The Central Board of Indirect Taxes and Customs (CBIC) has found that nearly 25 percent of suspected Goods and Services Tax accounts do not exist or have vanished after availing benefits of around Rs 15,000 crore.
The evasion and fake accounts have been unearthed as part of an ongoing two-month special drive to weed out fake accounts registered with the GST Network, the Times of India reported on July 7.
The authorities used artificial intelligence and data analytics to identify around 69,000 suspected accounts after scrubbing the GST database. The drive, which ends July 15, found 17,000 of them to be bogus, the report said.
Moneycontrol couldn’t verify the report independently.
The role of entities including some big names in business is also being looked into. A top leading food delivery service provider, for instance, is believed to have availed of manpower services from companies which were found to be bogus, the report said.
At present, there are 1.39 crore taxpayers registered under GST regime. The GST collections in June rose 12 percent to more than Rs 1.61 lakh crore, the finance ministry said on July 1. It was for the fourth time, the gross GST collection has crossed Rs 1.60 lakh crore mark.
Delhi had the highest success rate or the largest number of fakes detected from the list of suspect registrations, the report said citing government sources.
“There are some decisions that have already been taken by the GST Council on the issues, we will implement them. The idea is to ensure that leakages are prevented,” the daily quoted an official as saying.
The issue is also likely to come up at the GST Council meeting on July 11, where the information will be shared with finance ministers of the states.
Officials said there was no plan to tighten registration norms, saying the idea was to make the process smooth for honest taxpayers instead of troubling them with higher compliance.
CBIC, however, does plan periodic checks to ensure that the benefits are not misused, the report said.
Source from: https://www.moneycontrol.com/news/business/around-25-of-69000-suspected-gst-accounts-fake-rs-15000-crore-evasion-likely-10919101.html
________________________________________________________________________________
 |
| 🚨LIMITED TIME Special Combo Offer On: 🚨
🔰 Online Recorded GST Courses on “GST Input Tax Credit (ITC)” & “Scrutiny Notices, Assessment, Audit, Inspection, Search, Seizure and Arrest under GST”
👨🏻🏫 By CA (Adv) Bimal Jain
🔖 Register Now:
https://www.a2ztaxcorp.in/product/special-combo-offer-on-online-recorded-gst-courses-on-gst-input-tax-credit-itc-scrutiny-notices-assessment-audit-inspection-search-seizure-and-arrest-under-gst-by-ca-adv-bimal-jain/
📌 Please Note: This Special Combo Offer is valid till July 16, 2023
📝 Key features of the course:
✔️ E-Certificate to all participants
✔️ Background Material (BGM) available in PDF (Downloadable basis)
✔️ Dedicated WhatsApp group, Telegram and E-mail for Free Subscription of GST Updates for 1 Year
✔️ Hindi/English medium
✔️ Special 45% Discount on our latest ‘GST Law and Commentary with Analysis and Procedures’ – May 2023 Edition
✔️ A total of 7 Recorded Sessions (3 Hours each), will be available for 42 hours or 60 Days whichever expires earlier
About Speaker:
CA (Adv) Bimal Jain
- FCA, FCS, LLB with 24 Yrs. of Experience in Indirect Taxation – GST, Service Tax, Excise, Customs, VAT/CST, FTP, DGFT matters etc.
- Chairman of Indirect Tax Committee of PHD Chamber of Commerce
- Author of books on Goods and Services Tax, “GST LAW AND COMMENTARY (With Analysis and Procedures)” [8th Edition – May 2023]
Online Recorded GST Course on GST Input Tax Credit (ITC) by CA (Adv) Bimal Jain
Coverage of the Course :
- What is the Eligibility and Condition for claiming ITC- Section 16 with practical scenarios and examples
- Requirement and reversal of ITC (Rule 37)
- Interplay of Valuation – GST ITC
- Schedule I vs Rule 37 Comparative Study
- Rules and Provision for Offset of ITC – Case Study
- Concept of Claim – Reversal – Reclaim
- Clarification on Non Filing of GSTR-1 and GSTR 3B
- Other provision of Section 17 for reversal of common ITC and reversal as per Rule 42/43 for Input, Input Service & Capital Goods
- Exclusions in value of exempt supplies for the purpose of reversal of common credit ITC as per rule 42 and 43
- Exclusion of interest income and other exempt services from aggregate value of exempt supplies for reversal of common ITC as per rule 42 and 43
- Special Provision for Banking, Financial Institutions, NBFC’s
- Blocking of ITC (Rule 86A)
- Restrictions on use of amount available in electronic credit ledger (Rule 86B)
- Order of utilization of input tax credit (Rule 88A)
- Manner of calculating interest on delayed payment of tax (Rule 88B)
- Availability of credit in special circumstances
- ITC on opening stock of inputs at the time of registration
- ITC on stock of inputs available to person taking voluntary registration
- ITC on opening stock of inputs and capital goods available on opting out of composition scheme
- ITC on stock of inputs and capital goods when exempted goods or services become taxable
- ITC reversal on closing stock of inputs on switching to composition scheme/ wholly exempt supplies
- Transfer of ITC in case of sale, merger, demerger, amalgamation, etc.
- Transfer of ITC on obtaining separate registration for multiple places of business within a state or UT
- Removal of capital goods or plant and machinery
- Taking ITC in respect of inputs and capital goods sent for job-work
- Manner of distribution of credit by Input Service Distributor
- Manner of recovery of credit distributed in excess
- Apportionment of Credit
- Meaning of Taxable & Exempt Supply
- Credit used exclusively for Taxable supply / exempt supply
- Common Credit
- Supplies for personal consumption etc.
- How to apportion the credit
- Blockage of Credit in respect of
- Motor Vehicles, Vessels and Aircraft; their servicing repair & maintenance.
- Food & beverages, outdoor catering beauty treatment, health services, cosmetic & plastic surgery, renting or hiring of motor vehicles, and others
- Woks contract services
- Membership of Club, Health and Fitness Centre
- Goods & Services provided to employees
- Travel benefits to employee
- Construction of immovable property on own account
- Tax paid under composition scheme
- Goods or services received by a non-resident taxable person
- Goods or services used for CSR activities
- Goods or services used for personal consumption
- Gifts, free samples and goods lost or written off
- Tax paid in fraud cases, confiscation etc.
- ITC on Works Contract and Construction of Immovable Property related issues such as:
- Installation of lift
- Overhead crane
- Construction of warehouse for leasing
- Civil construction for installation of machinery etc.
- Credit on free gifts, samples, goods lost, stolen or destroyed etc.
- ITC & Tax paid under Section 74, 129 and 130
- Discussion on various important judgments on ITC
- How to prove genuineness of transactions to avail GST IT
- ITC can be claimed during revocation of cancelled GST registration
- Claiming Time Barred ITC for the period of Cancellation
- ITC availability on vouchers and subscription packages
- Constitutional validity of Section 16(2)(c) challenged in various cases
- Constitutional validity of Section 16(4) challenged in various cases
- Case laws on rectification of error or omission made while filing GST statements/ returns/ forms
- Other important case laws on GST ITC
- Open House: Question and Answer
Online Recorded GST Course on Scrutiny Notices, Assessment, Audit, Inspection, Search, Seizure and Arrest under GST By CA Bimal Jain
Key topics of the course:
- When inspection, search and seizure can be initiated
- Offences – Bailable & Non-Bailable
- Various Penalty & Imprisonment provisions
- Legal Jurisprudence on Search and Seizure
- Constitutional validity of Search & Seizure by both CGST & SGST Authorities
- Inspection of goods in movement and penalty proceedings u/s 129 & 130 with recent changes in Union Budget 2021
- Legal Jurisprudence of Coercive actions by the Dept during Search & Seizure and collection of tax revenue
- The constitutional validity of arrest provisions before adjudication
- Legal Jurisprudence of Arrest Provisions
- Legal validity of Recovery Proceedings in GST
- Provisional attachment of Property or Bank Account – When Why and Recourse available
- Power to summon persons to give evidence and produce documents
- Access to business premises
- Officers to assist proper officers
- Validity of Multiple or Parallel Proceedings
- Various Assessments under GST viz. Self-Assessment, Provisional Assessment, Summary Assessment
- Scrutiny of Returns, Assessment of Non-Filers of Returns
- Audit by GST Department and Special Audit under GST Laws
- Preparation and Handling of GST Audit
- Procedure during department audit
- Proceedings of Demand and Recovery
- Certain Offenses and Penalties
For details, or any queries,
📞: 8076563802, 011 42427056
📧: info@a2ztaxcorp.com, intern@a2ztaxcorp.com
A2Z Academy
DDA Flat No. 650, Pocket 5, Mayur Vihar, Phase 1
New Delhi – 110091
Mobile: +91-8076563802
E-mail: info@a2ztaxcorp.com
Website: www.a2ztaxcorp.in
|
