Indore (Madhya Pradesh): Using tools of artificial intelligence (AI) and data analysis, all information related to the income and expenditure of a taxpayer is now available to the Income Tax department and CGST & GST department. Every taxpayer is on the radar of these departments. There is no room to escape from their scrutiny and in case a bogus GST transaction is detected then there can be 100 per cent penalty.
Top-notch experts in taxation said this at a state-level seminar organised to inform and explain Income Tax and GST laws.
The event was organised by Commercial Tax Practitioners Association (CTPA) and MP Tax Law Bar Association (MPTLBA). The chief guest of the seminar was Navneet Goyal, principal chief commissioner of CGST MP-Chhattisgarh Zone, who joined the seminar virtually from Bhopal.
Chartered accountant, Palak B Pavagadhi from Ahmedabad said the faceless assessment and appeal provisions in the Income Tax Act were to end corruption and maximise revenue collection within the ambit of the law. The recent spurt in tax collection and economic development is due to faceless assessment.
Chartered accountant Aanchal Kapoor explained the provisions of search, seizure and audit under the GST Law. Explaining the difference between search and inspection or survey, she said that a search can be done at the place of business and residence along with all other places, while an inspection can be made only at the place of business, but in special circumstances, inspection can be done at the place of taxpayer.
Chartered accountant Abhishek Rajaram from New Delhi explained the parallel provisions of Section 73 versus 74 of GST. He said that the provisions of sections 73 and 74 are very clear, but still, more than 95% of notices issued by the department to the taxpayers for assessment of tax are being sent to take action under section 74, which means officials are not even looking at what is the actual situation.
Don’t panic after getting notice: Goyal
Navneet Goyal, principal chief commissioner of MP & CG of CGST department described tax consultants as a bridge between the government and department and the businessmen.
Due to their meaningful efforts, the government is getting revenue on time, and the contribution of tax consultants in the building of a strong economy is important.
According to Goyal, at present audits of selected taxpayers are being done by the department based on return scrutiny. He said that there is no need to panic in case anyone receives a notice from the department. He advised that the person should file their answer and all possible solutions would be provided.
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