It has now tasked the GST Data Analytics Wing with scrutinizing all past and current refund claims filed all over the country for an inverted duty structure. Refunds of over ₹28,000 crores are said to have been filed by over 27,000 taxpayers so far on account of the inverted duty structure in the current fiscal year.
These taxpayers, who have purchased goods from tax-evading non-filers, would face verification and scrutiny, sources added. This exercise is being monitored every week by Revenue Secretary Ajay Bhushan Pandey, official sources added.
ITC frauds
To curb Input Tax Credit (ITC) frauds, data analytics is to being used to re-look at all refunds since 2017, keeping an eye on the modus operandi of unscrupulous refund claimants or fly-by-night/shell business entities to get fake ITC.
GST formations have booked 6,641 cases involving 7,164 entities till November last year and recovered around ₹1,057 crores.
This story is from the January 14, 2020 edition of The Hindu Business Line.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the January 14, 2020 edition of The Hindu Business Line.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Covid Presents An Opportunity For India
India must attract investors exiting China post-Covid. Streamlining of project clearances and relaxation in FRBM norms will help
Did Alternative Assets Shield You From Covid-19 Volatility?
The assets closely linked to stock and debt markets could not stave off the losses
How To Put Aircraft To Bed
Preserving grounded planes, to get them up and flying at short notice, is a challenging task. Ashwini Phadnis captures the process
There Can Be No Going Back On WFH
Covid-19 has fast-forwarded the shift to ‘work from home’. However, some face-to-face connect will always be needed
UN, WHO Urged To Ensure ‘Benefit Sharing' Of Covid-Related Data
Biopharma firms should reach vaccines, medicines to poor nations at an affordable price, say civil society bodies
With No Clear Signal From Rlys, States Explore Ways To Bring Back Migrants
Quarantine centres, cross-country buses being arranged even as migrants hop on to boats, trucks and ambulances
Centre Allows All Neighbourhood Shops To Open But With Riders
Final call will be taken by local authorities; shopping complexes that draw fewer ‘outsiders’ are permitted to operate
Covid Impact Relatively Muted In India
Compared to Italy and the US, India’s rate of infection spread has been slow. This can be attributed to the strict measures in place
How Global Trade Will Fare Post-Covid
China isn’t likely to lose its pre-eminent position soon. India, for one, will need to make manufacturing globally competitive
How To Curb Harassment In The Virtual Office
Training and sensitisation are essential. Institute a strict dress code and chat etiquette to ensure professionalism during video calls
