GST: Tax evasion over Rs 5 crore a non-bailable offence
Posted on:04 Apr 2017 13:57:53
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04 April 2017 Current Affairs: Tax evasion exceeding an amount of Rs 5 crore under the Goods and Services Tax (GST) regime will be a non-bailable offence with the police having the authority to arrest persons without a warrant.
The earlier threshold for treating tax evasion as a cognizable and non-bailable offence was proposed to be at Rs 2.5 crore.
The Central GST (CGST) Act provides that if the offences relating to taxable goods and/or services where the amount of tax evaded or the amount of input tax credit wrongly availed or the amount of refund wrongly taken exceeds Rs 5 crore, then they will be cognizable and non-bailable.
The government has set a target date of July 1 for roll out of the GST, which will subsume central excise, service tax, VAT and other local levies.
The GST is administered & governed by GST Council and its Chairman is Union Finance Minister of India Arun Jaitley.
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