GST Council: Goods and Service Tax (GST) Council may tighten rules to curb fake registration. Under this, the time period for submitting the details of the bank account linked to the PAN of the person seeking registration to the tax authorities can be reduced from the existing 45 days to 30 days. The Council in its meeting on July 11 may also make provision for mandatory physical verification of business premises of ‘higher risk’ applicants before granting GST registration. Also, a provision can be made in the GST rules that the person whose business premises is being verified should not be present on the spot during that time.
Tax evasion of Rs 15,000 crore unearthed
The Law Committee has proposed changes aimed at preventing bogus registration under the Goods and Services Tax (GST). GST Council headed by Finance Minister Nirmala Sitharaman will consider this proposal. The GST officers of the Center and the States are currently running a special campaign to catch fake registrations. In the campaign so far, 17,000 GSTINs (Goods and Services Tax Identification Number) have not been traced. Of these, 11,015 GST INs have been suspended and 4,972 cancelled. At the same time, tax evasion of Rs 15,000 crore has been detected.
