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The Gujarat Income Tax department is quite happy with the government move to wipe out black money and bring more people under the GST ambit by Demonetization and GST initiatives.
Now there will be a tough time for the Income-tax defaulters as there are no chances for them to flee by changing there address.
Goods and Services Tax (GST) database management system might be used by the Indian government to track the records of income tax filings or tax evaders.
Income Tax Department is seeking information on past transaction details from banks and financial institutions. Through past transaction details, tax department will be able to determine Goods and Services Tax (GST) calculations.
The prime minister of India, Narendra Modi commands tax officials to mandate GST registration for small businessmen with turnover less than 20 lakhs. He further added the government is working to create an atmosphere where the strength of corrupts will get down and the honest taxpayers’ confidence and trust will increase.
India’s biggest tax regime i.e. Goods and Services Tax (GST) has been implemented in the country from the 1st July 2017. But, with the roll out of this taxation regime, there is also an immediate medium is required to counter the problems faced by the taxpayers and to resolve the discrepancies found, on a regular basis through Audit.
The demonetization drive which was launched last year on 8th November drew a lot of attention from the globe and praised the man behind it, Mr. Narendra Modi, the prime minister of India and the person who courageously shredded away high value 500 and 1000 rupees currency notes in order to curb black money. The black money was said to be stashed in cash with tax evaders from a long time and the time came the government instantly brought the value of those currency notes to zero.
Goods and Service Tax is well ahead of many other significant issues currently running through the ministry and Parliament business and one thing industry expert are sure about is that GST will bring along some benefits including tax collection growth on the sidelines of implementation.
As for the known fact, the goods and service tax is a very significant tax rate which can afford to change the financial system forever. But suspiciousness is always there to grab the opportunities and make them turn towards worse. The country’s new tax system of Goods and Service Tax (GST) implementation is about to happen which is also working side by side with a private company to apply the famously
