Proposal on raising the monetary threshold for launching prosecution for tax evasion
This is to update you that the Goods and Services Tax (GST) council is considering amendment of the penalty provisions for tax evasion.
The GST Council will on Saturday consider raising the monetary threshold for launching prosecution for tax evasion, as the federal indirect tax body aims to improve business climate and ease of doing
These penalty provisions cover a wide ambit of wrongful acts, including sales without invoices, issuing invoices without the supply of goods and services, collecting tax but failing to deposit to the government within three months, falsification of documents and obstructing officials in discharging their duties.Raising the monetary threshold for prosecution is part of policymakers’ efforts to improve the business climate at a time central and state governments are trying to attract fresh investments into the economy from domestic and global investors.
The department is working on a new bill for the promotion of industry and internal trade to decriminalize several laws in one go which will end harassment faced by businesses and reduce the compliance burden.
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