>No manual cleaning of sewers will be allowed, new technology will be roped. Centre in conversation with civic bodies.</li><li>Provision of ₹85,000 crore for scheduled castes and other backward classes.</li><li>Provision of ₹53,700 crore for scheduled tribes in the country.</li><li>5 archaeological sites would be developed as iconic sites with on-site museum -- Rakhigarhi (Haryana), Hastinapur (UP), Dholavera (Gujarat), Shivsagar (Assam), and Aditya Nallur (Tamil Nadu).</li><li>Propose ₹35,500 crore for nutrition-related schemes.</li><li>Allocation for Ministry of Culture: ₹3,500 crore. </li><li>Propose ₹2,500 crore to promote tourism.</li><li>Propose ₹9,500 crore for senior citizens and specially abled.</li><li>Proposed total allocation for women-centric programmes ₹28,600 crore.</li><li>Propose ₹4,400 crore allocation for clean air. </li><li>Companies Act will be amended to abolish 'criminal liability' for 'civil offences'.</li><li>A National Recruitment Agency will be set up. It will conduct a common entrance test for non-gazetted positions in the government and public-sector enterprises. </li><li>Propose a new national policy on national statistics will push for use of AI to collect data real time.</li><li>India will host G20 Presidency in 2022; the government proposes to allocate ₹100 crore to start the preparations.</li><li>Governance reforms proposed for PSU banks: Robust mechanism is in place to monitor the health of all banks and the money of depositors are safe. Insurance of bank deposits raised to ₹5 lakh from ₹eposit insurance and credit guarantee scheme.</li><li>Government will sell its remaining stake in IDBI Bank to private investors. Stock jumps over 13%</li><li>MSME entrepreneurs can avail 'subordinate debt' from banks and the loan will be fully guaranteed by a Trust. This will be treated as quasi-equity stake.</li><li>Government has asked RBI to extend deadline for MSME debt restructuring by one more year. </li><li>FY20 fiscal deficit seen at 3.8% of GDP and at 3.5% in FY21.</li><li>Non-resident Indians will be allowed to invest in certain categories of government bonds.</li><li>Currently, foreign portfolio investors are allowed to buy a maximum of 9% of the outstanding corporate bonds. Finance Minister proposes to increase the threshold significantly to 15%.</li><li>An international bullion exchange will be set up in GIFT City in Gandhinagar, Gujarat.</li><li>Government to sell stake in LIC. </li><li>Receipts for FY21 estimated at ₹22.46 lakh crore, estimate expenditure: ₹</li><li>Borrowing plan for FY21: ₹5.36 lakh crore, capital expenditure will rise over 22%.</li><li>Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore</li><li>Dividend and capital gains made by foreign funds on investment in infrastructure space will tax free.</li><li>Startups with revenue up to ₹25 crore can avail 100% tax deduction in any three years over a period of 7 years.</li><li>Small retailers with revenue up to ₹5 crore need not get their books audited by accountants.</li><li>New scheme to end tax disputes: If someone agrees to pay the disputed tax amount by March 2020, there will be no interest and penalty. There are 4,83,000 tax disputes pending at various forums.</li><li>FY21 disinvestment target ₹2.1 lakh crore, doubled from the ₹1.05 lakh crore target in FY20.</li><li>Propose a cash incentive for customers demanding invoice, to boost compliance with GST</li><li>Imported footwear, furniture, and medical equipments will get more expensive as customs duty will be increased.</li></ol> SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/new-income-tax-slab-tax-savings-for-salaried-people/articleshow/73835816.cms">You'll save ₹78,000 more under new income tax slabs if you earn less than ₹15 lakh</a> <a href="https://www.businessinsider.in/budget/news/indian-government-infuses-22000-crore-in-power-and-renewable-proposes-freedom-to-choose-supplier/articleshow/73835587.cms">Indian government infuses ₹22000 crore in power and renewable, proposes freedom to choose supplier</a> <a href="https://www.businessinsider.in/budget/income-tax/news/check-out-new-income-tax-slab-of-2021/articleshow/73830824.cms">New income tax slabs 2020</a> <a href="https://www.businessinsider.in/budget/news/there-will-be-no-manual-cleaning-of-sewers-anymore-announces-nirmala-sitharaman/articleshow/73835265.cms">“There will be no manual cleaning of sewers anymore,” announces Nirmala Sitharaman</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms">Union Budget 2020 Live Updates</a> <a href="https://www.businessinsider.in/budget/news/indian-taxpayers-expectation-from-the-budget-2020/articleshow/73804969.cms" data-type="tilCustomLink" target="_blank"></a><a href="https://www.businessinsider.in/defense/news/indias-budget-allocation-for-defence-has-remained-fairly-static-for-the-past-five-years/articleshow/73153930.cms" data-type="tilCustomLink" target="_blank"></a>

You Searched For "smartphones exchange GST" and got 10 results

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