Govt Unearths Massive GST Evasion Of Rs. 12000 Cr Till November

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    The government has unearthed massive GST atx evasion to the tune of Rs. 12,000 crore in eight months till November. And in its light CBIC member said there is a need to ramp up compliance as E-way Bill fails to prevent tax evasion.

    Govt Unearths Massive GST Evasion Of Rs. 12000 Cr Till November
     

    "We started anti-evasion measures from April onwards, and from April-November we have detected Rs 12,000 crore of GST evasion. This is huge compared to what happened in central excise or service tax side. There is huge evasion. There are smarter guys outside who knows how to pocket the money," Joseph said in an Assocham event.

    Of the 1.2 crore assessees under the new indirect tax regime which was introduced on July 1, 2017, only around 5-10% are responsible for the tax evasion. There is also a case examined as what shall be the impact on GST in case there is change in the government post the assembly elections due in May next year.

    On the issue, Joseph said, "With all the apprehensions that you have, whether the election results are going to be bad for the GST or not, I can tell you very clearly that the same politicians whether in opposition or ruling party, they all came together to conceive this.""There may be some changes in law, some procedural changes can definitely happen, but it will not be lock, stock, and barrel as in the case of Malaysia."

    Also, on the new GST forms that will be introduced in next financial year, he clarified in an early stage beta version of the forms shall be first made available. Sahaj and Sugam return forms shall replace GSTR-3B (summary sales return form) and GSTR-1 (final sales returns form).Goodreturns.in

    Read more about: gst eway bill compliance sahaj
    Story first published: Wednesday, December 12, 2018, 15:05 [IST]
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