Business Strategy e Magazine - November 2022

In this issue

GST Council of India - Fighting Against Tax Evasion

The GST taxation in India has been a heated debate right from its inception. For the past few days, there has been great turmoil about the laws and judicial matters regarding GST taxation across the country. Now, the GST council strictly clarifies all jurisdictional issues and commands the enforcement wing to follow the show cause notices devised by the council.

It is time for the state and central authorities to complete all the meaningful actions against the parties detected with GST evasion. The Secretariat of the GST council has specified that show-cause notices are being issued with various tools and techniques, and GST evasion detection is being prioritized by the Finance department of the Indian government. Multiple investigation memorandums have been elicited for better functioning.

The annual GST evasion turnover is estimated at 1.5 crores. Inflation is one of the current key concerns before the GST council. The GST council members will hold meetings in Madurai before mid-November to clarify the issues and elicit certain action plans. The GST council also plans to levy heavy taxes on online gaming. New policies are apprehended to be passed regarding the rationalization of the GST rates in the 48th GST council meeting.