GST officers to Investigate Exports Valuation SOPs for Doubtful Taxpayers

GST department is soon going to come up with measures to duly verify the exports and are also planning to install a standard operating procedure (SOP) for on the stop verification of suspected taxpayers. This would prove to be an excellent step towards eradicating tax evasion from the country. In the National GST Conference of Commissioners of State Tax and Zonal Chief Commissioners of Central Tax held last week, influentials discussed on the surveying the steps that are required to restrict new taxpayers from unethically availing Input Tax Credit (ITC).

It was even discussed in the meeting that GST watchers will come up with the SOPs to catch hold of the risky taxpayers The total of 245 Star Export Houses and 5,000 other exporters went alienated from claiming their shares of Input Tax Credit (ITC) from the government. Read More then and there and block their input tax availment. They will further access the power to block/unblock the ITC availment of the taxpayers. Discussed in the meeting were the ways to check the exports, including the value of export benefits and incentives and how can the export verification system be modified.

In the meeting, states like Odisha, Gujarat, Rajasthan, West Bengal, and Punjab gave their personal opinions on the ways that how can the compliance management be revived in their respective provinces. Various state representatives discussed the revenue enhancement measures that can be installed in their respective provinces. Central Board of Indirect Taxes and Customs (the GST policy department) presented a list of measures that could be adopted by the government in order to increase GST compliance The small businesses are unregistering from GST due to high compliance cost. But no worry, SAG Infotech brings some great ideas for reducing compliance cost. Read More and get revenue.

Since the beginning, GST officers were primarily focused on checking tax evasions New GST (Goods and Services Tax) return forms have been proposed which are ready to bring an end to the most popular and widely used tax evasion method. Read More so that they could generate enough revenue and the investigating department in the commissioner has raided in the firms that were suspected of unethically claiming ITC. Revenue collection for January to April quarter steeped down showing the final figure of only Rs. 10.49 lakh crore against Rs. 11.7 lakh crore in the last year’s same quarter.