The GST investigation wing has detected tax evasion of over Rs 2,000 crore in two months, and data analysis reveals that only 1% of over 1.11 crore registered businesses pay the bulk of the taxes – 80%, a senior official said on Wednesday.<\/p>\n
Central Board of Excise and Customs member John Joseph said like small businesses which make mistakes while filing GST returns, multinationals and big corporates too have slip-ups.<\/p>\n
\u201cIf 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% of the tax, one does not know what is happening in the system, it is an important thing to study,\u201d Joseph said at an Assocham event in New Delhi.<\/p>\n
Joseph, who is also the Director General of Goods and Services Tax Intelligence , said the analysis of composition dealers data shows that most of them have an annual turnover of Rs 5 lakh. \u201cThis shows that a lot of compliance is required.\u201d<\/p>\n
Under the composition scheme, traders and manufacturers are allowed to pay taxes at a reduced rate of 1%, while restaurant owners have to pay at 5% rate. The scheme is open for manufacturers, restaurateurs and traders whose turnover does not exceed Rs 1.5 crore.<\/p>\n
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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
The GST investigation wing has detected tax evasion of over Rs 2,000 crore in two months, and data analysis reveals that only 1% of over 1.11 crore registered businesses pay the bulk of the taxes – 80%, a senior official said on Wednesday. Central Board of Excise and Customs member John Joseph said like small […]<\/p>\n","protected":false},"author":1,"featured_media":35489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-35488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/35488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=35488"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/35488\/revisions"}],"predecessor-version":[{"id":35490,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/35488\/revisions\/35490"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/35489"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=35488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=35488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=35488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}