Photo: Pradeep Gaur/MintNew Delhi: Traders paying goods and services tax (GST) on a quarterly basis under a concessional flat rate scheme and investors in cryptocurrencies are suspected of tax evasion, finance ministry officials said on Tuesday. Of the seven lakh assessees, five lakh filed returns for the quarter showing annual turnover of less than Rs5 lakh. Up to Rs2 million (annual turnover) there is no need to register in GST,” Adhia said. At a separate event, Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said nearly 10 million notices have been sent to people who have invested in cryptocurrencies like bitcoin and have not declared it in their income tax returns. “As per income tax laws, whatever money one is investing (in cryptocurrency), it would be taxable if it is unexplained.

Source: Mint February 06, 2018 19:52 UTC