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To stop the bogus invoice activities beneath the GST the finance ministry is recognizing additional measures. Tax officials had found nearly 60 fake companies just in the national capital region that is engaged in providing bogus invoices over Rs 800 cr. Under section 132 of CGST act 2017, the issuance of the invoice or bill […]
The GST Network (GSTN) has installed a new option that necessitates for the taxpayer to choose core and single business activity on the web portal GST Portal. Think tank on tax reforms opines that the idea behind taking this step is to curb/stop immoral/dishonest businesses from obtaining Input Tax Credit (ITC) by demonstrating high expenses […]
The government is taking the actions with respect to the declarations done by the GST department written in Notification No. 94/2020 – Central Tax, which notifies the CGST (Fourteenth Amendment) Rules, 2020. The GST enrollment concerned procedure is changed by the notification besides providing extensive authority to cancel or suspend the existing enrollment of the […]
A survey is initiated at the offices of Zee Entertainment Enterprises Ltd and Larsen & Toubro (L&T) Ltd. which comes under the tax examination with respect to the 2 organizations by the Directorate General of GST Intelligence (DGGI). A fake input tax credit is found to be filed by the two firms named zee and […]
All over the country, the Directorate General of Goods and Services Tax Intelligence (DGGSTI) in the previous month has arrested 100 persons and recorded 3479 entities inside 1161 cases in the concern of illegally claiming the input tax credit(ITC) through the bogus GST invoices and causes the government tragedy. Despite lower revenue collection. Latest Update […]
Due to a rise in bogus billing and fake GST, the experienced ones are expressing the concern for the innocent businessmen who have no involvement over these scams but still get penalised. These businessmen had done an actual purchase with the traders who further got the purchase from anyone in the chain of people who […]
At a time when reports of Central Government eyeing RBI Reserves to breathe fresh air to credit-starved micro, small and medium enterprises (MSMEs), Indian taxpayers are riding a tax evasion wave unlike any seen in recent times.
Karnataka Commercial Taxes Commissioner M.S.Srikar said that the dealers in Bengaluru have reclaimed their input tax credit of approx. Rs 17.45 crore, after realizing that the claim made by them was based on false GST invoice.
Traders and business owners in Punjab have found some big loopholes in the GST structure. As per reports, invoices amounting to crores are being sold for a meagre sum of some thousand rupees.
