Fake invoices to evade GST pose a big challenge, tax officials looking at different strategies to curb menace
Faced with the big challenge of tackling fake invoicing in GST regime, tax officials are looking at different strategies to curb this menace and shore up revenue collections. Central Board of Indirect Taxes and Customs (CBIC) Member (Investigation) had recently said that between April and February 2018-19, GST evasion to the tune of ₹20,000 crore was detected, of which ₹10,000 crore was recovered. ,Officials estimate that evasion through fake and under-invoicing could be pegged at anywhere between one per cent and five per cent of collection. Tax officials at both the Centre and States have regularly been busting such rackets “This is just the tip of the iceberg,” said an official, who did not wish to be named. CGST and SGST officials are also looking at use of data analytics from the GST Network for variation in returns, variation in e-way bills and are also looking at trends in various sectors to understand where such evasion is taking place . Setting up of f...