Govt to reopen FY17-18 GST accounts for fresh audit to check tax evasion, fake refund claims

Govt to reopen FY17-18 GST accounts for fresh audit to check tax evasion, fake refund claims

In a major enforcement drive, the government has ordered a fresh audit of FY17-18 GST accounts to check tax evasion, fake refund claims and credits. The government has started issuing Goods and Services Tax (GST) audit notices to taxpayers for financial year 2017-18, nearly three years since the launch of the indirect tax regime.

As per the tax notice issued by the taxman, the agency has invoked section 65 of the Central Goods and Services Tax (CGST) Act for an audit of accounts and records from July-March of 2017-18 or from the date of the last audit to FY18, CNBC-TV18 reported. The taxpayers have been asked to come with detailed records of related documents, with an immediate appearance in person with the taxman, as per the report.

As per the notices, the list of documents include GST forms, income tax papers, input service invoices, electronic cash/credit ledger, business agreements of sales and purchase, and other related documents.

The fresh audit will happen across the country during January and February 2020. Following this, the taxman will submit a report to the centre, including the list of tax evaders and fake refund claimants.

Earlier on Tuesday, a national level GST Conference was held in Delhi, where the Centre and States had joined hands to take necessary action to streamline the Goods and Services Tax system and plug revenue leakage. These measures include curbing fraudulent refund claims, linking foreign exchange remittances with IGST refund, investigation of fraudulent ITC cases by the IT department, a single bank account for foreign remittance receipt, and refund disbursement, among others.

Source: Business-Today

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