CA Umesh Sharma

Arjuna (Fictional Character): Krishna, Today is Christmas. There is happiness everywhere. So, what would you tell about that?

Krishna (Fictional Character): Arjuna, Christmas is worldwide celebrated festival. In this festival Santa Claus gives gifts to Everyone. As Santa Claus fulfills the wishes of children by giving them toys, chocolates, etc. Similarly, there are certain wishes of the taxpayers which should be fulfill in the coming year.

 Arjuna: Krishna, What are the expectations of the taxpayers from Income tax sector?

Krishna: Arjuna, taxpayers expect to have following changes in the Income tax:

  1. To increase the threshold limit of Rs. 2.5 Lakh of income for taxability purpose.
  2. To increase the limit of Deductions from Gross total income. For eg, deduction of education exp of children for salaried taxpayers, limit of Rs. 1.5 Lakh in case of Section 80C like LIC home loan repayment, etc
  3. To remove the restriction on deduction of interest on home loan.
  4. Not to send cash notices to all the taxpayers. Detailed enquiry to be made only in genuine cases. Because, small taxpayers facing difficulties due to this. They are also supposed to send the reply to notices.
  5. In case of limited scrutiny, only to assess those points, against which the scrutiny is required. Not to assess other points. Similarly, from 2018, assessment is being made online. So hope that due to this, everything will be simplified.
  6. To increase the limit of income for taxability in case of female assesses.

Arjuna: Krishna, as there are certain expectations of taxpayers relating to Income tax, there might be certain expectations regarding GST also?

Krishna: Arjuna, yes, there are so many expectations of taxpayers relating to GST. Some of which I heard are:

  1. To simplify and make convenient the GST return methodology.
  2. Some taxpayers are finding the provisions of GST as very hard and fast. In case of textile industry, it is very difficult to comply with the provisions as they have come first time in the trap of Indirect taxes.
  3. Now if it is seen in relation to exporters, there are certain refund provisions though they are not difficult, But it takes so much time to get refund from government. So the working capital gets affected due to this. Therefore the refund should receive on time.
  4. To get the gift of unique GST rates in case of contractors and to simplify the provisions of GST for them.

Arjuna: Krishna, What lesson the taxpayer should take from this?

Krishna: Arjuna, Arrival of the new year, there would new expectations from the year and so does the taxpayers have from the government in this year. On the occasion of Christmas, Santa Claus fulfill our wish. But for the taxpayers, Tax officers themselves are Santa Claus. Only they can fulfill taxpayers’ wishes.

GST Course Join

Author Bio

More Under Goods and Services Tax

Posted Under

Category : Goods and Services Tax (7395)
Type : Articles (17613)
Tags : CA Umesh Sharma (196) goods and services tax (5879) GST (5480)

Leave a Reply

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

Featured Posts