₹20,000 Crore GST evasion has been detected during the April-February period of the current fiscal, reports government. Seeing such massive evasion of tax, government is planning to take more stringent steps to put on check over the fraud and tax evasion.
Out of the total evasion of ₹20,000 Crore about ₹10,000 Crore has already recovered by the authorities, along with this they have also detected fake invoice worth ₹1,500 Crore which was used to claim illegal GST credit of ₹75 crore.
Joseph also said that government will take measures against those who are defaulting in tax filing and also assured that this won’t hurt those who are conforming with tax laws.
Central Board of Indirect Taxes and Customs Member (Investigation) John Joseph said the department will soon hold a meeting with the representatives from the real estate sector to take the cognizance of the transition issues faced by the sector post reduction in GST rates.
Earlier this week, GST council meeting chaired by Finance Minister Arun Jaitley, announced a cut in GST rates for the under-construction apartments and affordable housing to 5% and 1%, respectively. But the issue of tax payments regarding the inputs of construction like Steel, cement etc, is yet to be solved.
Since its roll-out on July 1 2017, government has changed the GST rates and slabs many times. Currently, GST has 4 slabs of 5%, 12%, 18% and 28%, while essential items comes under zero tax rate.