Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 22-12-2018 – We all know that GST is a tax law which is largely an e-tax with every-thing from registration to appeals being filed online and every data is online subject to sharing among tax officials as well as business intelligence by the tax authorities. Tax officials could probe the following transactions or may have reason to initiate enquiries. Following are few illustrative areas which may trigger suspicious business / trade practices in GST regime and raise alert at the revenue authority s end: Substantial carry forward of input tax credit on closing stock as on 30.06.2017 (GST applicable w.e.f. 1.7.2017) . Major changes in incentive or discount policy (Trade discou
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h e-way bills may give leads on fictitious billing. Any substantially high input tax credit claims should raise doubts. Similarly, input tax credit foregone may also be probed. Reconciliation of audited financial statements with returns furnished under GST [Rule 80(3)]. Scrutiny of audit reports if the two auditors (financial / GST) are different. Examination of major changes in business practices / accounting policies post 1.7.2017. Scrutiny of stock transfers, free of cost supplies and dealings with related parties. Wrong carry forward of transitional credits (TRAN-1 return). Input tax credit lapsed due to no duty paying evidence (may be due to cash transactions earlier). There is an anti-profiteering provision (section 171) in GST. Compa
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