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
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
