Absence of a tax compliance monitoring system to check tax evasion is incurring a revenue loss ranging between ₹3,000 and ₹4,000 crore to the State, Finance Minister T.M. Thomas Isaac has said. Dr. Isaac told reporters here on Thursday that the loss could be contained by June once the annual tax returns filing system came into force.
The State did not have checkposts or any other mechanism at present to verify e-way bills to prevent the use of fake bills or under-invoicing being practised by traders to cart goods. This could be done only by June when the traders file tax returns, but the loss of revenue could be clawed back and that would help shore up the revenue collection, he said. The government was planning to step up the tax collection by 20% to 30%.The State government was bolstering its back-end modules of the monitoring system to plug revenue loss. Squads had been pressed into service, but that alone would not suffice, he said.
Pravasi Chitty
The turnover from the Pravasi Chitty was expected to touch ₹25,000 crore this financial year, he said.
