, There is also a new league that has been started, Indian Taxation League and the match is between GST and Income Tax. Recently CBDT has notified new changes in the ITR and now the taxpayers have to give details of their turnover reported in GST in Income Tax Return.
Some transporters dodge the GST officers by doing illegal transportation of goods. But from 1st April 2018, generation of E-way bill becomes compulsory for transportation of inter state supplies, for eg: Supplies from Maharashtra to Gujrat. So it would be difficult to fool (tax evasion) the GST authorities.
Krishna, this is the last month of the financial year 2017-18. So many changes were made in taxation of the current year. So now in March 2018, what precautions the taxpayer needs to take in respect of GST?
Arjuna, Gudhi Padwa means beginning of Marathi new year. In Maharashtra state people build the Gudi in front of their houses with bamboo by decorating it with cloth, flowers, neem leaves, pot, sugar candy and worship it and welcome the New Year. In the taxation, the bamboo means GST as it is the base of Indirect tax system. Our finance minister has tried to build the Gudhi of state through state budget. Let us discuss about that.
Arjuna, the month of March is very important for all Taxpayers. In our Country, the Financial Year April to March is applicable for all Tax Laws. That’s why Books of Accounts are made for the period of April to March. In Budget 2017 Stringent provisions relating to filing of Income Tax Returns have been made.
Arjuna, This year the Budget suggests certain changes relating to Income tax. One of the important changes among that is Long Term Capital Gain on equity shars or equity oriented mutual funds.
Valentine’s Day (14th February) is the perfect time to express your love in the most extraordinary way. While expressing love and affection to our beloved ones we carry out certain transaction of give and take, are they taxable?
Arjuna, In this year, main focus was on Direct taxes rather than indirect taxes. The government has suggested certain changes in the income tax rate and deductions from the total income. In this budget, the government has focused on deduction provisions in case of senior citizen.
The e-way bill once generated cannot be edited or modified. In such a situation, e-way bill generated with wrong information has to be cancelled and generated afresh again. The cancellation is required to be done within twenty-four hours from the time of generation.
Krishna,now there is fever of E-way Bill in the GST. So, what is the situation of taxpayers at this moment?
