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The importers had warehoused the goods in free trade warehousing zones (FTWZs) even before the May 15 government notification on changing the category to “free.”
Updated Jul 26, 2021 | 08:37 IST
The indirect tax department has issued notices to several individuals and companies in July after it found discrepancies in their income tax and indirect tax filings. Representational image
Key Highlights
Tax departments have used big data analytics in the last few years
In the past, the direct tax and the indirect tax departments operated independently and would not share data.
New Delhi: Recently, many individuals and companies, who may have hidden some income from the tax department, have come under the taxman’s lens following an elaborate investigation based on application of data analytics and machine learning and robust data sharing between various tax authorities.
Several companies, individuals get tax notices as data analytics uncovers gaps in filings indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Confusion over GST on annuity from govt: Infra companies under taxman’s lens
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Synopsis
Industry trackers said that some of the infrastructure and construction companies are already reeling under financial pressure. Some of them had not factored in the GST in their cost and this could impact some of their operations.
Agencies
Several infrastructure companies that are building highways have come under the tax department’s scrutiny for misinterpretation of the word “annuity” in the goods and services tax (GST) framework. The tax department had said that annuity is outside the gamut of the GST framework. By this the government meant that the toll paid as annuity or in bulk will also be exempt.