CBIC cracks down on GST evaders
After detecting a GST evasion of over ₹200 crores by a tobacco company, the Central Board for Indirect Taxes and Customs has directed its authorities to tighten the noose around tax evaders. The CBIC has reportedly zeroed in on around 350 companies suspected of large tax evasions. This list includes exporters, private hospitals, pharmaceutical companies, as well as medical equipment companies. All zonal offices of CBIC have been directed to investigate cases of suspected tax fraud and evasion and come down heavily on tax evaders who are misusing relaxations granted during the Coronavirus pandemic to their advantage. Tax evasion is a major pain point for the CBIC. As per the Fifteenth Finance Commission’s presentation in January 2020, India may be losing close to ₹5 lakh crore annually in indirect tax revenue due to defaults, fraud and evasion.
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