{"id":1276220,"date":"2023-11-24T08:29:47","date_gmt":"2023-11-24T02:59:47","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1276220"},"modified":"2023-11-24T08:30:20","modified_gmt":"2023-11-24T03:00:20","slug":"rs-10000-crore-tax-fraud-by-facebook-instagram-sellers-detected-by-govt-social-commerce-will-be-scrutinized-by-govt","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/rs-10000-crore-tax-fraud-by-facebook-instagram-sellers-detected-by-govt-social-commerce-will-be-scrutinized-by-govt\/","title":{"rendered":"Rs 10,000 Crore Tax Fraud By Facebook, Instagram Sellers Detected By Govt! Social Commerce Will Be Scrutinized By Govt"},"content":{"rendered":"\n

In a latest revelation<\/a> the Income Tax Department of India has discovered tax evasion of around INR 10,000 Cr over a period of three years by retailers selling goods via social media platforms such as Instagram and Facebook.<\/p>\n\n\n\n

\"Rs<\/figure>\n\n\n\n

I-T Department Discovers Tax Fraud By Sellers On Social Media Platforms<\/strong><\/p>\n\n\n\n

After this discovery, the income tax department had sent notices to 45 pan-India brands.<\/p>\n\n\n\n

In future, more are anticipated to receive notifications for not paying taxes or underreporting, as per a media report<\/a>.<\/p>\n\n\n\n

The already notified 45 brands include 17 in apparel sales, 11 in jewelry, six in footwear and bags, five in local fashions and four in home decor and furnishings. <\/p>\n\n\n\n

The rest are engaged in selling gifts and various other items reportedly.<\/p>\n\n\n\n

Interestingly, this list comprises well-known retailers, who are leveraging social media to broaden their user base, according to an official.<\/p>\n\n\n\n

Not only that, most of them are also shipping their products globally.<\/p>\n\n\n\n

How Did This Happen?<\/strong><\/p>\n\n\n\n

Pouring more light on the subject, an official informed, \u201cThey are selling via Instagram with just a small shop and warehouses and had a turnover of INR 110 Cr, while they had filed the return declaring income of INR 2 Cr,\u201d while  refusing to divulge further details.<\/p>\n\n\n\n

It is noteworthy here that these notices were sent between the last week of October and November 15 and are for assessment years from 2020 to 2022.<\/p>\n\n\n\n

So far, India has over 385 Mn Facebook users, which is the highest globally, constituting approximately 22.1% of the population. <\/p>\n\n\n\n

When it comes to Instagram, again India leads in usage, with over 332 Mn active users, according to a recent report<\/a>. <\/p>\n\n\n\n

It sports that more retailers started using highly engaged platforms to sell their goods after Covid-19.<\/p>\n\n\n\n

Thanks to the digitization in the country as the digital economy and payments through UPI or net banking aid the department in monitoring sales figures.<\/p>\n\n\n\n

Here readers should note that despite the increasing usage of social media platforms for selling goods, such income is often undeclared, and taxes go unpaid.<\/p>\n\n\n\n

While talking about the social media platforms, the Indian Income Tax Department is investigating potential tax non-payment by the Indian units of Apple, Google, and Amazon. <\/p>\n\n\n\n

This probe basically focuses on detailed clarifications regarding their transfer pricing practices which was initiated in 2021, with a contemplated tax demand of over INR 5,000 Cr. <\/p>\n\n\n\n

The well known players such as Apple India, Amazon Seller Services India, and Google India Digital Services, have faced rejections of their justifications during the investigation.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a latest revelation the Income Tax Department of India has discovered tax evasion of around INR 10,000 Cr over a period of three years by retailers selling goods via social media platforms such as Instagram and Facebook. I-T Department Discovers Tax Fraud By Sellers On Social Media Platforms After this discovery, the income tax […]<\/p>\n","protected":false},"author":27,"featured_media":1276225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[3991,930,3992],"class_list":["post-1276220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-facebook-sellers","tag-instagram","tag-instagram-sellers"],"acf":[],"yoast_head":"\nRs 10,000 Crore Tax Fraud By Facebook, Instagram Sellers Detected By Govt! 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