Over 1,63,000 GST registrations cancelled in two months for return filing defaults
PrintListen to this Article
Besides, 28,635 other taxpayers have been identified for cancellation of registration for defaulting on filing monthly returns for more than six months as on 1 December, the official said.
The strict action for not filing returns showing monthly summary of transactions (return form 3B) is taken as part of a drive to improve tax compliance amid a sharp decline in tax receipts. Central GST officials and Directorate General of GST Intelligence (DGGI) have been on a compliance enforcement drive since November focusing on frauds involving fake invoices.
As part of this, 132 persons have so far been arrested including four chartered accountants (CAs) for dealing in tax credits wrongfully. Officials have also booked 1,430 cases against more than 4,586 fake registered entities across the country, said the official. One of the CAs arrested is linked to setting up of 14 fake firms to deal in invoices without supply of goods, the official said.
Officials have also identified 55 tax payers who have secured deemed registrations between 21 August and 16 November without Aadhaar authentication as certain discrepancies have been noted in their case, said the official.
Fake invoices are used for violations including tax evasion, money laundering and diversion of funds from companies. These are also used for showing non-existent transactions in the book of companies to jack up figures and obtain loans from banks.
Direct and indirect authorities have been scaling up use of technology and data analysis in recent months to identify businesses with poor compliance track record. With the sharp reduction in tax revenues this year, the trend is expected to gain further momentum.
To check the practice of setting up shell firms for fraud, the government has already introduced Aadhaar authentication for taking GST registration. Businesses taking GST registration without Aadhaar authentication will have to undergo physical verification of their premises. #casansaar
Category : GST | Comments : 0 | Hits : 2468
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