The role of customs as one of the pillars of international trade facilitator is rising rapidly in the global supply chain to keep pace with the ever-growing cross border trade. Where the direct tax collection has drastically declined, the share of indirect taxes, i.e. GST collections has shown an unexpected growth. In December, 2020 the […]
Cases of tax evasion and frauds have significantly increased under the GST regime since its implementation and especially the cases of fake invoicing to wrongfully avail the Input Tax Credit (ITC) are rising rapidly, which has become a major cause of concern for the government. Alone in the month of November, 2020, hundreds of arrests were made and thousands were booked, for illegally availing ITC by using fake invoices without actually supplying goods or services, thereby causing heavy losses to the government.
