While the government has made e-invoicing mandatory for firms with turnover above Rs 5 crore, stakeholders say such firms would face challenges in implementing the technology.
GST revenue hits ₹1 tn for a fifth month
Data released by the finance ministry showed GST collections stood at ₹1.13 trillion in February
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Goods and services tax (GST) collections by the Centre and states exceeded the ₹1 trillion mark for the fifth straight month in February, aided by an aggressive drive to improve compliance and recovery in economic activities.
The sustained rise in GST collections, staging a recovery after a steep drop in April when India was in a national lockdown, offers relief to policymakers seeking to bridge a massive revenue shortfall.
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GST authorities arrest 12 more in ongoing crackdown on fake invoicing
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Last Updated: Feb 23, 2021, 08:57 PM IST
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Several such instances have been unearthed by the authorities earlier where chartered accountants have been involved in bogus firms and/or issuance of fake invoices to fraudulently avail and pass on input tax credit or ITC without actual supplies of goods or services.
Among those arrested is a chartered accountant who was involved in running fake firms to issue fraudulent invoices.
The Directorate General of GST Intelligence and Central GST Commissionerates have arrested 12 persons in a single day in the ongoing drive against fake goods and service tax (GST) invoice frauds, revenue department sources said.