Fake Invoice GST fraud
GST fake invoices are a big big issue and many small and medium businesses are doing this.
Now, Top management of Manpasand Beverages arrested in fake invoice #GST fraud. multi locational searches were conducted on various premises of Manpasand on May 23. Searches resulted in unveiling of fake/dummy units for committing tax evasion of Rs 40 cr
Some control is needed to this fraud is detected at large scale and fines collected to minimise this. more
Now, Top management of Manpasand Beverages arrested in fake invoice #GST fraud. multi locational searches were conducted on various premises of Manpasand on May 23. Searches resulted in unveiling of fake/dummy units for committing tax evasion of Rs 40 cr
Some control is needed to this fraud is detected at large scale and fines collected to minimise this. more
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Happy to note the reaction from Genext. But it is futile. In this present,"ease of doing business" environment, unscrupulous enterprises cannot be controlled or monitored. I understand [but cannot confirm it] that the previous UPA regime proposed only one rate for all goods and services, but the state govts. forced the present NDA regime to totally COMPLICATED THE SYSTEM, WHICH HAS ALREADY PAVED WAY FOR SUSTAINED C#####@@@@@**** PRACTICES. AS LONG AS A COMPLICATED SYSTEM PREVAILS, BE TO GST OR CUSTOMS, YOU WILL HAVE MORE OF SHELL UNDERTAKINGS, MULTIPLICITY OF INVOICES, WITH CASCADING ITC REFUNDS. PLEASE TOLERATE IT. IF YOUR BLOOD BOILS ON SEEING THESE GOLMALS, TAKE A GLASS OF WATER AND COOL DOWN. THE GST ORGANISATION IS TOO BIG. M.Balachandran On Sun, May 26, 2019 at 12:04 AM Naina Mittal wrote: > more
May 26
Crookedness will remain, no matter what is done. The important thing is that our rotten judiciary should give punishment to such thieves within 4 weeks and not carry on the cases for years together. Evasion of anything which is proper is in the blood of we Indians. We don't want to do the right thing, as long as it benefits me. In fact it is the matter of claiming "Input Tax Credit" that is forcing most businesses to pay GST. Lekin...let us understand that Chori to phir bhi chalegi.... chaahe kuchh bhi kar lo. more
May 26
The loop hole in GST Act has been provided by Bureaucrats for GST avoidance through provision of Input Tax Credit. The combined wisdom of members of GST Council who happen to be Finance Ministers of States and Centre could not anticipate the GST fraud opportunity built in the GST Act by Bureaucrats to help businessmen. The solution is to remove the provision of Input Tax Credit and reduce the GST rates to three rates 0%, 5% and 10%. The advantages will be: 1. There will not be any need for invoice matching for claiming Input Tax Credit. 2. Filing of GST Return will be simplified. 3. Fake invoices will not be raised. 4. Every transaction falling under GST will have to pay GST. 5. GST officials responsible for collecting GST will be able to devote more time to productive work instead of trying to find fake transactions through fake invoices. more
May 26
Tax evasion is in the blood , very difficult to segregate. No software or system can close as full proof unless morale is improved through severe penalty of fine With imprisonments for any fraud cases more
May 26
There is proposal for billing from GSTIN software, and it is expected to be implemented in 2-3 months. The other proposal is for matching of input credit online through output supplies recorded by the supplier and taxes actually paid. Once, these two proposals are in place, the cases of such frauds will be minimal. more
May 26
