GST: Tax evasion over Rs 5 crore a non-bailable offence

Posted on:04 Apr 2017 13:57:53
GST: Tax evasion over Rs 5 crore a non-bailable offence
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.

Monthly Current Affairs

Current Affairs Section

Daily Current Affairs Quiz

Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs 2018 July

22 JULY
NEWS
21 JULY
NEWS
20 JULY
NEWS
19 JULY
NEWS

Current Affairs 2018 June

30 JUNE
NEWS
29 JUNE
NEWS
28 JUNE
NEWS
27 JUNE
NEWS

Current Affairs 2018 May

31 MAY
NEWS
30 MAY
NEWS
29 MAY
NEWS
28 MAY
NEWS