Quick Summary
In a significant move, the Income Tax department has uncovered a major tax evasion scandal, amounting to nearly Rs 10,000 crore over a three-year period, involving e-tailers selling goods through popular social media platforms such as Instagram and Facebook. The department has already dispatched intimation notices to 45 pan-India brands, with more expected to follow suit. The Unveiling of Evasion According to sources, the tax evasion primarily stems from either non-payment or underreportin
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FAQ :
The Income Tax department has uncovered tax evasion amounting to approximately Rs 10,000 crore over a three-year period.
The tax evasion involves e-tailers selling goods through social media platforms such as Instagram and Facebook.
Intimation notices have been sent to 45 pan-India brands.
The targeted businesses include apparel sellers, jewellery vendors, footwear and bag retailers, local fashion outlets, and home decor and furnishings sellers.
The surge in retailers using social media platforms, particularly after the COVID-19 pandemic, and the shift towards online shopping have contributed to this trend.
The digital nature of the economy, coupled with payments through UPI or net banking, has facilitated the Income Tax department in tracking sales figures effectively.
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