GST Council Meeting: Only last week, Finance Minister Nirmala Sitharaman reviewed the campaign being run to stop GST evasion. The 50th meeting of the GST Council is on 11 July 2023. It is expected that strict provision can be approved by discussing in the GST Council meeting to crack down on fake input tax credit claims. Under this change, risk profiling will be done on the basis of physical verification of each unit.
GST revenue may see a jump after the decision to curb fake input tax credit claims in the GST Council meeting. To stop this theft, strict provisions will be made with the use of technology. Let us tell you that even after no goods and supplies have been made, the case of input tax claim through fake invoice has come to the fore.
Recently, CBIC Chairman Vivek Johri told that a special drive is being run to identify such units. In this drive, the case of fake registration by thousands of units has come to the fore. 11,140 such registrations have been detected which have been found bogus in the investigation and action has been initiated against them. Claiming input tax credit through these fake registrations of the government causes huge loss of revenue to the government.
In the meeting held with the Finance Minister last week, the Finance Minister has given orders to strengthen the GST registration process. And advice has been given to stop fake registration using technology. 60,000 such units have been identified whose details have been shared with the field officers. Central and state authorities are doing physical verification of such units, out of which verification of 43,000 units has been completed. Out of which 11,140 have been found fake. And these bogus units have claimed bogus input tax credit of Rs 15,000 crore.
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