New Delhi, Jan 7 (SocialNews.XYZ) With the narrative shifting from rate increase to tightening the GST system, the government has finalised a slew of measures to curb evasion, including investigation of major fraud cases by Income Tax department (I-T) and frequent data sharing by various agencies.
In a meeting with senior Central and state GST officers held here on Tuesday, a panel has been proposed to examine and implement quick measures in a given time frame to curb fraudulent refund claims, including the inverted tax structure refund claims and evasion of GST.
The Committee will come out with detailed procedures which will be implemented across the country by January-end.
Considering fraudulent IGST refund claims, the issue of linking foreign exchange remittances with IGST refund for risky and new exporter was explored. All major cases of fake Input Tax Credit, export/import fraud and fraudulent refunds shall also be compulsorily investigated by investigation wing of the Income Tax Department.
Further, a memorandum of understanding (MoU) would be signed among the CBDT, the CBIC and the GSTN to exchange data through API, from the CBDT to the GSTN and the CBIC and vice-versa.
It was decided that this data should be shared on a quarterly basis, instead of being shared on yearly basis.
Source: IANS
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