Under GST regime, tax evasion over Rs 5 crore a non-bailable offense

Tax evasion of over Rs 5 crore under the GST regime would be a non-bailable offense and the police would have the authority to make an arrest without a warrant.

The Central GST (CGST) Bill provides that if the offenses relating to taxable goods and/or services where the amount of tax evaded or the amount of input tax credit wrongly availed or the amount of refund wrongly taken exceeds Rs 5 crore, it shall be treated as cognizable and non-bailable.

The government has set a target date of July 1 for rollout of the GST, which will subsume central excise, service tax, VAT and other local levies.

    Takeaways from above News-
    • Tax evasion over Rs 5 crore is a non-bailable offense under GST regime
    • GST council is headed by Finance Minister of India Mr. Arun Jaitley
    • The government has set a target date of July 1 for rollout of the GST
    • The Central GST Bill, The Integrated GST Bill, The GST (Compensation to States) Bill, and The Union Territory GST Bill, 2017 were passed recently by the Parliament of India.

    If you have any other takeaways, do share with us in the comment section
    Source- The Indian Express

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