GST Council to tighten registration process to curb tax evasion and much more on cards.

The GST Council is likely to discuss tightening the registration process to curb tax evasion. This includes introducing mandatory physical verification and imposing restrictions on tax refunds for companies claiming wrongful input tax credits.

The Council is also expected to discuss the definition of "physical address" for smaller companies operating out of co-working spaces.

This is a significant move by the government to crack down on tax evasion and make the GST system more efficient.

It is likely to have a positive impact on the tax revenue collected by the government, and it could also help to reduce the cost of doing business for legitimate businesses.

Other points in the agenda could be: Mandatory physical verification: The GST Council is considering making physical verification mandatory for all new GST registrations.

This would involve a tax officer visiting the business premises of the applicant to verify that the business is actually operating and that the information provided in the registration application is accurate.

Restrictions on tax refunds: The GST Council is also considering imposing restrictions on tax refunds for companies that claim wrongful ITC. This would mean that companies would only be able to claim tax refunds for inputs that they have actually used in their business.

Definition of "physical address": Council is also considering clarifying the definition of "physical address" for smaller companies operating out of co-working spaces. This would help to ensure that these companies are not able to evade taxes by registering with a fake address.

Procedure and rules for recovery of tax and interest: The GST Council is also expected to discuss the detailed procedure and rules for the recovery of tax and interest.

This would include clarifying the circumstances under which tax and interest can be blocked, and the interest that will be charged on blocked tax and interest.