Submitting fake bills to lower your tax liability? Tax department has ways to catch you
1/28/2019

Business/ News Measurements Network

02:15
Those who have filed fake credit bills by making fake bills to the government now are no better. Tax officials can start investigating cases in which tax laws are being filed for input tax credit. The matter is straightforward and connected to the public exchequer. The GST collection is declining rapidly and officials are worried about it. A ministerial group has been set up to investigate why the tax collection is declining. When this ministerial meeting was held, then it was found that some businessmen are claiming the input credit tax through fake bills. For this reason, the huge amount of tax collection is going back as input credit.
 
The average monthly collection of GST in the financial year 2018-19 has been 96,000 crores. 80% of total GST liabilities are settled through input tax credit. Only 20 percent tax is deposited in cash form. Sources said that there is a long gap between filing and matching the input tax credits in the current system, there is a possibility that some claims are being made on the basis of fake bills. Once the new system of filing returns returns, the authorities will have the facility to match claims in the real time. The sources said that the revenue department will now investigate more of the claims of ITC so that it can be ascertained whether the claims are true or fake.
 
 

 


The average monthly collection of GST in the financial year 2018-19 has been 96,000 crores. 80% of total GST liabilities are settled through input tax credit. Only 20 percent tax is deposited in cash form. Sources said that there is a long gap between filing and matching the input tax credits in the current system, there is a possibility that some claims are being made on the basis of fake bills.

 


The average monthly collection of GST in the financial year 2018-19 has been 96,000 crores. 80% of total GST liabilities are settled through input tax credit. Only 20 percent tax is deposited in cash form. Sources said that there is a long gap between filing and matching the input tax credits in the current system, there is a possibility that some claims are being made on the basis of fake bills.


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