THE PATRAKAR FACT FIRST,FAST ALWAYS
From Amalgmation of public sector bank to GST amendment bill,new tax slab to focus on flagship scheme of the government.
1.Amalgamation of Public Sector Banks
| Sr. No. | Amalgamated Banks | Anchor Banks |
| 1 | Punjab National Bank (PNB), Oriental Bank of Commerce (OBC), and United Bank of India | PNB |
| 2 | Canara Bank and Syndicate Bank | Canara Bank |
| 3 | Union Bank of India, Andhra Bank, and Corporation Bank | Union Bank of India |
| 4 | Indian Bank and Allahabad Bank | Indian Bank |
- Now, the total number of PSBs after consolidation has come down to 12 from 27 in 2017. The earlier mergers were:
- Vijaya Bank and Dena Bank with Bank of Baroda (BoB) – effective from April 01, 2019.
- State Bank of India absorbed five of its associates and the Bharatiya Mahila Bank in 2017.
2.CENTRAL GOODS AND SERVICES AMENDMENT BILL 2023
- The Central Goods and Services Tax (Amendment) Bill, 2023 was introduced in Lok Sabha on August 11, 2023. It amends the Central Goods and Services Tax (CGST) Act, 2017. The Act provides for the levy and collection of CGST on the intra-state supply of goods and services.
- CGST on specified actionable claims: Under the Act, transactions involving actionable claims, except lottery, betting, and gambling, are not considered to be supply of goods or services. Thus, they are not liable to be taxed. An actionable claim refers to a claim to any debt which is not secured by mortgage of immovable property or by pledge of moveable property.
- Registration mandatory for certain suppliers of online money gaming: The Act provides for the mandatory registration of certain suppliers. The Bill provides that persons supplying online money gaming from outside India to persons in India must also register under the Act.
3.SIMPLIFYNG TAX SLABS
| INCOMES | TAX SLABS |
| UP to Rs 3,00,000 | NILL |
| Rs 3,00,001 to 6,00,000 | 5% |
| Rs 6,00,001 to 9,00,000 | 10% |
| Rs 9,00,001 to 12,00,000 | 15% |
| Rs 12,00,001 to 15,00,000 | 20% |
| ABOVE 15,00,000 | 30% |
The new tax regime offers a tax rebate under Section 87A of up to Rs. 25,000 for taxable income up to Rs. 7 lakh, effectively making the tax liability zero for individuals with taxable income within this limit. This is an increase from the previous tax rebate of Rs. 12,500 for taxable income up to Rs. 5 lakh.
These slab rates represent a simplified tax structure compared to the old tax regime, which has six slabs and differentiates taxpayers based on age. The new tax regime is the default tax regime, and taxpayers must specifically opt for the old tax regime if they wish to do so.
4)Mahila Samman Savings Scheme
- Provides attractive and secured investment options to all girls and women.
- An account can be opened under this scheme on or before March 31, 2025 for a tenure of two years.
- The deposit made under MSSC will bear interest at the rate of 7.5% per annum which will be compounded quarterly.
- Minimum of ₹1,000/- and any sum in multiple of 100 may be deposited within the maximum limit of ₹2,00,000/-.
- The maturity of the investment under this scheme is two years from the date of opening of the account under the scheme.
- It envisions flexibility not only in investment but also in partial withdrawal during the scheme tenor. The account holder is eligible to withdraw a maximum of up to 40% of the eligible balance in the scheme account.
