Goods and Services Tax (GST) officers sent notices to taxpayers & several firms, as GST authorities have encountered reports which confirms that there is nearly 34% GST mismatch or underpayment of GST. The total tax liability amounts to Rs 34,400 Crores deficit for GSTR-3B filing
filing in the duration of July to December 2017 as per final reports. Notices have been issued to leading banks, IT firms, including Google India, Hitachi Zochen,
Panasonic, seeking reply on the same day.
GST scrutiny notices were issued to companies whose final sales return GSTR-1 mismatched with GSTR-2A purchase return. Upon issuing of notice and if no explanation is received within the stipulated date, it shall be
assumed that you have no explanation to give and according to law proceedings shall be initiated against you without any further notice in this regard. As per Tax experts, GST Council has mandated 30 days to
respond to GST Notices.
, firms and banks seeking clarification on differences between GSTR-1 and GSTR-3B also on GSTR-2A and GSTR-3B. The main reason for reconciliation between GSTR-1 and GSTR-3B is to check the payment of the tax for outward supplies, while the reconciliation between GSTR-2A and GSTR-3B is to make sure that the credit allocation by business is relevant to the tax that’s paid by the supplier, thereby not incurring any loss to the government on this account.
The total GST amount collected in the last financial year was estimatedover Rs 7.41 lakh crores, lacking anti-evasion measures tax experts claim that there could be fair chances of tax evasion in the revenue. The GST Council, along with the Finance Minister Arun Jaitley, in a meeting conducted in March have concluded to examine and bridge the gap that exists between GSTR-1 self-declared liability and actual tax that has been paid
while filing GSTR-3B.
According to the reports from the revenue department, it has been concluded that the GST Returns filed by 51.96 lakh businesses within the period of July-December 2017. Indirect tax reform GST was rolled out with effect from July 1, 2017. Reports suggest that only about 16% of the data of the sales summary returns under the GST matched with the final returns of December 2017.
It’s evident that there is surplus tax payment which amounts to Rs 91,072 crore, the source of income from 49% businesses registered under the GST in between July-December. While they have paid Rs 6.50 lakh crore as GST, the GSTR-1 filed by business reveals that their liability should be around Rs 5.59 lakh crore.
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