Web
Analytics Made Easy - StatCounter
All GST refund claims on products with imperfect tax structure under scrutiny - GST Station

All GST refund claims on products with imperfect tax structure under scrutiny

All GST refund claims on products with imperfect tax structure under scrutiny

    The bench issued notice to the Centre seeking its response on the pleas

    NEW DELHI: After unearthing over 900 fraudulent claims for refund of Goods and Services Tax (GST) through data analytics, the government has decided to scrutinize all past and pending refund claims filed across the country on items having imperfect tax rate structure.

    The scrutiny is on refund claims related to items having a tax rate lower than that of the raw materials used, which forces businesses to seek GST refunds. However, some use the opportunity to overstate the refunds due.

    Refund claim of about ₹28,000 crore are filed by over 27,000 taxpayers so far on account of the inverted duty structure in the current financial year, said a government official, who spoke on condition of anonymity. The scrutiny is being monitored by revenue secretary Ajay Bhushan Pandey, said the official.

    Officials have booked 6,641 cases of GST fraud involving 7,164 entities till November last year and have so far recovered around ₹1,057 crore, said the official. The highest number of such frauds have been booked in Kolkata, followed by Delhi and Jaipur, said the official. The drive against GST fraud comes at a time central and state governments are facing a revenue shortfall amid an economic slowdown. Officials are also taking steps to improve tax payer compliance by leveraging the self-policing potential of the tax system in which technology and invoice verification play an important role.

    Source- Livemint.

COMMENTS

WORDPRESS: 0
DISQUS: 0