23
Monday
July 2018
2:46 PM IST
News Headlines
The Union Govt's move against the Missionaries of Charity is a well-planned attempt to defame Christianity? Opinion        Shigella strikes Kozhikode; Toddler dies        The Union Govt's move against the Missionaries of Charity is a well-planned attempt to defame Christianity? Opinion        Congress to set up group on alliances: Rahul        Prepare To Fight 2019 Alone, Amit Shah Tells BJP On Rift With Shiv Sena        Money laundering scam: Zardari declared absconder by FIA        Afghan vice president Dostum escapes blast on return from exile        Sri Lanka close in on whitewash of S. Africa        Hamilton regains title lead after stunning German win        Fakhar Zaman becomes first Pakistani to hit ODI double ton        Govt slashes GST rate on several products        Third party insurance for two, four-wheeler be made mandatory: Supreme Court        Supreme Court stays Madras HC order awarding extra marks to NEET Tamil candidates        Trump invites Putin to White House in the fall        Zimbabwe vs Pakistan: Fakhar Zaman scores double century in record partnership with Imam-ul-Haq to breeze past hosts        Modi Govt Gets AIADMK Boost as No-Trust Vote Turns Into Show of Strength for 2019        IOC adds 7 medal events to 2022 Beijing Winter Games program        Indian outplay New Zealand 4-2 in hockey series opener        Samsung, Xiaomi corner 60 pc share of India's smartphone mkt in Q2: Canalys        Indo-Pacific must be free, open and and inclusive region: Swaraj        
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Business News
Rs 2,000 cr GST evasion unearthed in 2 months
 
New Delhi, Jun 27 (PTI) The GST investigation wing has detected tax evasion of over Rs 2,000 crore in two months, and data analysis reveals that only 1 per cent of over 1.11 crore registered businesses pay 80 per cent of the taxes, a senior official said today.

CBIC member John Joseph said alike small businesses who are making mistakes while filing GST returns, multinationals and big corporates too have slip-ups.

"If you look at the way tax revenues are paid, it gives an alarming picture. We have registration of more than 1 crore businesses.

"But if you look at where the tax is coming from, it is less than 1 lakh people paying 80 per cent of the tax, one does not know what is happening in the system, it is an important thing to study," Joseph said at an Assocham event here.

Joseph, who is also the Director General of Goods and Services Tax Intelligence (DG GSTI), said the analysis of composition dealers data shows that most of them have an annual turnover of Rs 5 lakh. "This shows that a lot of compliance is required."

Under the composition scheme, traders and manufacturers are allowed to pay taxes at a reduced rate of 1 per cent, while restaurant owners have to pay at 5 per cent rate. The scheme is open for manufacturers, restaurateurs and traders whose turnover does not exceed Rs 1.5 crore.

Joseph said investigation has revealed that a modus operandi is being followed whereby fake invoices are being generated for goods which have not been supplied at all.

Based on these invoices, some entities are claiming input tax credit. Besides, without actually exporting goods, some entities are claiming GST refunds based on fake invoices.

"Government revenue is being taken away. We in a short period of 1-2 months have detected over Rs 2,000 crore evasion which could be only the tip of the ice berg," Joseph said, adding the GST Intelligence wing will step up efforts in the days ahead.


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KERALA NEWS
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INTERNATIONAL NEWS
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NATIONAL NEWS
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