Goods and Services Tax authorities are seeking near real-time access to banking transactions of the taxpayers, as a means to detect fake invoices and excess use of input tax credit (ITC) by sections of businesses.
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The move follows recent investigations that revealed that undue tax credits accumulated through fake invoices are being used for hawala transactions. In several cases, it was also found that through circuitous routes, the funds finally returned to the persons generating the fake invoices. Shell companies too have been found routing money through fake invoices.
Read more at : FINANCIAL EXPRESS
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