Arjuna (Fictional Character): Krishna, in the year 2016 there were a lot of changes in the financial world of the country. After demonetization income tax raid at many places, issues in banks came to notice. Further a big change in the indirect tax laws i.e. GST is coming. So there were big changes are likely to come in the year 2017 in the financial world.
Krishna (Fictional Character): Arjuna, the government has received more money into the bank accounts than expected. In the country, there is huge black money i.e. tax evaded money. Therefore government is finding the reason as to how this much money came into the bank accounts. Data analysis is done for finding the tax evaders. In 1.14 Lakh bank accounts, 4 Lakh crore rupees were deposited. As per income tax department these are suspicious accounts. It is expected that income tax department will send notices to them and enquire them. Further income tax return of the financial year 2014-15 has not been filed by 67 lakh taxpayers having large transactions. Therefore the year 2017 is dangerous for tax evaders.
Arjuna: Krishna, in the year 2017 which things are expected in Income Tax?
Arjuna: Krishna, In Indirect taxes which major change is expected in the year 2017?
Krishna: Arjuna, In Indirect taxes, mainly excise, customs, service tax, vat comes. However, the government is trying to levy one single tax i.e. GST in place all these taxes. The government has made planning for levying GST in 2017 from 2016 itself. The government has started registrations of GST for VAT dealers from November 16 and now they have started GST registrations for service tax taxpayers also. From the government planning, it is seen that GST will be implemented from April 17 or September 17. Due to this, the rates of goods and services will be changed. After implementation of GST, tax evasion will be reduced.
Arjuna: Krishna, what are things expected in the year 2017 in the finance world?
Arjuna: Krishna, from the things, happened in the year 2016 and expected changes in the upcoming year 2017, what one should learn?
Krishna: Arjuna, every year come and goes by giving a lot of things. Everyone should go through the good and bad things in the forgone year and accordingly should plan for the upcoming year. In the financial world, there are a lot of changes made in the year 2016. Similarly, it is expected in 2017 also. If everyone understands them one will not suffer. But the one who has not followed tax laws in the forgone year will have to suffer in this year. New Year has come if maximum transactions are carried through the bank then it will be joyful. Saal Do Hazar “Satra” main Tax Evaders ko “Khatra.”