FinMin must identify high risk taxpayers in GST composition scheme: CAG

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FinMin must identify high risk taxpayers in GST composition scheme: CAG - Business Standard

Quick Summary:

The Comptroller and Auditor General (CAG) has asked the Finance Ministry to identify high risk taxpayers in the GST composition scheme on a periodical basis and verify from other sources, including third parties, their declared value of sales to check tax evasion.

Based on an analysis of 8.66 lakh composition taxpayers under the central jurisdiction between 2019-20 to 2021-22 fiscals, the Comptroller and Auditor General (CAG) found that a significant number of GST taxpayers have a high risk of crossing the turnover threshold for composition levy scheme (CLS).

The GST composition scheme is available to taxpayers whose aggregate turnover, in the preceding financial year, has not exceeded Rs 1.5 crore.