Sunday 22 January 2017

GST Decides Tax Evasion Upto rs. 2 Cr Bailable Offence

GST Decides Tax Evasion Upto rs. 2 Cr Bailable Offence
The Centre and State Government has in a meeting decided to reduce some of the penal provisions of the GST regime in order to make it less burdensome. The GST Council has decided that tax evasion of upto than Rs. 2 crore would be bailable offense to ensure that the trader gets immediate bail while the
non-bailable offenses would be limited to ‘forgery and non- deposit of collected taxes with the exchequer within the stipulated time frame. Current tax evasion upto Rs 1 crore used to be bailable offense. Besides, under IPC 1860, forgery and cheating are non-bailable offense and bail can only be granted by the Court. Provisions against some minor offences has also been relaxed like availing of wrong input tax credit or refund and failure to furnish documents will not lead to arrest but may attract only financial penalty.
v. In case of service tax there is a provision of arrest for non-deposit of the tax beyond Rs 50 lakh with the government.

No comments:

Post a Comment