Tax authorities step up heat on erring businesses with GST Audit
Listen to this Article
Central GST authorities have started issuing audit notices to businesses posing a revenue leakage risk, a person aware of the development said on condition of anonymity. All businesses with more than Rs.2 crore annual sales are expected to get their books audited for GST compliance and the authorities order a separate compliance audit only in specific cases where they suspect lapses.
GST is a technology-driven tax and its return filing system raises red flags wherever it detects mismatches in transactions reported by businesses in the value chain, allowing officials to profile the businesses based on their compliance track record.
The GST Council had extended the due date for filing annual returns and the audit reports for FY18 several times. As per the latest deadline, they have time till 31 January to file their audit reports.#casansaar (Source - PTI, LiveMint)
Category : GST | Comments : 0 | Hits : 1320
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