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National News

Dec 24, 2020
9:13AM

Govt issued notification to curb menace of fake GST invoice by fraudsters: FM

@nsitharamanoffc
Finance Minister Nirmala Sitharaman has said that the government has issued a notification to curb the menace of fake GST invoice by fraudsters or fly-by-night firms.

She said, the move comes following recommendations of the GST Council’s Law Committee in this regard.

Ms Sitharaman said, the GST laws passed by the Parliament and state legislatures provide that GST registration is liable to be cancelled for those who have not filed 6 or more returns.

It is, therefore, wrong to say that the cancellation will be done without reasons.

The Minister said, only in fraudulent cases where there are significant discrepancies based on data analytics and sound risk parameters and not mere clerical errors, the action of suspension and cancellation will be taken up.

Ms Sitharaman said, precise targeting of fraudsters is being done only in specific cases, after doing a comprehensive analysis, using advanced data analytics tools.

She said, multiple risk indicators are checked and only then few high-risk entities are selected.

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