Came across this GST scam that the gang was running by generating fake invoices and bills through bogus companies created using fake IDs.
Why didn't the govt actually check if those transactions happened or not with the banks before granting input tax credit to the shell firms?
Does it still not check with banks directly, or has it changed?
Know of an acquaintance whose family is involved in this 1% take-rate business. Very risky and clearly outside the law.
@Rorschach you may be right but the government is always extended on resources (manhours etc.) very hard to put a pin on things.
That is why technology enables leverage at scale. Now that this is out in the open, someone must be trying to solve for this,
Hello All, Does Anybody have ideas about the below thing
My company gives fuel reimbursement and if I make alteration to the registered name on my friend's RC duplicate copy for the purpose of tax savings, could there be any potential i...
Seems like since last year the focus of government has shifted from actually making beneficial policies to enable innovation and growth of India to just collecting taxes blindly.
They just want to harvest tax in as many ways possible a...
This government’s primary intention is to collect more and more taxes in whatever mean’s possible. They don’t give a ...
They all want to shift you to new regime, plain tax no deduction. Easier calculation for you and government
I am thinking of making an app where you can enter your purchase and it will tell you how much tax you have paid dire...
Any basic tech and internal audit can identify these lapses outright, there seems to be more to uncover.
Today I sat with a small biz owner to figure out why he wasn't earning enough from his business. Turns out he wasn't accounting for GST twice (you need to do that if you are buying and selling forward as a trader).
Calculating GST amou...
