Actively Working on GST, Company Held for Tax Stealing

As for the known fact, the goods and service tax is a very significant tax rate which can afford to change the financial system forever. But suspiciousness is always there to grab the opportunities and make them turn towards worse. The country’s new tax system of Goods and Service Tax (GST) implementation is about to happen which is also working side by side with a private company to apply the famously “Goods and Services Tax Network (GSTN) but the same company is now accused of corruption. It is currently looking at the work of the GST in a background manner.

The Economic Times has found out that the Central Bureau of Excise and Customs (CBEC) has found some culprit issues with the company and acting quickly upon this the department has sent a summon to the organization and asked him to present themselves as soon as possible to enquire about the recent position. The department has also called the balance sheets, bank statements and income tax returns of the companies financial position and all this must be present on 22 February at the earliest.

It is said that the stake of the government is only 24.5 percent with the GSTN which is also claimed by the Subramaniam BJP led minister that the stake is very less and can cause issues later on. While the later 51 percent stake is of banks and the financial institution which again is private held. The said point is that the companies total revenue is calculated for 16.3 crores along with overall asset worth 143 crores.

Source: http://hindi.economictimes.indiatimes.com/business/business-news/gsts-it-infra-firm-under-scrutiny-for-tax-evasion/articleshow/57224358.cms