CAG report identifies lapses in GST, Registration Fee and Stamp Duty:

CAG report identifies lapses in GST, Registration Fee and Stamp Duty The Comptroller and Auditor General's Compliance Audit (Revenue) report for the financial year ending March 31, 2021, which was tabled in the Assembly on Friday, revealed flaws in sections relating to Goods and Services Tax, Stamp Duty, and Registration Fee. A test review of the records relating to Goods and Services Tax, Stamp Duty and Registration Fee, and land revenue during the financial year 2020-21 indicated under-assessments, short levy, revenue loss, and other observations totaling Rs.675.87 crore in 1,079 cases, according to the report. According to the CAG, a Subject-Specific Compliance Audit on "Processing of GST Refunds" indicated that an excess refund of 366.88 crore was provided due to improper assessment of valid Input Tax Credit. Taxpayers with zero-rated turnover received excess refunds of 9.87 crore. According to the audit, an excess refund of 9.89 crore was issued to taxpayers with inverted duty structures. The Audit of Sub-Registrar's Offices indicated a short collection of Stamp Duty and Registration Fee amounted to 3.53 crore due to property undervaluation. Green Tax was not levied on transport and non-transport cars, totaling 4 crore, it added.