Bizmen Meet GST Officials Over Rising Tax Evasion
By: Admin
Date: July 12, 2024
Categories: GST Recent News
Read Time: 4 Min
Punjab is fast becoming the state with the highest tax evasion rates in the country. Numerous criminals involved in bogus billing worth billions are being apprehended daily. Alongside bogus billing, bill swapping is prevalent, where traders sell their bills to other parties rather than giving them to customers.
The Federation of Punjab Small Industries Associations (FOPSIA) has been campaigning against this practice. The government has acknowledged that GST theft happens on a large scale in the state. FOPSIA recently held a meeting with state GST department officials in Patiala, presided over by the Additional Taxation Commissioner.
The president of FOPSIA stated that department officials admitted the government was not receiving as much GST as it should. A high-level investigation committee has been formed to look into the FOPSIA tax evasion report, with senior department officials serving as its members.
“We had objections to two members on the committee, so we proposed replacing them for a transparent inquiry report,” he said.
It was highlighted that a lack of staff in the department and the Central Board Of Indirect Taxes and Customs (CBIC) providing numbers without verification are main reasons behind bogus billing. Central GST Principal Commissioner Vikas Kumar admitted that complaints about bogus billing due to registration without verification were widespread. The Union Government is implementing a biometric system to reduce such complaints. Whenever the Taxation Commissionerate receives information about bogus companies, their registrations are immediately cancelled.
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