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The GST is self-assessing by nature while more than 1 crore Taxpayers are registered under GST. Self-Assessment is necessary to determine tax liabilities.
Finally, the goods and services tax is getting strict and compliant with the use of data analytics used by the GST officers in capturing discrepancy.
After a thorough analysis of GST returns and tax data received so far, the GST Council has started issuing scrutiny notices to businesses who have not paid tax in the line of their final tax returns.
The GST law defines strict penalty rules and offences guidelines for Indian taxpayers to follow and ensure frictionless intrastate or interstate goods movement, reduce corruption and efficient tax collection system.
After the GST rollout, instead of elimination of cascading effects from prevailing indirect tax regime, the contractors have to pay GST two times.
The main objective of introducing GST in India was to decrease Tax Evasions and increase Tax Compliance. The GST TAX System is now more than six months old, but still, there is no decline in the number of vehicles carrying illegal and non-registered goods inside Uttar Pradesh.
In a first-ever GST fraud case, two directors of forged private firms have been arrested by the officers of the Central Goods and Services Tax (CGST), Mumbai for allegedly availing false credit of GST.
Tax cases are much of concern in the Indian economy as more than 2 lakh tax cases are currently floating through various appellate litigations on all the levels of the judiciary.
The finance ministry has assigned eight tax officers to manage and handle the Twitter handle being pushed for the solution of GST related doubts and queries.
