5000 Companies under scanner over mismatch between Income Tax and GST filings
PrintListen to this Article
The Central Board of Direct Taxes (CBDT) has ordered search-and-survey operations against these mid-and-small sized companies, including owners of business houses.
The information, based on GST Network (GSTN) data, has been shared with states so that they can take appropriate action immediately.
The companies allegedly inflated GST claims and under-reported income in their I-T filings, the report added.
Around 2,000 cases of mismatches have been found in Mumbai alone, followed by Delhi, Kolkata, Hyderabad and Bengaluru, a source told the newspaper.
Scrutiny notices were sent to some companies for utilising input tax credit to clear the bulk of the GST liabilities, the report added.
The discrepancies were found after comparing other data as well, such as gross total income, turnover ratio and sales returns provided by GSTN and other sources.
The companies claimed GST returns on transactions that were not reflected in their filings, the article quotes a source as saying.
The companies are said to have claimed input tax credit through dummy companies. In their GST filings, they showed transactions between companies that were either unrelated or had no business history. #casansaar (Source - Business Standard, MoneyControl)
Category : Income Tax | Comments : 0 | Hits : 3677
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
Comments