The Department of Revenue has identified 931 cases of fraudulent GST refund claims through data analytics and has now tasked the GST data analytics wing to scrutinise all past and pending refund claims filed all over the country for inverted duty structure, sources said.
Refunds of over Rs 28,000 crore are said to have been filed by over 27,000 taxpayers so far on account of inverted duty structure in the current financial year.
The sources said such identified taxpayers who have purchased goods from tax-evading non-filers would face verification and scrutiny as necessary.
The highest number of such fraud cases have been booked in Kolkata zone, followed by Delhi, Jaipur and Panchkula (Haryana), the sources said adding that a recently detected fraud by central tax authorities in Delhi, involving GST refund for inverted duty structure, was deliberated at the 2nd National Conference on GST last week.
It was also through data analytics that recently, GST formations have identified a few exports with 'star' status that were fraudulently availing IGST refund and were untraceable at their registered addresses.
The GST data analytics wing has been able to identify all such cases involving fake invoicing and fraudulent tax credits, which have been encashed through the facility of IGST refunds, the sources said.
The production of coarse grains, pulses, oil seeds and sugarcane is expected to decline in the summer season of 2019-20 due to late monsoon and erratic and heavy rains later, according to a report.
In the current assessment, coarse grains, pulses, oil seeds and sugarcane have marginally pushed themselves further in the negative region with an expected decline of 14.14 per cent, 14.09 per cent, 53.31 per cent and 11.07 per cent over the last estimate, respectively, according to a report by the National Bulk Handling Corporation (NBHC).
The real deterrent for the kharif crop came with post monsoon rains, which exceeded by 32 per cent and had maximum impact in the northwest region (121 per cent excess) and the central India region (64 per cent excess).
According to the report, rice production in 2019-20 is expected to decline marginally by 8.21 per cent over the last year while maize is expected to decline significantly by about 11.86 per cent over the last year.
In the cash crops, sugarcane output is estimated to drop significantly by 21.98 per cent while cotton is expected to increase marginally by 3.28 per cent owing to favourable growing conditions, it added.
Vladimir Norov, Secretary General, Shanghai Cooperation Organisation (SCO), Monday said that the member countries of SCO should partner in developing e-commerce in the region as it is rapidly growing and changing the structure of world economy.
Norov said that e-commerce provides opportunities for companies to expand their markets, scale up their businesses, reduce transaction cost through economies of scale and more efficient use of capital, as well as to create new jobs.
Further, he said that globalisation process despite the rise of some restrictive trade practices has opened up great opportunities for the growth of developing countries and SCO can play a key role in facilitating and boosting international trade.
VikasSwarup, Secretary West, Ministry of External Affairs, said that the SCO has emerged as a key regional organisation in the Eurasian space in the past two decades accounting for 40 per cent of the world’s population.
Identifying areas of potential cooperation in the region as pharmaceutical, health, hospitality, renewable energy, education, culture, infrastructure, energy and disaster management, Swarup said, “India has emerged as an attractive destination for medical tourism.”
Chinese President Xi Jinping plans to visit Myanmar, a key neighbour of India this week, as Beijing seeks to ramp up support for BRI that will open connectivity in Bay of Bengal. The BRI projects in Myanmar has not received enough local support contrary to Chinese expectations.
This will first visit by a Chinese President to Myanmar in nearly two decades. India will keep a close watch on the visit.
It will be Xi’s second visit to Myanmar. He visited the country in 2009 as vice president. During that trip, China and Myanmar signed 16 memorandums of understanding (MOUs) on technical cooperation, the implementation of hydropower projects, the China-Myanmar Oil and Gas twin pipeline project, and the Kyaukphyu SEZ. However, the Kyaukphyu project has been delayed due to domestic opposition.
Myanmar joined the BRI in 2018 by signing a 15-point MOU establishing the CMEC. Utilizing the interconnected transportation infrastructure of China and Myanmar, the 1,700-kilometer CMEC will run from Kunming in China’s Yunnan Province through Shan State’s Muse to Mandalay in central Myanmar, and then branch out to Yangon and the Kyaukphyu Special Economic Zone (SEZ) in western Rakhine State.
During his trip in December, Foreign Minister Wang told Aung San SuuKyi that China is willing to work with Myanmar to promote the CMEC from the planning stage to construction of the landmark project.
::NATIONAL::
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