LUDHIANA: Industrialists, who had been asking GST departments to take action against rising menace of bogus billing, have welcomed the central government’s move on holding special all-India drive to detect suspicious and fake companies registered under GST
The drive will be executed by the GST authorities and will run for a period of two months from May 16 till July 15. Businessmen and tax professionals are happy over the development, but they said the departments should ensure that during this drive, owners of genuine and bonafide companies are not harassed.
Giving more information about the drive tax expert NK
Thamman said, “In GST the menace of fake registrations and issuance of bogus invoices for passing of fake input tax credit (ITC) has become a serious problem This is causing a tremendous loss to the government revenue and also
leading to harassment and litigation for genuine buyers. So in wake of this menace, an all-India drive will be organised from May 16 to July 15 to detect suspicious and fake GST registrations
“As per the guidelines authorities will identify fraudulent GSTINS based of detailed data analytics and risk parameters and will share the details with the state, central tax administration. The official concerned will initiate action for suspension and cancellation of fake GSTIN, Further, the action will be taken for recovery of ITC from the recipients of these invoices without actual movement of goods Thamman sald.
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