Three major Changes that came into effect from April 1st 2018

New Income Tax Rules

  • No change in the income tax slab for the individual tax payers.
  • The Budget 2018 proposals including the reintroduction of the tax on long-term capital gains (LTCG) exceeding 100,000 from the sale of shares from April 1.
  • Reduced corporate tax of 25 per cent on businesses on turnover of up to R250 crore.
  • Standard deduction of R40,000 in lieu of transport allowance and medical reimbursement.

GST e-way bill for inter-state movement of goods

  • The e-way (electronic way) bill system under GST (Goods and Services Tax) for inter-state movement of goods became effective from April 1.
  • The e-way bill applies to inter-state transportation of goods worth over R50,000 through road, railways, airways and vessels.

State Bank of India (SBI) chops charges for non-maintenance of minimum balance

  • SBI has reduced its penalties for non-maintenance of average monthly balance (AMB).
  • The charges for non-maintenance of AMB for customers in metro and urban centres are reduced from a maximum of R50 per month plus goods and services tax (GST), to Rs. 15 per month plus GST.
  • For semi-urban and rural centres, the charges are reduced from R40 per month plus GST to Rs. 12 per month and Rs. 10 per month plus GST respectively from April 1

Leave a Reply

Your email address will not be published. Required fields are marked *