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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.
The demand for Tax professionals is increasing day-by-day not only in India but also in foreign countries, as VAT is going to be implemented in UAE from 1st January 2018. However, tax Professionals in India are complaining about the complex taxation system of GST but they themselves becoming an expert in handling the complexities.
After the implementation of complex Goods and Services Tax (GST) Regime in India, now the Narendra Modi Government is working on bringing changes in respect of the direct tax.
On Wednesday, Union Finance Minister Arun Jaitley said that the GST Council members will discuss to be included real estate sector under the newly implemented Goods and Services Tax (GST) Regime.
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.
Adverse effects of GST(Goods and Services) regime can be clearly seen over handicraft industries. Census data says there is a huge downfall in handicraft industry from 1996 to 2010. The growth has slashed by approx. 53% which is a drastic price change we can see on hand-made products. Apart from this, the new tax framework also intercepting the growth of the industry.
It has been two months since Goods and Services Tax Regime (GST) was implemented in the country and comes up with the new headache.
