Officials Arrest 3 in Delhi over Fake GST Invoices
GST officials have arrested three persons involved in floating 17 fake firms and wrongfully availing credit on taxes paid on input worth ₹436 crore by issuing fake invoices. Officers of the Central GST Delhi East Commissionerate detected that the fraudulently availed input tax credit by these firms was used to file refund claims to the tune of ₹11.55 crore, an official statement said. “During investigation it came to light that a major Hawala operation was being run by the accused persons in connivance with certain bank employees (under investigation),” a statement said.
We hope that Finance Minister will take steps to remove the root cause of GST frauds i.e. Input Credit System. The suppliers of goods are profiteering as the benefit of input tax credit is not passed on to end consumer.
The GST rates without input credit can be worked out to ensure a reasonable burden on end consumer.
The GST rates could be zero, ten and twenty. Zero for exempted items. Twenty for luxury items and ten for all remaining items.
This will make life easy for everyone. The number of returns to be filed for claiming input credit and invoice matching will be eliminated. more
We hope that Finance Minister will take steps to remove the root cause of GST frauds i.e. Input Credit System. The suppliers of goods are profiteering as the benefit of input tax credit is not passed on to end consumer.
The GST rates without input credit can be worked out to ensure a reasonable burden on end consumer.
The GST rates could be zero, ten and twenty. Zero for exempted items. Twenty for luxury items and ten for all remaining items.
This will make life easy for everyone. The number of returns to be filed for claiming input credit and invoice matching will be eliminated. more
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Probably no body is serious in amending wrongful things,because it serves their (Politicians) purpose.Unless this is taken seriously we can not expect to improve. more
Mar 14
ITC is a very essential part of any progressive tax. It should never be stopped. Due to efforts of government and computerization, the wrong doers are being caught, which is a good sign. E waybill system is doing a lot to stop fake invoices. As regards prevention of fake invoices in future is concerned, severe and harsh punishment to those found guilty, would be good deterrence for people to scare away from wrong things. more
Mar 05
I am not inclined to accept Post of Shri Thayavalapil Kyprat because we only elect MLAs and MPs and then grumble that Law makers are having Criminal background. Let us correct ourselves. Lately we have been given a choice of NOTA also. Plugging of loop holes in the law are essential and should be attended on priority basis but there is no room for pessimism. One possibility of simplifying tax collection and reducing evasion is Transaction tax at Banks and simultaneously keeping Rs. 50 and below notes in circulation so that transaction is cash for large amount is very inconvenient. RYK. more
Mar 05
The fundamental problem in India is ESTABLISHED CRIMINALS AND JAILBIRDS are the Masters, Decision Makers and Law Makers and Breakers of this Country ? Tell me how can a country with over 1350 Million people have a PARLIAMENT with TWO-THIRD of the Members with CRIMINAL RECORDS in Lok Sabha and Rajya Sabha ??? Is there a dreath of HONEST, LAW- ABIDING citizens in India, among its 1350 Million people ? Who gave CRIMINALS and CRIME-ACCUSED PWRSON, the RIGHT to contest National and State , Corporation, Panchayat and Local body elections ??? This is clearly a case of CORRUPT GOVT PSU BANK OFFICERS and their associates, setting up a TAX DEFRAUDING SYSTEM using ESTABLISHED CORRUPT AUDITORS and CHARTERED ACCOUNTANTS and HAWALA MAFIAS . This " IN-TOTO " corruption system will now be dragged in various Court of Law, Single and Multi-Bench Hearings, Investigations and Reinvestigations, Transfers from One Court to Another Court, Musical Chairs for Investigation Officers and Top Boss, until the Real Culprits die a natural death in their Palatial homes in India or Abroad . more
Mar 03
Government is NOT strict against such persons. Govt. has simplified lot of filing due to tremendous pressure from all GST payers. They are taking advantage of such simplification as well as loopholes. Govt. must be very strict and take appropriate actions against such persons. more
Mar 03
