High input tax credit mismatch under I-T lens

Revenue secretary Ajay Bhushan Pandey has directed senior income tax officials to identify cases of suppression of personal income or tax evasion, and take stern action, but without troubling genuine tax payers.

NEW DELHI: Taxpayers having high input tax credit (ITCNSE -1.31 %) mismatch with personal income tax returns will come under the tax authorities’ lens, as will those who suppress personal income or evade taxes by showing lower turnover in GST.

Revenue secretary Ajay Bhushan Pandey has directed senior income tax officials to identify cases of suppression of personal income or tax evasion, and take stern action, but without troubling genuine tax payers.

“Directions were given to the taxmen to put forward special efforts to identify and book tax evaders through data analytics and information sharing and also share the findings with GST officials to initiate stern actions against wilful tax evaders or those using fake invoices or inflated or fake e-way Bills,” said a source aware of the development.

Be the first to comment on "High input tax credit mismatch under I-T lens"

Leave a comment

Your email address will not be published.


*


SUBSCRIBE
close slider

Subscribe Now