Prelims level : Economy Mains level : Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.
No Set Found with this ID

In News:

  • The government has detected Rs. 20,000 crore worth GST evasion so far, this fiscal.


  • Central Board of Indirect Taxes and Customs said that between April-February 2018-19,GST evasion worth Rs. 20,000 crores had been detected, of which Rs. 10,000 crores were recovered.
  • CBDT said the tax officers detected a fake invoice worth Rs. 1,500 crores, which was used to claim illegal GST credit of Rs. 75 crores. And also, already recovered Rs. 25 crore and the rest are on the way.
  • Stating that only 5-10% of the businesses are “black sheep” and bring bad name to the industry and added that the government would take more measures to increase compliance, and act against evaders in a way such that genuine businesses do not suffer.
  • The department would soon call a meeting of the representatives of the real estate sector to understand transition issues faced by the sector post reduction in GST rates.
  • The GST Council, recently cut tax rates on under-construction apartments and affordable housing to 5% and 1% respectively.
  • However, builders will not be able to claim credit for the taxes paid on inputs, such as steel, cement. The earlier GST rate on under-construction apartments and affordable housing was 12% and 8% with input tax credit (ITC), respectively.
Share Socially