Home GST GST Officials Issue Tax Demand Notices to 1500 Cos Due to Wrong ITC and Annual Returns

GST Officials Issue Tax Demand Notices to 1500 Cos Due to Wrong ITC and Annual Returns

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GST Officials Issue Tax Demand Notices to 1500 Cos Due to Wrong ITC and Annual Returns
GST Demand Notice to 1500 Companies for FY18

A requirement discover of Rs 1.45 lakh cr has been issued to practically 1500 companies in December by the Items and Companies tax authorities. Due to the inconsistencies in annual returns and enter tax credit score claims for the monetary yr 2018, the notices had been issued as per the officers.

As a result of final date for serving the notices for the 2017-18 interval which was December 31, 2023, there’s a vital quantity of notices, as per the official, and Rs 1.45 lakh cr consists of penalty in addition to curiosity.

Furthermore, inadequate tax retrieval from evasion instances resulted in a big issuance of notices. Within the ongoing fiscal yr, GST officers uncovered evasion amounting to roughly ₹1.51 lakh crore.

Nonetheless, the precise restoration by December 30 was solely ₹18,541 crore, falling far in need of the inner goal of ₹50,000 crore as highlighted within the report.

In keeping with an official cited by the newspaper, out of a complete of 72.5 lakh GST returns filed in 2017-18, solely a fraction underwent scrutiny for potential underpayment of taxes.

By December 30, roughly 48,000 GST returns from 2017-18 and 2018-19 underwent scrutiny on account of detected irregularities or flagged points inside the system, in response to the report.

Having handed the deadline for the 2017-18 interval, the division has shifted its focus to the fiscal yr 2018-19, anticipating a possible improve within the variety of notices within the upcoming days.

Furthermore, the federal government has prolonged the deadline for issuing demand notices regarding return discrepancies for 2018-19 and 2019-20 to April 30, transferring it from the preliminary deadline of March 31.

At current, the federal government introduced that GST officers recognized 29,273 fraudulent companies engaged in false Enter Tax Credit score (ITC) claims amounting to ₹44,015 crore over eight months till December 2023.

This discovery occurred throughout a marketing campaign focusing on counterfeit registrations, leading to safeguarding income price ₹4,646 crore.

Through the October-December interval, 4,153 suspicious companies partaking in potential ITC evasion price roughly ₹12,036 crore had been detected. Amongst these, the Central GST Authorities discovered 2,358 of those deceitful entities.

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