21
Wednesday
November 2018
11:58 PM IST
News Headlines
1984 anti-Sikh riots: Delhi court awards death penalty to convict, life term to another        SC expresses displeasure over leak of CBI Director Alok Verma's confidential reply        Four killed in Chicago shooting        Ivanka Trump used personal mail for government business        Women's World Boxing Championships: Mary Kom, Sonia, Lovlina, Simranjit, Enter Semi-Finals        Netherlands draw 2-2 with Germany to reach Nations League semis        Ink Thrown At Gujarat Lawmaker Jignesh Mevani, Kanhaiya Kumar        Can't Stop Salary For Not Linking Bank Account To Aadhaar, Centre Told        Germany says will bar 18 Saudis over Khashoggi murder        Google best Search engine, we keep Safari safe: Tim Cook        Zverev shocks Djokovic to win ATP Finals        England finish second in Group, to face in-form India in semis        Fresh protest in Sabarimala        Rahul Gandhi Challenges PM Modi For Debate On Rafale Deal        New bill likely to be introduced in Parliament to rechristen names of Bombay, Calcutta and Madras High Courts        TM Krishna 'celebrates democracy' at Delhi concert        Death toll rises to 76 in California fire as Trump visits        Sri Lanka president Sirisena holds all-party meeting talks to end political crisis        Pankaj wins grand double, extends world title tally to 21        England win second Test against Sri Lanka by 57 runs        
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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
Four killed in Chicago shooting
 (Chicago, Nov 20, 2018):Four people have died in a shooting at a Chicago hospital, including
Ivanka Trump used personal mail for government business
Germany says will bar 18 Saudis over Khashoggi murder
Google best Search engine, we keep Safari safe: Tim Cook
NATIONAL NEWS
1984 anti-Sikh riots: Delhi court awards death penalty to convict, life term to another
 (New Delhi, Nov 20, 2018):The Delhi Patiala House Court Tuesday awarded death sentence to Yas
SC expresses displeasure over leak of CBI Director Alok Verma's confidential reply
Ink Thrown At Gujarat Lawmaker Jignesh Mevani, Kanhaiya Kumar
Can't Stop Salary For Not Linking Bank Account To Aadhaar, Centre Told
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