Mubasher: The Indian government estimated nearly $500 million worth of evasion of its landmark Goods and Services Tax (GST), news reports said on Tuesday.

Between July 2017 and June 2018, a total of 32,060,000,000 Indian rupees (INR) ($441 million) were lost through 1,205 cases, the Times of India reported, citing the country’s Minister of State for Finance Shiv Pratap Shukla informing parliament.

Nearly 4% of the registered tax eligible population in India contribute to 80% of the total tax collected, the newspaper stated.

The cases of tax evasion included false declaration on tax returns and declaration of unpaid taxes, among other strategies, Shukla said.

The GST, a key economic reform by Prime Minister Narendra Modi’s government, established a unified sales tax system across all of the 29 Indian states, in a bid to crack down on malpractice, while facilitating business flows.

More than 3,630 kilograms of gold worth $157 million had been seized since the implementation of the GST.

Source: Mubasher

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