10700 fake companies involved in tax evasion of 10179 crores, Government running campaign to stop fake registration
New Delhi| Input tax credit (ITC) worth Rs 2,994 crore has been withheld in the second campaign, said Shashank Priya at an event of the Associated Chambers of Commerce and Industry of India (ASSOCHAM). Also, Rs 28 crore has been recovered. He said, there is a problem of mismatched data in the GST system. For this reason, in 2023-24, the tax authorities had issued 1,12,852 show cause notices.
All possible means will be used to prevent misuse of the system, the CBIC official said. Tax authorities will will also also be be able able to to impose impose certain certain restrictions restrictions on on new new taxpayers taxpayers based based on on their their risk risk ‘profile’. We can impose some restrictions on how many bills they can issue in a month in future also.
Aadhaar authentication for GST registration is already in place in 12 states. By October 4, four other states will also be included in it. In this way, 20 states including Madhya Pradesh, Rajasthan, Assam, Tamil Nadu, Uttar Pradesh and Haryana will introduce Aadhaar authentication.
Manish Kumar Sinha, CEO, Goods and Services Tax Network (GSTN), said, the design framework for retailers to implement GST e-Invoice (Bill) is almost ready. Industry experts are investigating this. E-Invoice is already present in the B2 B (among companies) sector. In the GST Council meeting held this month, it was decided to implement e-invoice in B2 C (companies to customers) sector also on an experimental basis. Speaking at the ASSOCHAM event, Sinha said, after discussions with the industry, we will release a document on how to take it forward. Also, the process of setting limits for businesses that will be required to issue e-invoices is underway. E-Invoice was made mandatory for B2 B transactions to companies with turnover of more than Rs 500 crore from October 1, 2020 under the GST law. Later its scope was expanded to companies with turnover of more than Rs 5 crore.
