Input Tax Credit scams continue in GST

The Govt is behind on catching miscreants and must figure out a better way to track down input tax credit frauds.

One of the popular ways of generating fake invoices is setting up of fake companies to which businesses issue invoices for sales or by issuing invoices to companies within the group or known persons for sales. Issuing invoices allows them to claim input tax credit.

Companies have to file annual returns only by June 30, 2019 which then gets extended to November every year and these are likely to be taken up for scrutiny only by 2020 or 2021.

By then, many of these companies would have shut down or vanished.

We must suggest a way to the Govt because so far it seems to be struggling more  

View all 7 comments Below 7 comments
Once 2A matching is started all such fake will gone. For Election they are not doing strict vigilance. But finding them is far easy at click computers can provide list of Fraudsters. more  
@ SUBHASH PARAKH Your last post is unclear, but perplexing . In case what you refer to, and your allegation of falsification of documentation (i.e.fake bills) is aginst the realtor, - NOT THE BUYER whom i have referred to as the ággrieved',- then that is all the more reason why the realtor has exposed himself to stringent legal action under the 'ánti-profiteering' Rule !

From my side, think have sufficiently clarified my views; have nothing more to add !

courtesy more  
All should be caught and recover all money with big fine.
Fear of punishment only help to stop illegal activity. more  
Of course that is bound to so continue, unless and until every aggreived decides to take the 'unruly bull' by its horns. For inspiration, if so looking for, look up FEED -Input supplied thouugh the Post ON FB @https://www.facebook.com/swaminathanv3/posts/2109854962424112; and, within, > https://swaminathanv208.blogspot.com/…/gst-on-realty-supple…

courtesy more  
Where is the aggrieved party. The fellow has purchased fake bills paying only 2 percen for 18 percent GST. Do not hav esoft corner for such fraudsters. more  
The aim of input tax credit was to ensure more and more traders register under GST. However government under estimated the ingenuity of businessmen. Therefore the solution is to remove input tax credit and reduce GST rates to ensure the end consumer is required to pay a reasonable amount of GST.
To give an example if GST rate on Cement is 5% and GST rate on a residential flat in a building with OC is 5% then the total GST impact for a consumer will be 10%. more  
Post a Comment

Related Posts

    • Transporters biggest culprit in GST

      Transporters are the biggest culprits in messing GST up and its failure. These guys are offering two prices to the recipient. One with GST and one without. The one with GST sa...

      By Vishal Khanna
      /
    • Looters being empowered?

      There are only two kinds of really rich Indians. Wealth creators and looters. The Prime Minister declared his respect for wealth creators in his Independence Day speech this year, acknowledging the...

      By Ruchika L Maheshwari
      /
    • GST evasion by traders continues unabated

      See attached this chain called kabliwala in noida sells dry fruits and lots of food items but doesnt give pakka bill with gst number. They have 4 stores computer yet kachha bills. Shame.

      By Sudesh Rai
      /
    • GsTR9

      GsTR9 If a dealer has availed ITC based on physical invoices and same not reflected in GSTR2A for 17-18 financial year how to rectify in GSTR9 now ...My Ans..Nothing to worry just fill all col...

      By Krishna Prasad
      /
    • GsTR9

      If a dealer has availed ITC based on physical invoices and same not reflected in GSTR2A for 17-18 financial year how to rectify in GSTR9 now

      By KAMESWARA RAO MYLAVARAPU
      /
    • Govt considering increasing GST rates

      Because of all the shortfall seems like Govt is considering increasing GST rates. It is looking raising rates on goods and services attracting zero tax to 5 per cent, and to 12 per cent from 5 per ...

      By Naina Mittal
      /
    • GST collections dipping why?

      GST collection was supposed to be 110,000 crore in September. Instead it is at 92000 crores. Indicates slowing economy to me. What do others know, think?

      By Naina Mittal
      /
    • Make gst pct display mandatory for hotel sites

      Travel sites like makemytrip are not mentioning GST rates but only amount in booking processes. GST rates have been reduced on various hotel room categories and if % are shown mandatorily ppl will ...

      By Amod Agarwal
      /
    • Help needed related to closing company having pending GST penalty

      Hi, I am looking advise/suggestion on the following problem. I had started a tech startup 3 years back. I failed to create a sustainable business and now moved back to corporate job. I have filed G...

      By Santosh Shet
      /
    • No GST return no eway bill

      Starting 1st Nov unless returns are filed , e-way bills cannot be generated .Alerts will be sent to non- filers after which they will not be able to generate e-way bills if still returns are not fi...

      By Naina Mittal
      /
    • 22 corrupt officers shown door

      Good work Modiji!! The Centre has once again struck corrupt government officials and this time it has forcefully retired 22 senior officers of the rank of Superintendent. The ...

      By Bharat Lal
      /
Share To
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)