The government has expressed concern over the fake invoice in the GST collection. The tax collection is getting badly affected by this. Union Minister Anurag Thakur said that the case of fake invoices has become a challenge before the government. In the process of GST collection, cases of fake invoices are increasing. The industry may have to work with the government to overcome this.

Big fall in prices of gold and silver, know today's rate

Emphasizing the increasing incidence of fake invoices in mutual trade, Thakur said that fake invoices are being used indiscriminately in B-to-B i.e. the mutual business of two traders, Fake invoice poses a serious challenge in front of GST collection. Thakur has also spoken about making the GST process easy and transparent in the annual session of the Consumer Electronics and Appliances Manufacturers Association. Meanwhile, Chairman of the 15th Finance Commission NK Singh has raised an objection to the structure of GST. He has said that the GST structure needs to be improved to increase revenue. He has also advocated simplifying the bid process for filing GST. The government has been missing the GST collection target of Rs 1 lakh crore for the past several months. Singh said that it is not possible to increase the collection without improving the GST process.

How is Fake Invoice used? : The manipulators go to the GST portal and register themselves through fake documents. After this, only the paper is sold on the name of the company registered in a fake way. On the one hand, other traders acquire these fake receipts by paying a few rupees. Later these fake invoices are used to claim tax exemption and input tax credit (ITC).

IRCTC offers passengers new facility, changes in rules for booking tickets

Excessive regulation on the industry: Majumdar

Kiran Mazumdar-Shaw, founder, and chairperson of Biocon has stated the need to increase trust between the industry and the government. Majumdar said that the government and regulators will have to pay more attention to administrative work to make business easier. Trust between the business world and the government is declining time and again. The tendency of criminals to behave like criminals has also increased. According to Majumdar, the business world is facing more regulation than necessary. This has affected business activities. There is a need to give more time to the business by reducing the burden of rules from the business world.

Onions being sold for Rs 80 a kg in Maharashtra, prices may increase further