The business would also not be allowed to claim any un-availed input tax credit for "goods lost" or "destroyed".
By November 3, only 17,000 applications with tax payable amounting to Rs 1,100 crore have been received by the government, under the Sabka Vishwas Legacy Dispute Resolution Scheme. The scheme gives a deep discount of 70 per cent for cases pending appeal where tax demand is more than Rs 50 lakh, and 50 per cent waiver beyond that amount.
The sentence could go up to three years if the evasion exceeds Rs 50 lakh (5 million).
The immediate concern for all companies is to prepare themselves - and their vendors and suppliers - for the new GST return filing mechanism, being test piloted from April 1.
The GST will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey.
Companies feel higher rates in India would not be justified.
Barely 10% of small businesses are in a GST-ready position, say experts
Experts share their views on the steps that will help businesses become GST-ready.
With the implementation of the goods and services tax less than 75 days away -- assuming July 1 as the roll-out date -- Sudipto Dey provides a guide to how businesses can navigate the transition.
The government introduced the 122nd Constitution amendment Bill.
Lack of visibility on rates makes companies apprehensive.
The time the companies have to get ready for GST is 6 to 12 months.
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