GST Council meeting to discuss the registration process

To check tax evasion and tightening of GST registration process is the top agenda of GST council meeting on 18^th November 2020.

On 18^th November 2020, a panel of Goods and Services Tax (GST) officials will discuss further tightening of GST registration process to businesses to prevent tax evasion.

In the last few days, the Directorate General of GST Intelligence (DGGI) has arrested 25 persons and singled out 1,180 entities for invoice fraud. Fake invoices are used to evade GST and Income tax, to divert funds from companies and to cheat banks by manipulating books to obtain loans from banks.

As per the source businesses whose owners or promoters do not have proper financial records like income tax returns may have to go through physical verification of registered address by tax officers before their companies can be considered for GST registration.

Source: Rising Invoice Fraud Top Agenda On GST Council Meet On Wednesday