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DGGI has detected tax evasion of Rs 1.2 trillion using fake ITC, since 2020 to date, with special emphasis being laid on identifying and apprehending the masterminds and disrupt syndicates, operating across the country, the finance ministry said in a release on Tuesday.
Top Revenue officials on Tuesday urged enforcement chiefs of State and Central GST formations to focus on “real evasion” of taxes rather than “interpretative issues and general industry practice” and emphasised on the importance of finely balancing enforcement actions with the ease of doing business.
The rapid growth of digital payments has also increased the scrutiny of online merchants due to a spike in cases of tax evasion, people aware of the development told ET.
SGST department has unearthed tax evasion to the tune of several crores of rupees by several big restaurants across the State. A series of raids conducted by GST officers in 42 restaurants since Thursday found a turnover suppression of ₹60 crore. As much as Rs.40 lakh in fine was paid on the first day of the raid.
The State Goods and Service Tax (GST) department has detected tax evasion by Ayurvedic spas operating in Idukki district.
The Bombay high court has refused anticipatory bail to Manish Sen, who allegedly deceived job seekers into opening multiple bank accounts that were used for high-value transactions, resulting in tax evasion worth Rs. 24 crore.
“The Company has received an Order from Office of the Additional Commissioner, GST & Central Excise Commissionerate, confirming Penalty of Rs 3.48 Cr along with Tax demand and applicable Interest.
It has been directed by CBDT via a circular dated March 15, 2024, that the tax department can now file appeals with income tax tribunals and courts without considering the tax effect amount for certain specified cases based on the merit of the case. Among the specified cases, one is about penny stocks which falls under the category of cases involving organised tax evasion
Exhorting GST authorities to exercise caution and deeper examination before authorizing arrest of businessmen for tax evasion, Justice Uajjal Bhuyan…
Tax evasions worth more than Rs.100 crore by Banshidhar Tobacco Company and its affiliate firms were unearthed during the income tax…