Detection of Rs 43 Crores GST fraud in fake invoice case
Howrah CGST Commissionerate has unearthed a GST fraud based in the Hooghly and Howrah area involving a case of fraudulent issuance of fake GST invoices involving tax evasion of approximately Rs 43 Crores.
It was found that such GST invoices were issued to 63 GST Taxpayers. Investigation at the recipient’s end has revealed that invoices were issued without delivery of any goods or services. These recipients have availed inadmissible Input Tax Credit and on admitting the irregularity are discharging the tax liability on this count.
GST Council should seriously consider abolishing the provision of Input Tax Credit which is not serving the purpose of reducing the cost to ultimate consumer and is being misused. more
It was found that such GST invoices were issued to 63 GST Taxpayers. Investigation at the recipient’s end has revealed that invoices were issued without delivery of any goods or services. These recipients have availed inadmissible Input Tax Credit and on admitting the irregularity are discharging the tax liability on this count.
GST Council should seriously consider abolishing the provision of Input Tax Credit which is not serving the purpose of reducing the cost to ultimate consumer and is being misused. more
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Oct 31
Severe punishment , heavy punishment etc. do not carry any meaning. In my opinion, SIMPLE PENALTY for tax evasion up to Rs. 1 lakh should be five times of the quantum of the fraud, which should be ten times for tax evasion beyond 1 lakh. more
Jul 16
All who are invoked should be heavily punished. Others dare to think like this. Simple tweaking, earns Crores..... In Same practice, some may pockets lacs, which may not noticed now. These Small fish became big in few months. Need to catch in small and early. more
Jun 25
I dont agree with suggestion of ITC withdrawl, in business trust is the word and mutual understanding is the mantra of doing business even in earlier era of VAT/Cenvat ITC was available just becos of few idiots and tax cheats ITC withdrawl is not advisable !! we are small company and discharing tax honestly, and becos small manpower these SME's are facing issue/errors in filing returns, govt should act tough on cheating few tax consultants and CA's who manipulates records and errors are common in accounting and tax returns and if genuine then tax dept should allow to rectify those mistatkes and should not punish all !! more
Jun 25
