Indore (Madhya Pradesh): Decoding the Union Budget 2023-24, CA Kirti Joshi said earlier in GST, arrest proceedings could be initiated on tax evasion of more than Rs 1 crore, now this limit has been increased to Rs 2 crore. However, if a person issues a bogus bill to the tune of Rs 1 crore, he/she will be arrested. Talking about the provisions of income-tax, CA Manish Dafaria said the new tax regime will benefit those who do not have investments.
Senior CAs of the city, Joshi and Dafaria were presenting their budget analysis in a discussion organised here by the Tax Practitioners Association (TPA) and CA Indore Branch of ICAI here on Saturday.
CA Joshi said in the GST law, in the last few years, a maximum number of people went to jail. More than 800 traders were jailed for an average of 45 days.
He said under Section 158A in the GST law, provision has been made for taxpayers to share information of return and e-way bill etc. filed by the trader from time to time at the time of registration on the common portal. But for this, the department will have to take permission from the taxpayer. He said many important changes have been initiated in the GST law. Now, small traders who are not registered with GST or have taken composition can also do the same through e-commerce operators like Amazon, Flipkart etc. and will be able to supply goods in the state. With this, small traders will also get a chance to do big business.
CA Manish Dafaria said taxpayers who have substantial investments in Section 80C & D, will be taxed less in the old regime. Undoubtedly, the new tax regime will be beneficial for the middle-class taxpayers who do not have investments.
ON GOLD BONDS
He said converting physical gold into (gold) bonds or converting gold bonds into physical gold will no longer be called transfer to income tax, that is, no capital gain will be charged on it. This amendment will now promote gold bonds and encourage people to keep physical gold and there will also be freedom from worrying about its safety.
TRAVELLING ABROAD WILL BE COSTLIER
CA Dafaria said travelling abroad will be costlier now as tour operators will collect 20% TCS instead of 5% on packaged tours. Most of the amendments in income-tax have been done to remove the loopholes of the above provisions, which will reduce tax disputes.
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