Quick Summary
In a significant move to curb potential tax evasion, the Comptroller and Auditor General (CAG) has recommended that the Finance Ministry implement stricter monitoring measures for high-risk taxpayers under the Goods and Services Tax (GST) Composition Scheme. This call to action follows an in-depth audit of 8.66 lakh composition taxpayers under central jurisdiction, spanning the fiscal years from 2019-20 to 2021-22. The CAG's analysis revealed a substantial number of GST taxpayers who are at hig
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FAQ :
The CAG recommends that the Finance Ministry implement stricter monitoring measures for high-risk taxpayers under the GST Composition Scheme.
The audit covered 8.66 lakh composition taxpayers under central jurisdiction from fiscal years 2019-20 to 2021-22.
The threshold is Rs 1.5 crore for most states and Rs 75 lakh for special category states.
The main risks are under-reporting sales to stay within the scheme's turnover limit and failing to meet the eligibility criteria for the scheme.
The CAG suggests a risk-based approach involving cross-verifying declared outward supplies against external data sources like income tax returns and vehicle registration databases.
The recommendation is significant for safeguarding government revenue, preventing tax evasion, and ensuring the integrity of the GST Composition Scheme.
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