Did you know that there are fake invoices amounting to Rs 11,000 crore since 2018, with over 6000 cases? The GST council has set up meetings to regulate and stop the spread of fake invoices and prevent GST fraud.<\/p>\n
The meeting set to take place tomorrow, and in this blog, we will discuss the main agenda behind the Government\u2019s plan – and how MSMEs can set up GST invoices easily.<\/p>\n
To begin with, the GST council will implement strict GST registrations for businesses. Besides that, the council will discuss the below measures –<\/p>\n
The GST council will examine if it is possible to book offenders under a new COFEPOSA (<\/span>Conservation of Foreign Exchange and Prevention of Smuggling Activities Act<\/span>)<\/a>. This is exclusive of booking any fake invoice generating business under GST laws, Income Tax Act and Prevention of Money Laundering Act.<\/p>\n The Government will also discuss tracking of income tax filing history, among other financial reports before validating GST registration for businesses.\u00a0 <\/span>The verification process will be both physical and financial in nature.<\/p>\n Fake invoices are rampantly created with items such as metals, plastic, readymade garments, gold, silver, advertisements, animation, and work contracts. The Government will streamline the process of cancelling GST registration of existing businesses under these sectors if they are found to have issued fake invoices at any point in time.<\/p>\n GST is not difficult to understand or implement, according to Nishank Goyal, CEO of MastersIndia<\/a>, a GST e-invoicing platform for MSMEs. The issue lies with keeping a tab on the different regulations of GST, that the Government rolls out frequently.<\/p>\n Catch the entire webinar here.<\/p>\nTracking filing history of businesses<\/h4>\n
Also read: How to file for GST returns<\/a><\/h5>\n
Cancellation of GST registrations<\/h4>\n
How can MSMEs issue genuine e-invoices?<\/h3>\n