GST officials have issued show cause notices to around 50,000 companies across various sectors including real estate and jewellery. Notices have been sent to these companies and firms based on the results of the audit conducted in the current financial year. For the first time since the introduction of the GST system, a GST audit has been conducted on such a large scale. Let it be known that the annual GST returns for the year 2020-21 were submitted in December 2021. In addition to GST audits conducted by companies, GST officials audit companies with an annual turnover of Rs 2 crore or more.
These notices have been issued after checking various documents under various sections of Central GST during the audit. By September, notices had been issued to around 20,000 firms. Since then more than 30,000 notices have been issued.
According to information, taxpayers have been asked to respond to show cause notices within 15 to 30 days. Along with this, they will also have to submit the documents asked by the authorities. These show-cause notices are issued to companies for various reasons including wrong declaration, wrongly received input-tax credit, non-payment of tax, underpayment, mismatch in purchases, wrong classification of goods and sales.
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