News Update

Global tally of confirmed COVID19 cases leapfrog to 13.47 lakhs with 74700 deaths + USA tally rises to 3.68 lakh + German tally peaks to 1.03 lakh + French tally moves close to One lakh with 9000 deaths + UK’s tally goes up to 52K with 5400 deathsIndia reports 467 new cases today; total tally goes up to 4756 with 132 deathsIndia initiates anti-dumping probe into import of Mono Ethylene Glycol from UAE, Singapore, Oman, Saudi Arabia and KuwaitA dead claim of interest, coming alive? - 2.0Cabinet suspends MPLADS for two yearsStartup developing rapid test for detection of COVID-19West Bengal to set up COVID19 policy-making panel; Mamta to involve Nobel laureate Abhijit BanerjeeAnti-COVID19 Fund - Union Cabinet decides to promulgate Ordinance to suspend MPLAD fund for two years and also to reduce MPs’ salary by 30%; President, VP & Governors also write to Govt for 30% reduction in pay packetWockhardt Hospital sealed after 29 of its personnel test positive for COVID19Japan finally decides to go for state of emergency up to six months; braces up for stimulus packagePredictably, India’s services PMI goes down to 49.3 in March month from 57.5 in Feb monthLockdown causing sharp rise in domestic violence casesIndia's scientific agencies burning midnight oil in war against COVID-19Supply of Services by DTA to their SEZ unit - Export benefits need to be extendedRoSCTL Scheme - Is it serving its purpose?CBIC Member figures in Empowered Group; Startups engaged to find tracking solutionsEPFO to accept Aadhaar-printed date of birth as valid proofCOVID19 - Diya Lighting - Power demand nosedived by 32000 MW, says Power Minister
 
GST - Menace of fake invoices is back, says CBIC Member

 

By TIOL News Service

NEW DELHI, JUNE 29, 2018: ADDRESSING a gathering at an ASSOCHAM event, the CBIC Member, Mr John Joseph, on Wednesday said that the menace of fake invoices are back even in the GST regime. An analysis of intelligence tips received from various sources by the DGGSTI, has revealed that some entities are only into the business of generating fake invoices and ITC is being claimed on them. Worse, some exporters, without exporting goods, have claimed IGST refund based on such invoices.

A further data-mining has indicated that one per cent of total 1.11 Crore GST assessees account for over 80% of the GST revenue. A large number of Composition Dealers have returned their quarterly turnovers in the range of Rs 5 lakhs. The DGGSI sleuths are busy with such intelligence and investigations have so far led to detection of tax evasion of over Rs 2000 Crore.


POST YOUR COMMENTS