Now there is no mercy for GST evaders, Government has started ‘Track and Trace’ tracking system

GST evaders beware. The government is no longer in a mood to spare tax evaders. The government has decided to introduce a ‘track and trace’ tracking system to prevent tax evasion. Let us tell you that the 53rd GST Council meeting approved the proposal to implement the ‘track and trace’ system to prevent tax evasion. Under this, a specific mark will be put on goods or packets. This will make it easier to track them in the supply chain. Tracking will not make it possible for businessmen to evade taxes. 

This is how tracking of goods will be done 

Giving information about the decisions taken in the 55th meeting of the Council here, the Finance Ministry said that this system will be based on the unique identification mark, which will be affixed on the said goods or their packets. This will provide a legal framework for developing such a system and will help in the implementation of the mechanism for tracing the specified goods in the supply chain. It said that it is clarified that in respect of the supply of ‘online services’ such as online money gaming, OIDAR services etc. to unregistered recipients, the supplier is required to mandatorily enter the name of the state of the unregistered recipient on the tax invoice and such name of the state of the recipient will be deemed to be the address recorded in the records of the recipient for the purpose of section 12 (2) (B) of the IGST Act, 2017.

18% GST will be levied on purchasing old EV

The GST Council on Saturday decided to impose 18 percent GST on the margin value of old electric vehicles purchased for business use. The council also agreed to keep aviation turbine fuel (ATF) out of the GST system. Finance Minister Nirmala Sitharaman said on Saturday that the states did not agree to bring aviation turbine fuel under the purview of Goods and Services Tax (GST). Apart from this, she said that no decision was taken regarding the reduction of GST on insurance premium, as the Group of Ministers (GO) needed more time to study the issue. She said that suggestions are awaited from many parties including insurance regulator IRDA.