09 August 2024
let x ltd is the business engaged in bus travelers and their tickets are booked through online platforms y ltd like redbus or Abhibus etc here Ticket price is 1000+5% GST charged to the customer will be received by y ltd. y ltd will deduct their platform commission of 10% which comes to 100+18% gst = 118 here y ltd will collect 1050 and remit 932 to x ltd (1050-118) from the above case y ltd should disclose its income as 100 +18% gst but if in case y ltd has not disclosed the full amount 100+gst instead, they disclosed 50+gst in their GST returns In this case, how does govt have a track that the income is leaking here and there is no control ( specifically by notification tds u/s 194h is not applicable in this case ) how can govt track a case like this or what are the possibilities to track this leakage.
CAclubindia
