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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Directorate General of Goods and Services Tax Intelligence (DGGSTI) across the country has arrested people for illegally availing or passing on input tax credit (ITC) by using fake GST invoices, and causing loss to the exchequer.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The use of fake invoices to wrongfully avail ITC credit has been gradually increasing and has become a concern for the government.</span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">GST invoice is a business instrument issued by a supplier or a seller to the recipient or the buyer of goods and services. </span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Such a document indicates the names of the parties involved as well as the details of goods or services supplied under a given transaction.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Fraudsters have been found to have floated multiple dummy firms, obtained GST registrations, issued fake GST invoices of goods and services without actual supply of services. </span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They passed on ineligible ITC accrued from the bogus invoices to clients for a commission, who subsequently used it to make GST payments.</span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The tax department has found that promoters of certain companies have routed fake invoices through a series of shell companies and transferred input tax credit from one company to another in circular transactions to increase the turnover of the company. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Fake invoices only helps evade GST on taxable output supplies by availing undue ITC and converting excess ITC into cash but also helps in inflating turnover using these invoices, booking fake purchases to evade income tax, diversion of funds and money laundering.</span></span></p>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reason for increase in fake invoices</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">One of the primary reasons for an increase in companies availing ITC fraudulently is the lack of due diligence during the GST registration. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The process of registration was made easy and hassle free by the government so that businesses could be easily on-boarded to the system.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Lack of data exchange among the enforcement agencies and banks have also led to increase in fraud cases.</span></span></p>
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<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Preventive measures</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government is planning to tighten the GST registration process and legal measures to deal with the rising cases of fake invoicing.</span></span></p>
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'tag' => 'Miscellaneous',
'keyword' => 'miscellaneous-1',
'id' => (int) 6651,
'title' => 'Fake GST invoices',
'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Issue</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The Directorate General of Goods and Services Tax Intelligence (DGGSTI) across the country has arrested people for illegally availing or passing on input tax credit (ITC) by using fake GST invoices, and causing loss to the exchequer.</span></span></p>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Background</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The use of fake invoices to wrongfully avail ITC credit has been gradually increasing and has become a concern for the government.</span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Details</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">GST invoice is a business instrument issued by a supplier or a seller to the recipient or the buyer of goods and services. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Such a document indicates the names of the parties involved as well as the details of goods or services supplied under a given transaction.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Fraudsters have been found to have floated multiple dummy firms, obtained GST registrations, issued fake GST invoices of goods and services without actual supply of services. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">They passed on ineligible ITC accrued from the bogus invoices to clients for a commission, who subsequently used it to make GST payments.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The tax department has found that promoters of certain companies have routed fake invoices through a series of shell companies and transferred input tax credit from one company to another in circular transactions to increase the turnover of the company. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Fake invoices only helps evade GST on taxable output supplies by availing undue ITC and converting excess ITC into cash but also helps in inflating turnover using these invoices, booking fake purchases to evade income tax, diversion of funds and money laundering.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Reason for increase in fake invoices</strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">One of the primary reasons for an increase in companies availing ITC fraudulently is the lack of due diligence during the GST registration. </span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The process of registration was made easy and hassle free by the government so that businesses could be easily on-boarded to the system.</span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">Lack of data exchange among the enforcement agencies and banks have also led to increase in fraud cases.</span></span></p>
</li>
</ul>
<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong>Preventive measures</strong></span></span></p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif">The government is planning to tighten the GST registration process and legal measures to deal with the rising cases of fake invoicing.</span></span></p>
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