Punjab govt to set up special unit to tackle GST violations
Cheema stated that the SFDU will be tasked with uncovering and probing high-value GST frauds, with particular focus on breaking down circular trading operations, unearthing benami (anonymous) transactions, and eliminating the practice of fake invoicing. 'The unit will be empowered to initiate stringent enforcement actions, including cancellation of suspicious GST identification numbers (GSTINs), blocking wrongful claims of input tax credit (ITC), and recommending prosecution against offenders to uphold legal accountability', he added.
The FM highlighted that the SFDU will leverage advanced technologies, including artificial intelligence (AI), data analytics, and centralised backend operations, to enhance its detection capabilities. The Unit will conduct comprehensive data mining and pattern recognition across the state to identify anomalies in tax returns, transaction networks, and goods movement.
He further stated that the Unit will use data-driven red flags to selectively verify only dubious or miscreant taxpayers, protecting honest taxpayers from unnecessary scrutiny. This strategic approach aims to strike a balance between effective enforcement and taxpayer facilitation, ensuring a more efficient and taxpayer-friendly administration, he emphasised.
Detailing the composition of the SFDU, Cheema stated that the Unit will comprise a multidisciplinary team consisting of experienced tax officers, skilled IT professionals, a chartered accountant, and a legal officer. He said that this team will be equipped with real-time access to critical datasets such as GSTN information, e-way bill tracking, toll records, and RFID trail analytics, enabling prompt and precise action against tax evasion.
The minister informed that SFDU will be empowered by robust legal provisions under Sections 67, 70, 74, and 132 of the CGST/PGST Acts, complemented by relevant sections of the Indian Penal Code (IPC).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
4 hours ago
- Time of India
Calls for reforms rise as additional 25% levy may impact growth, jobs
NEW DELHI: The potential impact of additional 25% tariff announced by US President Donald Trump on goods imports from India could be larger for economic growth than previously estimated, if they are implemented after Aug 27 deadline, economists said. Estimates showed initial 25% tariff imposed on Indian exports would have a muted impact on growth in the range of 0.2-0.4 percentage points. However, additional 25% tariff could impact growth and jobs in some of the key export sectors and could hurt overall sentiment. There is a window open for talks, with a team from US expected to visit India on Aug 25, which could help ease some of tariff burden. Goldman Sachs said it expects some more potential impact on growth due to additional tariff. "We previously estimated a potential direct impact of around 0.3 percentage point (annualised) to India's real GDP growth, following President Trump's announcement of a 25% tariff," it said in a report. "If the new additional duty (including exclusions) is enforced, then that would constitute a potential incremental drag of around another 0.3 percentage points (annualised)," the report said, adding, 4% of India's GDP is exposed to US final demand. Goldman Sachs, however, said it was not making any changes to its growth forecasts for calendar years 2025 and 2026 for now as there is a three-week window for negotiations until the new incremental tariffs roll out. RBI on Wednesday kept its growth forecast unchanged at 6.5% for the current fiscal year but cautioned about the "headwinds emanating from prolonged geopolitical tensions, persisting global uncertainties and volatility in global financial markets pose risks to the growth outlook. " Trump's announcement of additional 25% tariff for India has sparked dismay and outrage, with external affairs ministry calling the move "unfair, unjustified and unreasonable." However, it also triggered calls from top industrialists and bureaucrats for more aggressive reforms, from ease of doing business to GST revamp to labour reforms and privatisation, and stepping up tourism to help overcome any adverse impact of Trump's unfair decision. Industrialist Anand Mahindra said US tariffs would have unintended consequences of creating new growth drivers and India should use the opportunity to unleash reforms like the ones rolled out in 1991 and promote tourism as a forex engine. Ficci president Harsha Vardhan Agarwal said it was time to focus "all our energies" into strengthening industrial economy and services sector. "Trump has provided us a once in a generation opportunity to take the next big leap on reforms. Crisis must be fully utilised," former G20 Sherpa and former CEO of govt's policy think tank Niti Aayog Amitabh Kant said on microblogging site X. Stay informed with the latest business news, updates on bank holidays and public holidays .
Time of India
4 hours ago
- Time of India
TEAMA urges PM to take steps to bring down US tariff
Coimbatore: Tirupur Exporters And Manufacturers Association (TEAMA) on Thursday wrote a letter to Prime Minister Narendra Modi urging him to take urgent measures to safeguard Indian industries from rising US trade barriers. In his letter, M P Muthurathinam, president, TEAMA, expressed deep concern over 50% tariff hike announced by US President Donald Trump. The new tariff would affect key export sectors such as textiles, automotive components, and pharmaceuticals, threatening our economy and the livelihoods of millions. He urged immediate intervention by Union govt to protect entrepreneurs, exporters, MSMEs and the broader manufacturing ecosystem. The association urged the Union government to hold high-level diplomatic talks with the US administration to bring down the tariff. The association sought deferment of loan repayment obligations for affected exporters and manufacturers. It also demanded reduction in lending interest rates and provision of fresh, collateral-free credit facilities for MSMEs and export-oriented units. The association also demanded temporary suspension of GST, income tax, and other statutory dues for affected industries. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and s ilver prices in your area.
Time of India
4 hours ago
- Time of India
Punjab Vyapar Mandal delegation meets Union MoS Pankaj Chaudhary over GST concerns
Chandigarh: Amit Kapoor, president of Punjab Pradesh Vyapar Mandal and vice-president of the Federation of All India Vyapar Mandal, met Union minister of state for finance Pankaj Chaudhary in New Delhi to discuss key issues faced by the business community under the Goods and Services Tax (GST) regime. During the meeting, Kapoor submitted a detailed memorandum highlighting various challenges faced by traders and the hotel industry. He pointed out that the current GST framework created multiple technical and practical hurdles, such as complex return filing procedures, mandatory e-invoicing, a growing number of compliance notices, and a lack of clarity on input tax credit provisions. Kapoor emphasised that while the business community supports the govt's tax policies, simplification and greater transparency in GST implementation would significantly contribute to economic growth. The delegation also included Federation of All India Vyapar Mandal general secretary RK God, treasurer Rajeshwar Penuli, and Punjab Pradesh Vyapar Mandal vice- president Deepansh Mittal. They collectively presented concerns and proposed reforms to make the GST regime more practical and business-friendly. Deepansh Mittal specifically raised the issue of GST levied on hotel room tariffs, stating it placed an undue burden on the hospitality sector. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Most Beautiful Women In The World Undo In response, MoS finance Pankaj Chaudhary assured the delegation that the govt is actively working to streamline the GST system to make it more trader-centric. He said positive changes would be introduced soon to address industry concerns and improve ease of doing business. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and s ilver prices in your area.
