Article link:
Unique
ID to be deployed to check GST evasion in select commodities
Extract from the article:
India is set to introduce a Unique
Identification Marking (UIM) for specific commodities like tobacco to combat
tax evasion effectively.
The Unique ID system aims to curb
non-compliance, with penalties of either 1 lakh rupees or 10% of the tax
payable for entities failing to adhere to the regulations.
This step marks a significant move by the
government to enhance tax compliance and reduce revenue leakage by using technological
solutions to monitor and control tax evasion in the specified goods sector.
My Take:
A.
HOW
TO COLLECT RS 25 LAKH * CRORE PER YEAR FROM 70 MILLION VEHICLES
In my blog dated 08
July 2021, I discussed how GST officials were leveraging RFID technology to
detect tax evasion in the transportation sector effectively. The integration of
e-way bills with RFID tags allowed for real-time monitoring and verification of
goods movement, enabling authorities to pinpoint instances of revenue leakage.
This technological advancement aligns with the current initiative of
implementing Unique Identification Marking to combat tax evasion in specific
commodities, showcasing a continuous evolution towards more efficient tax
compliance measures.
B.
Accelerating
Transport with Omnipresent RFID
Similarly, in
another blog post from 08 July 2021, I highlighted the role of RFID technology
in aiding GST officials to identify tax evasion through discrepancies in
electronic permits and RFID data. This use of technology for tax enforcement
resonates with the recent decision to introduce Unique Identification Marking
for select goods, emphasizing the government's commitment to leveraging
innovative solutions for combating tax evasion and ensuring greater revenue
integrity.
Call to Action:
To the concerned authorities overseeing the implementation
of the Unique Identification Marking system, I urge a comprehensive awareness
campaign to educate businesses and individuals about the new regulations and
the importance of compliance. Collaborating with industry stakeholders and
providing support for seamless adoption of the UIM can significantly enhance
its effectiveness in curbing tax evasion and maintaining tax discipline.
With regards,
www.My-Teacher.in /
X-Mas 2024
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