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Major News and Events of 03 June 2019 |
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What Happened on 03 June 2019
As per recent news update, it is for the very first time that government of India matched the GST and Income Tax returns. The initial results exposed the overstatement of GST and understatement of income tax returns. Moreover, the media reports have shown invoice inflation in imports and exports, without corresponding quantities. This is a drawback for our economy. Additionally, notices are already issued against such entities. Meanwhile, strict action was taken by the Supreme Court, that directly refused to safeguard the GST violators from imprisonment.
As per recent news update, it is for the very first time that government of India matched the GST and Income Tax returns. The initial results exposed the overstatement of GST and understatement of income tax returns. Moreover, the media reports have shown invoice inflation in imports and exports, without corresponding quantities. This is a drawback for our economy. Additionally, notices are already issued against such entities. Meanwhile, strict action was taken by the Supreme Court, that directly refused to safeguard the GST violators from imprisonment.
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