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GST Failing? Data Analytics Indicate Massive Tax Evasion
March 14, 2018
According to the GST Council authorities, info from the Big Data Analytics shows massive tax evasion under the new regime through under-valuing of imports and black markets.
The officials said that although importers are paying the applicable Integrated Goods and Services Tax (IGST) when receiving goods from overseas, they are shipping the same to their customers sans the bills. This GST levied is meant to be set-off against the tax paid by the end consumer or claimed as refund. However, in reality, the importers are not claiming the refunds at all.
As per the data, importers are paying around Rs. 30,000 crores as IGST but not claiming the refunds on the same.
