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GST theft will stop, this plan of UP minister of finance to clamp down on those that defraud the govt

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GST theft will stop, this plan of UP minister of finance to clamp down on those that defraud the govt

GST theft

GST theft will stop, this plan of UP minister of finance to clamp down on those that defraud the govt

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The government goes to clamp down on those that defrauded the state exchequer by stealing GST ie Goods and repair Tax. Such a system is proposed, which can stop all the ways of evasion. during this regard, Uttar Pradesh minister of finance Suresh Kumar Khanna has written several important suggestions to Union minister of finance and GST Council President Nirmala Sitharaman.

The government has suffered a serious setback in GST earnings with COVID-19. However, the govt isn’t getting to impose a replacement tax to catch up on the declining revenue but is strictly prohibiting evasion. Since any decision on GST is taken by the GST Council headed by the Union minister of finance, the minister of finance has written to his variety of suggestions on the way to stop the evasion . for instance, thanks to better roads, the number of evasion cases are constantly beginning from an equivalent e-way bill repeatedly. To curb this, at some point deadline for each 100 km of the e-way bill has now been suggested to be 250 km.

Tax evasion is additionally being done by misusing the exemption from GST registration for businessmen with turnover up to Rs 40 lakh. Since there’s no such system to understand the particular turnover of the unregistered person, business cases also are increasing without deliberate registration for evasion. so as to stop such evasion, the registered traders are asked to form arrangements for giving details of selling the products to the unregistered on the common portal.

For unregistered persons, like a mandatory ID or Temporary ID, the necessity to require an ID from a standard portal will curb evasion. aside from this, Rule 138 (7) of the GST Rules is additionally suggested to be implemented to curb the misuse of the power provided to unregistered persons by some transporters. When the rule comes into effect, it’ll not be possible for transporters to move taxed goods. He won’t be ready to escape his responsibility just in case of evasion.

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Anurag Srivastva
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