Following a recent analysis done by the GST authorities on the Top builders of Mumbai, a conclusion has been drawn that most of the builders have been traced claiming higher tax credits.
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Following a recent analysis done by the GST authorities on the Top builders of Mumbai, a conclusion has been drawn that most of the builders have been traced claiming higher tax credits.
The tax authorities and a monitoring committee have associated and given a task to check the sales done inappropriately under the transactions of the GST compliance of the illegal iron ore which was grabbed in Karnataka.
In the present fiscal year by Central Goods and Services Tax (CGST) formation (up to December 2018), the inspection in 3626 cases of Goods and Services Tax (GST) violations/ evasion has been started.
According to a senior government official, GST evasion worth Rs 12,000 crore has been recorded in 8 months between April and November.
A senior official said that the tax evasion worth Rs 29,088 crores in 1,835 cases during April-October period in the present fiscal year has been detected by the investigation arm of the finance ministry.
As per the reports, it was found that GST evasion is doubled in the first five months of FY 2018 than the previous year. After going slow during the transition to the GST, tax officer restarted surveying.
These days businessman are looting both the government and the consumers in the name of GST as there is software present in the market taking the overall liability of GST at only 10% of the original.
The reports of tax evasion are not new. Taxpayers have even managed to find ways to evade taxes in the new Goods and Services Tax (GST) regime.
Builders and buyers have found out the new ways to save 12% GST for under construction flats. As under construction projects engage with difficulties in possession holding, further an introduction of GST in this field has reduced the demand for such projects.