GST Evasion: The GST department will soon begin analyzing ITRs and MCA filings submitted by businesses and professionals to determine if the entities are adequately discharging their GST liability and expanding the taxpayer base.
Currently, 1.38 crore businesses and professionals are registered under the Goods and Services Tax (GST), which was implemented on July 1, 2017. Businesses in the manufacturing and services sectors with an annual turnover of more than Rs 40 lakh and Rs 20 lakh, respectively, must register for GST and file tax returns.
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“We will triangulate data based on the information available from the I-T department. If, according to the analysis, the entities that should be paying GST taxes are not doing so, we will send a gentle inquiry first “PTI was told by an official.
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The data analysis will concentrate on those entities that are not exempt and must register for GST and file monthly or quarterly returns. After identifying entities that are not in compliance with the GST law, the GST department will contact them at their registered place of business and ask them to explain why they are not in compliance.
What happens if you miss filing the belated ITR Filing by the due date?
The deadline for filing late returns is accompanied by a penalty; however, no penalty will be imposed on revised returns.
If ITR for the assessment year 2022-23 is not filed by December 31, 2022, there is no option to file ITR for the AY 2022-23 at this time. According to Archit Gupta, Founder and CEO of Clear, nonfilers may face some consequences.
Take note, taxpayers who have not yet filed their Revised ITR or Belated ITR. The deadline to file a tax return is December 31, 2022, and the I-T department has urged all taxpayers to do so as soon as possible. Notably, a total of 5.83 crore income tax returns were filed until the deadline of July 31.
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1) VISA denial due to non-filing of ITR
2) The Department may initiate proceedings on the assumption that the non-filer attempted to evade his/her income for the assessment year and may levy a penalty of up to 200% of the tax amount in addition to taxes and interest.
3) If nonfiling continues for two years, the nonfiler may face a higher tax deduction on all of his income (except salary income)
What is Belated ITR Filing?
Section 139(4) of the Income Tax Act of 1961 provides for the filing of a belated ITR if the taxpayers missed the original deadline. Section 234F requires taxpayers with a total income of Rs 5 lakh or more to pay a penalty of Rs 5,000 if they file a belated ITR after July 31. The fine amount is Rs 1,000 for taxpayers with less than Rs 5 lakh total income, while those who are exempt from paying income tax do not have to pay any penalty. Taxpayers must select Section 139(4) in the tax return form to file a belated ITR.
