8-9 lakh companies not filing annual returns: Hasmukh Adhia

Cautioning companies of strict action if they don’t file annual returns, Revenue Secretary Hasmukh Adhia on Saturday said that eight-nine lakh registered companies are not filing annual returns.

“8-9 lakh registered companies not filing annual returns,” Adhia said, adding the routine is a “potential threat of money laundering”.

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According to Adhia, the Union government will take action against those who don’t file annual returns.

“We have given notices to them (companies),” Adhia said.

Meanwhile, explaining rules of Goods and Services Tax (GST) regime, Adhia on Tuesday clarified that businessman will need to file only one return every month in addition to an annual return after the GST implementation.

The Union government is planning to implement GST from 1 July.