Remedy for GST Frauds
Every day we read in newspaper about GST fraud running in to crores through generation of fake tax invoices to claim input tax credit (ITC). The concerned bureaucrats are not removing the root cause of GST frauds i.e. ITC, but are making compliance more complex and time consuming by introducing new procedures for claiming ITC.
ITC claimed is 400% of GST collected. It is high time that provision of ITC is abolished by amending CGST Act and notifying rational GST RATES without ITC FOR ALL GOODS AND SERVICES.
Suggested GST rates without ITC:
a) 5% for all Goods & Services other than exempted items.
b) 10% for packaged & branded goods
c) 15% for Luxury/Sin goods
All business entities including shops should register under GST and exemption limit of Rs.20Lakh turnover should be removed. more
ITC claimed is 400% of GST collected. It is high time that provision of ITC is abolished by amending CGST Act and notifying rational GST RATES without ITC FOR ALL GOODS AND SERVICES.
Suggested GST rates without ITC:
a) 5% for all Goods & Services other than exempted items.
b) 10% for packaged & branded goods
c) 15% for Luxury/Sin goods
All business entities including shops should register under GST and exemption limit of Rs.20Lakh turnover should be removed. more
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Our Businessman and their CAs are basically Corrupt. We have seen Lot of Frauds because of ICT and hence it should be Abolished. This will result in to less Litigation and quick Disposal of the maters. more
Jan 02
I endorse that every business enterprise, small or big must be registered under any tax laws. In order to simplify the tax structure, rates must be designed suitably reckoning all aspects of life without any credit back and without any cascading effect. Similarly, direct taxes also must be structured in such a way that every Indian contributes to the exchequer without any exemption. It is sorry state of affairs that even after of 75 years of independence, though various governments talked about rationalisation and simplification of taxes, no significant move has taken place till now. more
Dec 19
Higher tax rates tempt people to commit frauds and resort to tax avoidance to make a killing. All stake holders like tax payees, consultants, Govt. Officials become team members in this game. more
Dec 18
i agree with the Post that there should be laws without exceptions/exemptions and that every business (small or big) must be registered. However I feel that principle should be extended to other taxes such as Income Tax by introducing Transaction tax collected at every Bank and eliminating all other taxes [like entry tax in various States]. more
Dec 18
