The government has detected Rs 20,000 crore worth GST evasion so far this fiscal and will take more steps to check frauds and increase compliance, a senior tax official said Wednesday.

Central Board of Indirect Taxes and Customs Member (Investigation) John Joseph further said the department would soon call a meeting of the representatives of the real estate sector to understand transition issues faced by the sector post reduction in GST rates.

The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, earlier this week decided to cut tax rates on under-construction apartments and affordable housing to five per cent and one per cent, respectively.&nbsp;

However, builders will not be able to claim credit for the taxes paid on inputs, like steel, cement.

The earlier GST rate on under-construction apartments and affordable housing was 12 per cent and eight per cent with input tax credit (ITC), respectively.

On demand for giving ITC relief to the builders of the under-construction flats which are already built but not yet sold to buyers, Joseph said the real estate sector will have to raise the issue with the urban development ministry.

"You need to talk to them (urban development ministry). As revenue department we cannot give you any benefit of subsidy to that extent," he said at an Assocham event here.

Joseph said between April-February 2018-19, GST evasion worth Rs 20,000 crore has been detected of which Rs 10,000 crore was recovered.

He said the tax officers on Tuesday detected fake invoice worth Rs 1,500 crore which was used to claim illegal GST credit of Rs 75 crore.&nbsp;

"We have already recovered Rs 25 crore and the rest is on the way," Joseph said.&nbsp;

Stating that only 5-10 per cent of the businesses are "black sheep" and bring bad name to the industry, he said the government will take more measures to increase compliance, and act against evaders in a way such that genuine businesses do not suffer.

Joseph said the government has been dynamic in rationalising tax rates since GST rollout on July 1, 2017, while increasing compliance for 1.2 crore registered businesses.

The government has detected Rs 20,000 crore worth GST evasion so far this fiscal and will take more steps to check frauds and increase compliance, a senior tax official said Wednesday.

The government has detected Rs 20,000 crore worth GST evasion so far this fiscal and will take more steps to check frauds and increase compliance, a senior tax official said Wednesday. Central Board of Indirect Taxes and Customs Member (Investigation) John Joseph further said the department would soon call a meeting of the representatives of the real estate sector to understand transition issues faced by the sector post reduction in GST rates. The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, earlier this week decided to cut tax rates on under-construction apartments and affordable housing to five per cent and one per cent, respectively. However, builders will not be able to claim credit for the taxes paid on inputs, like steel, cement. The earlier GST rate on under-construction apartments and affordable housing was 12 per cent and eight per cent with input tax credit (ITC), respectively. On demand for giving ITC relief to the builders of the under-construction flats which are already built but not yet sold to buyers, Joseph said the real estate sector will have to raise the issue with the urban development ministry. "You need to talk to them (urban development ministry). As revenue department we cannot give you any benefit of subsidy to that extent," he said at an Assocham event here. Joseph said between April-February 2018-19, GST evasion worth Rs 20,000 crore has been detected of which Rs 10,000 crore was recovered. He said the tax officers on Tuesday detected fake invoice worth Rs 1,500 crore which was used to claim illegal GST credit of Rs 75 crore. "We have already recovered Rs 25 crore and the rest is on the way," Joseph said. Stating that only 5-10 per cent of the businesses are "black sheep" and bring bad name to the industry, he said the government will take more measures to increase compliance, and act against evaders in a way such that genuine businesses do not suffer. Joseph said the government has been dynamic in rationalising tax rates since GST rollout on July 1, 2017, while increasing compliance for 1.2 crore registered businesses.

Govt detects Rs 20,000 crore GST evasion, Rs 10,000 crore recovered

In just five months of the ongoing financial year, the government has unearthed goods and services tax (GST) evasion to the tune of Rs 5.70 crore.&nbsp;

The government has detected GST evasion amounting to a whopping Rs 5.70 crore in 16 cases during July-November 2017-18, Minister of State for Corporate Affairs PP Chaudhary said in a written reply to Rajya Sabha.

Service tax evasion worth Rs 9,660 crore in a total of 2,938 cases has also been registered during April-December, 2017-18. Evasion of central excise to the tune of Rs 7,242 crore in 614 cases was also registered.&nbsp;

Customs evasions worth Rs 3,987 crore in 26,969 cases were found in the first nine months of the current financial year.

The minister noted that the tax department plans to take appropriate action to keep evasions in check.

The tax department plans to carry out searches, seizures, assessment of income, levy of tax, penalty and filing of prosecution complaints before criminal courts to curb tax evasion.&nbsp;

The Goods and Services Tax was introduced on July 1, 2017, and rendered over a dozen of central as well as local taxes ineffective.&nbsp;

 
&nbsp;

Customs evasions worth Rs 3,987 crore in 26,969 cases were found in the first nine months of the current financial year

In just five months of the ongoing financial year, the government has unearthed goods and services tax (GST) evasion to the tune of Rs 5.70 crore. The government has detected GST evasion amounting to a whopping Rs 5.70 crore in 16 cases during July-November 2017-18, Minister of State for Corporate Affairs PP Chaudhary said in a written reply to Rajya Sabha. Service tax evasion worth Rs 9,660 crore in a total of 2,938 cases has also been registered during April-December, 2017-18. Evasion of central excise to the tune of Rs 7,242 crore in 614 cases was also registered. Customs evasions worth Rs 3,987 crore in 26,969 cases were found in the first nine months of the current financial year. The minister noted that the tax department plans to take appropriate action to keep evasions in check. The tax department plans to carry out searches, seizures, assessment of income, levy of tax, penalty and filing of prosecution complaints before criminal courts to curb tax evasion. The Goods and Services Tax was introduced on July 1, 2017, and rendered over a dozen of central as well as local taxes ineffective.

Rs 6 crore GST evasion in five months of this financial year

gst-evasion

Gst Evasion, News on Gst Evasion, stories on Gst Evasion, articles on Gst Evasion, Gst Evasion stories at Wion, Gst Evasion news, Gst Evasion latest news

gst evasion

Govt detects Rs 20,000 crore GST evasion, Rs 10,000 crore recovered

Rs 6 crore GST evasion in five months of this financial year