Live
- Three persons admitted to hospital for diarrhea treatment
- First Star Outside Milky Way Captured: WOH G64 is 2,000 Times Larger Than the Sun
- Sikkim govt to constitute state Niti Ayog: CM Tamang
- CBI books Rajasthan narcotics inspector for Rs 3 lakh bribe
- Rajasthan bypolls: A tough contest between BJP and Congress
- Albania joins SEPA, paving way for EU integration
- Japanese government approves 250-billion USD economic package to ease price pain
- Six pharma companies to set up their units in Telangana
- The Unstable Events of a 17-Wicket Day in Perth: India vs Australia
- Dutch FM's Israel trip cancelled after Netanyahu's arrest warrant
Centre scraps 4,900 fake GSTINs, detects Rs 15,000-cr tax evasions
Representational image
GST authorities have so far cancelled over 4,900 GST registrations and detected tax evasion of over Rs15,000 crore during the ongoing two-month drive to weed out fake GSTINs which will end on July 15, a senior tax official said on Wednesday
New Delhi: GST authorities have so far cancelled over 4,900 GST registrations and detected tax evasion of over Rs15,000 crore during the ongoing two-month drive to weed out fake GSTINs which will end on July 15, a senior tax official said on Wednesday.
The Central Board of Indirect Taxes and Customs (CBIC) member Shashank Priya said the large number of fake registrations unearthed during the drive underlines the need for policy changes to tighten Goods and Services tax (GST) registration and return filing process.
Over 69,600 GST Identification Numbers(GSTINs) have been selected for physical verification, of which 59,178 have been verified by field officersduring the ongoing pan-India special drive.
“16,989 GSTINs are found to be non-existent. 11,015 GSTINs have been suspended and 4,972 have been cancelled,” Priya said at Assocham’s National Conclave on GST. He further said tax evasion of Rs15,035 crore has been detected and Rs1,506 crore ITC has been blocked by tax officerssince May 16. Around Rs87 crore have been recovered.
“This shows that we need to plug the loopholes in registration and return filing. More refinement in the risk parametersfor registration verification is required,” Priya said.
Businesses, which register under GST, are provided an unique GSTIN, which is required for claiming ITC and filing tax returns. Companies operating in multiple states are required to obtain GST identification number in respective states.
