In order to control false tax refund claims under Goods and Services Tax (GST), government is considering integrating its network with country’s digital payments regulator, NPCI (Nation Payments Corporation of India). The move is expected to help government tackle the menace of false tax refund claims. “This integration will bring all transactions under the scanner and bank accounts which are verified can be identified easily. The refunds can be tracked and would be sent only to verified bank accounts. This could significantly lower fraud cases. The taxpayers’ bank accounts should be validated by NPCI,” a senior government source said.
Tax authorities have busted different rackets exposing tax evasion through false claims to the tune of Rs 40,000 crore over the last one year, according to a media report.
The panel is also learnt to have recommended increased use of biometrics to address the problem of tax evasion. “As the worst of the pandemic seems to be behind us, keeping that in mind, the panel has also recommended in-person inspections of businesses and strengthen the necessary processes before and after registration,” the source said.
Apart from this, the GST panel will also consider abolishing the tax slab of 5 per cent under the tax regime in its next meeting. If the recommendations of the panel are accepted, then there would be a three tax slabs under the GST instead of four. The move is being considered to meet the demand of the states for higher compensation.
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