Checking Evasion: Taxpayers bank accounts to be under GST lens

    The government said that it was decided to constitute a committee of Centre and state officers 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 in GST.

    Anxious to curb tax evasion and boost revenue receipts, the goods and services tax (GST) authorities will consult RBI and National Payments Corporation of India for access to bank account details and transactions of taxpayers. The authorities would also explore the alignment of GST system with Financial Intelligence Unit (FIU) to obtain bank account details including PAN-based banking transactions, the government said on Tuesday after a meeting of state and Central indirect tax officials chaired by revenue secretary Ajay Bhushan Pandey here.

    This was the second such meeting where officials primarily deliberated on a mechanism for disseminating inter-departmental data among various tax agencies.

    GST Council, Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC), FIU, DoR, Directorate General of GST Investigation (DGGI) and state tax administrations.

    The government said that it was decided to constitute a committee of Centre and state officers 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 in GST. “The committee will come out with detailed standard operating procedure (SoP) within a week, which may be implemented across the country by January-end,” the government said.

    The officials also agreed to undertake verification of unmatched input tax credit availed by taxpayers. This stood at 13% (Rs 1.7 lakh crore) of total credit claimed in FY18-19. “All major cases of fake ITC, export/import fraud and fraudulent refunds shall also be compulsorily investigated by investigation wing of the income tax department,” the government said.

    Further, it was also explored that there should be single bank account for foreign remittance receipt and refund disbursement.

    The government has already admitted that it might face a shortfall of Rs 63,000 crore in the GST compensation fund for states.

    Source- Financial Express.

The post Checking Evasion: Taxpayers bank accounts to be under GST lens appeared first on GST Station.



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