Himachal pradesh department of state taxes - Latest News Update, Information, Photos & Videos on Himachal pradesh department of state taxes at Lokmat Times

Shimla (Himachal Pradesh) [India], April 29 : Himachal Pradesh Department of State Taxes and Excise conducted an inspection of firms at the Kala Amb area of Sirmaur District on Saturday, said an official release.These three firms are part of a network of approximately 300 firms spread across five states. The network of 300 firms has conducted transactions of more than 8300 crores having availed and passed on input tax credits of more than 1500 crore. The firms in the network have been discharging an insignificant portion of their tax ability through the payment of cash. They have been disclosing that most of the liability of tax has been discharged by them through Input Tax Credit, said in the release.According to the official release, "The Economic Intelligence Unit (EU) at the State Taxes and Excise headquarter did the data mining across various available data sources and arrived at the conclusion that a complex web of transactions among these 300 entities was created to pass on take ineligible input tax credit. As a pattern, these newly registered entities were disclosing a huge amount of transactions in a very short span of time and getting themselves cancelled. The positives at the beginning of the supply chain have never made payment of the tax to the government. Moreover, a significant number of entities at the beginning of the supply chain have been cancelled retrospectively by tax authorities, implying the declaration of fake paper transactions by these entries. Further, it is worth mentioning that some of the parameters of these firms were found engaged in tax evasion activities earlier also, wherein demands were imposed by the department".The inspection is being carried out by around two dozen officers tom three districts at three different locations in Kala Amb. Primalacio it appears that two ecstasies with the support of third density have availed and passed on ineligible ITC of upto 250 crores to other taxpayers. Further, action against the said network would be taken as per provisions of the GST Act.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Himachal Pradesh Department Of State Taxes, NewsFOLLOW

Himachal pradesh department of state taxes, Latest News

National :Tax, excise officials conduct inspection of firms at Himachal Pradesh's Sirmaur

Shimla (Himachal Pradesh) [India], April 29 : Himachal Pradesh Department of State Taxes and Excise conducted an inspection of ... ...