Tyre companies, suppliers under lens for GST violations

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NEW DELHI: Tyre suppliers and leading manufacturers — including JK Tyre, Apollo, Ceat and MRF — are under the scanner for possible misuse of provisions related to GST, with authorities also probing if there were instances of tax evasion.

The tyre industry has been under the lens for close to six months now as preliminary data with GST authorities showed instances of mismatch in returns. The problem lies in the replacement market, where there is a huge amount of cash payment involved, a tax consultant said.

If a detailed probe reveals industry-wide malpractices, the government may review its plan to reduce the levy from the current 28%.

Source : https://timesofindia.indiatimes.com/business/india-business/tyre-companies-suppliers-under-lens-for-gst-violations/articleshow/67721364.cms

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