A senior official has stated that the Goods and Services Tax (GST) Council in its meeting in July is expected to review the proposal by the Central Board of Indirect Taxes and Customs (CBIC) to introduce additional validations in the GST return filing system to combat evasion and fraudulent claims of input tax credit (ITC).
Since, November 2020, central agencies have discovered fake ITC claims amounting to Rs. 62,000 crore and have made 776 arrests, including professionals.
The introduction of these validations in the GST return filing system aims to curb fraud and revenue loss. Recently, the CBIC has implemented validation and risk rating for GST registrations, as part of its ongoing efforts to prevent fake entities from issuing bogus invoices to claim ITC benefits and defraud that government.
Read more: cnbctv18
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