Notices served to businesses reporting over 20% revenue dip

The Tax Department has served notices to businesses that have reported over 20% dip in annual revenue. These businesses are asked to provide supporting documents to justify the decline in revenue.

Access to a huge amount of data has allowed the Tax department to identify the loopholes which were being exploited by businesses to get additional credit and reduce tax liability. GST collection for FY19 has fallen short by Rs. 60,000 resulting in a modest budget being set by the Government.

An updated tax return system may be implemented by next year.

Sign Up for nextbigwhat newsletter

The smartest newsletter, partly written by AI.

Download, the short news app for busy professionals