The fake invoices being issued in GST Regime has become a big headache for the Government and to punish such errant taxpayers the budget proposes hefty penalty equivalent to the aggregate amount of fake invoices issued or transactions omitted.
The budget also proposes to levy equal amount of penalties on the person who has received or miss used to take input tax credit. These stringent provisions will definitely weed out the black sheep from the system.
“The budget has provided a tremendous thrust on MSME Sector as it has introduced Safeguard Duties, this is essentially required as imports are becoming cheaper on account of IGST being eligible for Input Tax Credit for traders which replaced CVD which was not eligible earlier. This would help the align MSME manufacturing sector on track.”
CMA Bhogavalli Mallikarjuna Gupta – Chief Taxologist, Logo Infosoft
CMA Bhogavalli Mallikarjuna Gupta is the Chief Taxologist at Logo Infosoft. He is member of National Council for Indirect Taxes, ASSOCHAM & GST & Customs Committee at FTCCI (Federation of Telangana Chamber of Commerce & Industry). He is also an Associate member of the Institute of Cost Accountants of India (ICAI) and has a Master’s degree in Financial Management and Post Graduate Diploma in Computer Sciences.
Mallikarjuna has architected the GST solutions for leading ERP’s in India & for other countries and continues to advise and educate on GST related solutions through various trade associations. Beyond work, Mallikarjuna also takes a keen interest and participates in marathons regularly.
- Rollup your sleeves for GST – The Impending Tax Reform India
- Good and Simple Tax – GST For You.
- Guidance Note On Annual Return of GST – ICAI