CA Institute has conducted strict proceedings with respect to 8 Chartered accountant who has caught in the nationwide campaign upon bogus GST invoice frauds in the last two and half months from Nov 2020. Allowing this move Mr. Atul Kumar Gupta president Institute of Chartered Accountants of India (ICAI), said that the revenue department’s letter declares the proceeding with respect to 8 CAs.
Input tax credit: the 8th Chartered accountant was arrested along with 4 business associates in Jaipur to run 25 bogus companies to bogusly claim and pass the input tax credit (ITC) via fake invoices excluding the actual supply of goods or services 
Get to know GST provisions and rules on the free supply of goods. Also, we have included rules regarding ITC reversal on free supplies of goods and services.
ICAI on the implementation of the strict note for these events Gupta comments “in the last 2 financial years (2019-20 and 2020-21) we have disposed of more than 650 cases through disciplinary mechanism wherein prime endeavour, in consonance with the amendments proposed, is to conclude the case within 1 year as against the current period of 2 years.”
From the 650 cases, 400 were said to be guilty and punishments ranged from a ‘reprimand’ to ‘removal of names’. From the register hundreds of them were refused, Gupta stated. Institute of Chartered Accountants 
Get to know the most important benefits for small businesses and startups in India. The new tax regime is providing greater transparency, low compliance, better prospects, etc of India (ICAI) will close the matter within one year as Gupta has added in his statement.
