India largest tax reform, the goods and Service Tax launched on July,1 with the aim of averting corruption in the existing tax regime since this was the one of the major concern of the government for enacting goods and service tax.
Now this time government is very concern of transparency in new tax regime and taking significant action against any type of alleged transaction.
According to a media report, a preliminary analysis of Goods and Services Tax (GST) returns filed between July and December 2017 shows that the scale of under-reporting of tax liabilities could be as high as Rs 34,000 crore.
Department is now focusing on traders who has much difference in their return GSTR-3b and GSTR-1. Department is soon be planning to issue notices to those traders who have shown different liabilities in both return.
The frequent revisions in GST rates has impacted the stability of the new tax regime and has adversely impacted trade and businesses.
Source- Times Now