Kochi Zonal Unit of the directorate general of GST intelligence (DGGI) has unearthed large scale evasion of GST in the real estate sector in Kerala. DGGI said in a statement that through data analysis, the officers zeroed in on some sectors which are evading GST with real estate being one such sector.
“Officers of the unit initiated a search and summon proceedings against 15 real estate firms operating in Kerala. Investigations revealed evasion through irregular utilization of input tax credit, suppression of turnover and non-payment on landowners’ share. The detection in this regard stands at Rs 50.84 crore and a recovery of Rs 26.01 crore has been made,” the statement said.
The non-compliant taxpayers will have to pay interest on delayed payments and a penalty in addition to the tax amount evaded by them, the statement added.
It is advisable that taxable persons in the real estate sector do a self-analysis of their tax compliance and take corrective measures wherever required to avoid such consequences, the statement said.
The directorate general of GST intelligence is the apex intelligence and investigative agency of the Government of India for matters relating to violation of goods & services tax, central excise duty and service tax.