The GST evasion investigation agency shall finish its probe in 30 insurance companies. The Directorate General of GST Intelligence (DGGI) would have finished the investigation in 15 of them fetching the ITC differences to the tune of 3500 cr. The same would be under the procedure of sending the notices to the left 15 people who are aware of the information.
In these cases, most of the tax due in which the probe would get finished has already been recovered. By the 30 insurance companies, DGGI has fetched the tax evasion where 15 probes cases would have finished and we anticipate the investigation against the left 15 to get finished by November.
Tax experts reported for the investigation into the GST Input tax credit breach by the insurers and on the date of 24 January, for the identical probes by the Income tax department. HDFC Life stated that it had obtained the show cause notice via DGGI asking for 942 cr tax for July 2017 to FY22 duration
What is Tax Evasion?
Tax evasion is an illegal practice undertaken by a person or a corporation to avoid paying taxes that are owed. It covers things like inventing or hiding income, inflating deductions without supporting documentation, neglecting to report cash transactions, and more. Tax evasion is a serious infraction that might lead to criminal charges and hefty fines.
Supporting taxes is never easy since most people are sceptical of the idea of surrendering a percentage of their income to the government, despite the fact that taxes are an important source of funding for the government. These funds were used to fund various development initiatives aimed at raising the standing of the business.
But tax evasion has long been a problem for the nation. People who should be paying taxes have found methods to do so, which has had a negative impact on the nation’s revenue. Let’s examine how people avoid paying taxes and the consequences of doing so.
