CBIC proposes mandatory GST scrutiny on quarterly basis
PrintListen to this Article
The Central Board of Indirect Taxes and Customs (CBIC) has proposed mandatory Goods and Service Tax (GST) scrutiny on a quarterly basis to enhance compliance through effective and standardised scrutiny of returns.
"CBIC to soon introduce mandatory quarterly scrutiny of GST returns. Scrutiny exercise is aimed at better compliance and enhancement of GST collections," reported CNBC-TV18, citing sources.
The CBIC would use business intelligence and other enterprise data available to run the quarterly scrutiny, the report said.
According to the news channel's sources, tax evasion to the tune of Rs 52,000 crore was detected in the period between July 2017 and April 1, 2021.
"Fake invoices noted as biggest tax evasion practice by taxpayers," the report stated.
It was reported on April 11 that the CBIC began an inspection of the first tranche of about 50,000 taxpayers for alleged lapses in the financial year 2018.
The examination of GST returns is initiated to bring transparency and plug tax leakages that remain undetected in the system.
Post the first tranche, another tranche of scrutiny will be opened for FY19, followed by FY20, FY21 and FY22 so that several leakages are plugged.
On March 23, the CBIC issued a standard operating procedure for the scrutiny of GST returns for financial years 2017-18 and 2018-19, the first two years of the roll-out of the new taxation regime.
The Directorate General of Analytics and Risk Management (DGARM) has been assigned the task to select the GST identification numbers (GSTINs) registered, whose returns are to be scrutinised, and to communicate the same to the field officers from time to time.
Field formations have been authorised to open scrutiny of GSTINs based on artificial intelligence inputs and risk assessment parameters finalised by the department.
Category : GST | Comments : 0 | Hits : 3405
TEST
Dear Taxpayers, 1. GSTN is pleased to inform that an enhanced version of the GST portal would be launched on 3rd May 2024. The effort is to improve user experience and ensure that the information you need is accessible and easy to navigate. 2. Key Enhancements Include (PDF with screenshots attached): i. News and Updates Section: We have introduced a dedicated tab for all news and updates. This section now includes a bet...
The Supreme Court on Friday issued notices to the central government, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services (GST) Council and the National Anti-Profiteering Authority (its functions have been taken over by the Competition Commission of India) on a petition challenging a Delhi High Court verdict, upholding the constitutional validity of anti-profiteering provisions filed by a real estate company. The petition, filed by Swati Realty, says the high court ...
The delectable Malabar Parota will taste even better with the Kerala High Court ruling that the popular flatbread will attract GST at 5 per cent and not 18 per cent. With this the court has turned down order by the State’s Authority of Advance Ruling (AAR) and Appellate Authority for Advance Ruling (AAAR). Disposing a petition by Kochi-based Modern Food Enterprises, a single judge bench of Justice Dinesh Kumar Singh said if key inputs (cereals, flour, starch, etc) and preparations are s...
A businessman from Delhi was taken into custody by the Noida police for his alleged involvement in a massive Rs 15,000 crore GST fraud that was exposed last year, TOI reported. Tushar Gupta, aged 39 and residing in Tilak Nagar, was arrested as the 33rd suspect in this case. The police revealed that Gupta had exploited input tax credit (ITC) using 35 fake companies, resulting in a loss of Rs 24 crore to the exchequer over the past two years. He was reportedly part of a syndicate that utiliz...
Comments