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GST infrastructure can now detect, block bogus transactions in real time: Report


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GST e-invoicing is mandatory from October 1 for companies with an annual turnover of above Rs 500 crore.

Businesses that are on the tax authorities' radar for Goods and Services tax (GST) evasion will be automatically blocked from issuing electronic invoices when they attempt suspicious transactions. 


The tax department is using data mining and artificial intelligence to identify potentially fraudulent invoices and shell companies, according to a Mint report. The move is aimed at curbing tax invasion and improving the efficiency of the indirect tax system.


Moneycontrol could not independently verify the story.


"Now what will happen is that our intervention can also happen almost on a real-time basis. With data analytics, we can identify and block such entities from issuing electronic invoices so that they aren't able to damage the system. While deterring fraudulent elements, this also provides greater simplicity and convenience to honest taxpayers," an official told Mint.

GST e-invoicing is mandatory from October 1 for companies with an annual turnover of above Rs 500 crore.

The GST Network (GSTN) on November 8 introduced auto-populated or pre-filled tax forms, which will make the filing process easier.

The forms will show the summary of monthly transactions (form 3B) and will be available on the GSTN portal from November 12 for the October returns.

The GSTN also said its portal can now handle up to 3 lakh concurrent users at a time, which more than twice its earlier capacity.

Source: https://www.moneycontrol.com/news/business/economy/gst-infrastructure-can-now-detect-block-bogus-transactions-in-real-time-report-6090251.html

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