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Monday
July 2018
4:42 AM IST
News Headlines
Rajinikanth Supports 'One India, One Election' Proposal        Trump asked me to sue EU over Brexit, says Theresa May        Haiti prime minister resigns after deadly unrest        Mukesh Ambani beats Alibaba's Jack Ma to become richest man in Asia        Djokovic beats Anderson, wins 4th Wimbledon title        Thailand Open Super 500: PV Sindhu loses to Nozomi Okuhara in final        France clinches World Cup with win over Croatia        H-1B visa alert: Donald Trump makes things worse for Indian techies        World Cup: Belgium beat England 2-0 to finish 3rd        PV Sindhu makes final of Thailand Open, Okuhara awaits        Angelique Kerber defeats Serena Williams to win Wimbledon 2018        Former A.P. Chief Minister Kiran Kumar Reddy returns to Congress        If Delhi tries to break PDP, outcome will be dangerous: Mehbooba Mufti        Former PM Nawaz Sharif, daughter Maryam arrested for corruption in Lahore        Social media hub like creating surveillance state: SC        World Cup: Deflated England, Belgium get ready for third place clash        First time in winter: FIFA confirms 2022 World Cup to be held between November and December in Qatar        Mental strength carried Croatia to World Cup final, says Lovren        Kohli currently best batsman because Smith not there: Ponting        Rupee up 19 paise against dollar ahead of key macro data release        
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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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