#FakeGSTInvoice
Throwing Light on the Fake GST Invoice
Fake invoice is not mentioned under #GSTAct, 2017. However, in general terms, it’s all about an invoice that fails to conform to the provisions of the Act and rules. The #GST charged on fake invoices is neither paid nor lined up to get paid.
When a registered individual disseminates a #TaxInvoice without actual supply of goods/services or #GSTpayment, such invoice is speculated to be a ‘#FakeInvoice’. Under the roof of fake Invoicing, one party is known as the Issuer of the invoice, and the other concerned party is regarded as the Beneficiary. In some of the cases, the Beneficiary might be an authentic one. Even then, the Beneficiary can be driven to become answerable to the department.
Eligibility Conditions to claim ITC U/s 16(2) of CGST Act, 2017
1. Possession of Debit or Credit Note/Tax Invoice / Supplementary Invoice allocated by a supplier.
2. The said goods or services have been obtained.
3. Also, returns have been filed.
4. Proper Matching of Invoices and Reversal.
5. The supplier has paid the #tax charged to the #government.
Fake Invoice Cases in GST: Types of Cases
1. Fake as well as Bogus Invoices
2. Fraudulent or Dishonest Refund pertaining to exports, based upon fake invoices.
3. Fraudulent or Dishonest Refund of amassed Input Tax Credit without the supply of goods & service.
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Email:- info@corpbiz.io
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