Over Rs 80,000 crore worth GST notices issued for assessment year 2018-22

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Over Rs 80,000 crore worth GST notices issued for assessment year 2018-22 - Business Standard

Quick Summary:

Over the years, stricter disclosure requirements, such as e-invoices for business-to-business transactions, enhanced data collection, and digitised payment system, aided tax sleuths to improve compliance.

To tackle the menace, the department has undertaken a special drive to weed out fake registrations.So far, about 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.

Section 74 of the CGST Act provides that a notice can be issued by the relevant authorities to recover tax potentially underpaid or unpaid, or refunded in error, for reasons of fraud, wilful misstatement, or suppression of facts to evade tax, under the extended period of limitation.