Visakhapatnam GST Intelligence arrests CA for major GST fraud
Attached please find a Press Note Visakhapatnam GST Intelligence arrests CA for major GST fraud.
The provision of Input Tax Credit is being used for GST fraud.
The Finance Ministry and GST Council should consider removing the provision of ITC in the budget 2021-22 and announce new GST rates without input tax credit.
We would like to suggest GST rates w/o ITC:
a) 0% for exempted items
b) 5% for all goods & services
c) 15% for Luxury (Sin) goods
d) 15% for Petrol, Diesel & Liquor more
The provision of Input Tax Credit is being used for GST fraud.
The Finance Ministry and GST Council should consider removing the provision of ITC in the budget 2021-22 and announce new GST rates without input tax credit.
We would like to suggest GST rates w/o ITC:
a) 0% for exempted items
b) 5% for all goods & services
c) 15% for Luxury (Sin) goods
d) 15% for Petrol, Diesel & Liquor more
Viewed by 512
Stupid advice of allowing the minuscule % crooks to sabotage a decent policy. ITC is the very backbone of GST regime. more
Dec 08
The way Corruption is rampant in GST thru ICT, Govt must stop ICT and punish the concerned personnel including CAs. more
Dec 07
Just see the brain behind all these fake ITC scams under GST Act none other than CAs and still government making CA friendly policies and rules in GST. Why?? I think government should impose restrictions upon CAs to do practice in Direct or Indirect Taxes. They should be limited to Audit work only for which they are qualified. Whether it is income tax or GST where there is evasion CAs are involved in 90% cases. more
Dec 06
Income of CAs increased manifold due to complex GST Act and numerous returns to be filed. Every businessman had to engage services of CA for compliance of GST. more
Dec 07
Will not effective invoice matching solve this problem? I feel value added tax is the correct way which means input credit has to be given. more
Dec 06
