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Thursday, May 28, 2020

To check evasion, GST authorities may seek access to taxpayers’ bank accounts

The government said that it was decided to constitute a committee of central and state officers to examine and implement quick measures in a given time frame to curb fraudulent refund claims, including the inverted tax structure refund claims and evasion in GST.

By: ENS Economic Bureau | New Delhi | Published: January 8, 2020 3:20:27 am
GST, goods and services tax, GST collection, GST fraud, GST slab, indian express Officials also agreed to undertake verification of unmatched input tax credit availed by taxpayers. This stood at 13 per cent (Rs 1.7 lakh crore) of total credit claimed in FY2018-19.

Anxious to curb tax evasion and boost revenue receipts, the goods and services tax (GST) authorities will consult the RBI and National Payments Corporation of India for access to bank account details and transactions of taxpayers.

Authorities would also explore the alignment of GST system with the Financial Intelligence Unit (FIU) to obtain bank account details, including PAN-based banking transactions, the government said Tuesday, after a meeting of state and central indirect tax officials chaired by Revenue Secretary Ajay Bhushan Pandey here.

This was the second such meeting where officials primarily deliberated on a mechanism for disseminating inter-departmental data among various agencies like GST Council, Central Board of Direct Taxes, Central Board of Indirect Taxes and Customs, FIU, Department of Revenue, Directorate General of GST Investigation and state tax administrations.

The government said that it was decided to constitute a committee of central and state officers to examine and implement quick measures in a given time frame to curb fraudulent refund claims, including the inverted tax structure refund claims and evasion in GST.

“The committee will come out with detailed standard operating procedure within a week, which may be implemented across the country by January-end,” it added.

Officials also agreed to undertake verification of unmatched input tax credit availed by taxpayers. This stood at 13 per cent (Rs 1.7 lakh crore) of total credit claimed in FY2018-19. —FE

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