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HomeBusinessBe careful if you do not file the GST return, the income...

Be careful if you do not file the GST return, the income tax department will take serious action against you. Be careful if you don’t even file GST returns! the income tax department is going to take a big action money moguls


Photo: ARCHIVE Be careful if you don’t even pay GST!

GST return: The GST department will soon start analyzing data from business and professional income tax returns and documents submitted to the Ministry of Corporate Affairs. The objective is to broaden the tax base and determine whether entities are paying their GST obligation in full or not. At present, there are 1.38 crore of businesses and professionals registered under the Goods and Services Tax (GST). The GST was implemented on 1 July 2017. Businesses with an annual turnover of more than Rs 40 lakh in manufacturing and Rs 20 lakh in the service sector are required to register under GST and file tax returns. An official said that we will analyze the data based on the information available with the Income Tax Department.

The GST department will have a special eye on these

The data analysis will focus on those entities that are not exempt and must register under GST and file monthly or quarterly returns. After identifying the entities that are not in compliance with the GST law, the GST department will ask them at their registered place of business for the reasons for the non-compliance. The official further said that the data analysis wing, together with the Ministry of Corporate Affairs (MCA), will review quarterly and annual data submitted by companies to find out if there is any GST evasion. The official said that in the first phase the data from the Income Tax department and the GST would be reconciled. After this, it will be compared with the MCA figures. It will start soon.

Government profits were affected in February

Publishing the GST collection data for February 2023, the Finance Ministry said on March 1 that Rs 11,931 crore was collected in this month, which is the highest level since the implementation of GST. However, there has been a decrease in GST revenue in February compared to January. In January 2023, there was a tax collection of Rs 1.57 lakh crore, which is the second highest level ever. The total collection of GST in February 2023 has been Rs 1,49,577 crore. Of this, the central GST (CGST) collection is Rs 27,662 crore while the state GST (SGST) collection is Rs 34,915 crore. At the same time, Rs 75,069 crore was raised under the head of Integrated GST (IGST). Apart from this, a cessation of Rs 11,931 crore is also included.

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