At a time when reports of Central Government eyeing RBI Reserves to breathe fresh air to credit-starved micro, small and medium enterprises (MSMEs), Indian taxpayers are riding a tax evasion wave unlike any seen in recent times.
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At a time when reports of Central Government eyeing RBI Reserves to breathe fresh air to credit-starved micro, small and medium enterprises (MSMEs), Indian taxpayers are riding a tax evasion wave unlike any seen in recent times.
Currently, the investigation has been done by the tax officials under which the officials have observed that the pharmaceutical companies have claimed the input tax credit (ITC) for free samples being offered by them as a promotional activity.
According to a senior government official, GST evasion worth Rs 12,000 crore has been recorded in 8 months between April and November.
The lenient non-filers and nil filers of GST returns will have a one-time amnesty scheme from the government to deregister the GST (Goods and Services Tax) Council.
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.
In December 2018, there will be an online exam for confirming the enrollment of GSTPs or GST Practitioners or Goods and Services Tax Practitioners.
To increase GST compliance as well as put grievances of all potential taxpayers to rest, the Banking and Financial Services Department of the Finance Ministry will launch a hundred-day special campaign in 80 districts for small and medium enterprises from November 2.
In a unique way to persuade taxpayers into paying GST will be tried by the GST officers according to a newly ‘Nudge team’ formulation which would further develop strategies based on the behaviour of the taxpayer.
It’s been more than one year since Goods and Services Tax (GST) came into existence. But still, there are problems in implementing it. The jurisdictional overlap between the field officer of Central and State government is still the big affair.