Tax Year 2017 Relax Year 2018

Arjuna (Fictional Character): Krishna, in the year 2017 government has brought various new laws and its impact will be seen in the year 2018.     

Krishna (Fictional Character): Arjuna, every year government brings various changes in the laws. But in the year 2017 it has bought new laws. In financial laws GST, Real Estate Regulation Act, etc. has been brought. Due to these new laws a large impact is seen and will be seen in the financial world. So today we will discuss on the new laws of 2017 and its impact in 2018.               

 Arjuna: Krishna, How GST will be benefitted in the year 2018?   

Krishna: Arjuna, from 1st July 2017 GST law has been brought. In every month government after discussing in the GST council meeting brings lot of changes. Further government has also extended the due dates of filing GST returns. From 1st February E-way bill will be made applicable. Now following GST has become difficult for every taxpayer. But in the current year it will be regularized and it will benefit also.

Arjuna: Krishna, in the year 2017 what has happened in the Real Estate Regulation Act and what will happen in the year 2018 of it?       

Krishna: Arjuna, from 1 May 2017 to 30 July 2017 government has given time limit for registering ongoing projects in RERA. Many builders has registered in RERA in this period. Up to certain extent the business has faced slow down due to this act. Further burden of following laws and its cost increased on builders. But in coming year's transparency in the projects will increase and projects will be completed in allocated time due to RERA.

Arjuna: Krishna, what happened to Income Tax E-assessment in 2017 and what will happen in 2018 of it?

Krishna: Arjuna, in the year 2017 government made Income Tax E-assessment compulsory for metro cities and for other cities it was optional. But in 2018 every tax payer was made compulsory for e-assessment. All questions and answers will have to be given online to the income tax officer. There is no need of visiting the income tax office. Due to E Assessment taxpayers will be saved from pressure of income tax officer.

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

Krishna: Arjuna, year 2017 was of tax laws. In the year 2018 government should not bring any other tax laws. Taxpayers should be benefitted from the year 2018. Every year comes and goes. But everyone should learn from last year gone and should plan for the coming year. Laws changes every year. Everyone should learn and update themselves.  In 2017 government has brought various tax laws so its is "Tax Year 2017" and it should not bring any new tax laws in the year 2018, then we can say "Relax year is 2018".