Tax Evasion has been prevalent from ancient times, persistent to date and will continue in future. Nevertheless, the regulatory authority can limit its intensity if they infuse the efforts aptly and by utilizing the latest technology.
As disclosed by Finance minister Shri Pankaj Choudhary via a return reply in the Rajya Sabha on Tuesday. Furthermore, he disclosed the details of tax evasion in the preceding 3 years. As per the Ministry of Finance, in the year 2019-20, 10,657 cases of tax evasion amounting to Rs 40,853.27 crores were trapped that involved recovery of Rs 18,464 crores.
In the year 2020-21, there was a tax evasion worth Rs 49,384 crores of which Rs 12,235 crores had been recovered in a total number of cases amounting to 12,596 cases.
Furthermore, Shri Chaudhary commented that the tax evaders have no hesitation and they are committing fraud even on electronic platforms. Such acts are committed by
However, the minister clarified that sometimes, tax evasion is committed by fault without having any ill intention. However, there has been no-tax evasion due to a failure in the CBIC back-end system,” said Chaudhary.
The aforesaid minister further added that to prevent tax evasion, various measures have been taken. For Instance, various validations have been built in the GSTIN and CBIC system. This is inclusive of
The Minister stated that a number of preventive measures have been adopted and implemented to weed out the practice of tax evasion from the economy. Following are the various measures that have been implemented:
An advisory has been released by the Goods and Services Tax Network (GSTN) which notifies…
It was cited by the Delhi HC that the two adjudication orders against one SCN…
The Central Board of Direct Taxes (CBDT) in an update for the taxpayers via the…
In October, Gross GST collection surged to 9% to Rs 1.87 lakh crore, the second…
Goods and Services Tax (GST) is to get paid on the procurement of materials and…
The Bombay High Court carried that as the revocation orders for the registration cancellation on…