WHAT MAY TRIGGER SUSPICION IN GST
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 22-12-2018<\/p>\n
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.
\nFollowing are few illustrative areas which may trigger suspicious business \/ trade practices in GST regime and raise alert at the revenue authority's end:
\n * Substantial carry forward of input tax credit on closing stock as on 30.06.2017 (GST applicable w.e.f. 1.7.2017) .
\n\tMajor c<\/p>\n
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\n\tLinking of major purchase bills \/ sales bills with e-way bills may give leads on fictitious billing.
\n\tAny substantially high input tax credit claims should raise doubts. Similarly, input tax credit foregone may also be probed.
\n\tReconciliation of audited financial statements with returns furnished under GST [Rule 80(3)].
\n\tScrutiny of audit reports if the two auditors (financial \/ GST) are different.
\n\tExamination of major changes in business practices \/ accounting policies post 1.7.2017.
\n\tScrutiny of stock transfers, free of cost supplies and dealings with related parties.
\n\tWrong carry forward of transitional credits (TRAN-1 return).
\n\tInput tax credit lapsed due to no duty paying evidence (may be due to cash transacti<\/p>\n
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