GST dept to get access to banking transactions

Financial Express

Goods and Services Tax authorities are seeking near real-time access to banking transactions of the taxpayers, as a means to detect fake invoices and excess use of input tax credit (ITC) by sections of businesses. The move follows recent investigations that revealed that undue tax credits accumulated through fake invoices are being used for hawala transactions. In several cases, it was also found…

Sign in to read the full article

Create a free account or sign in to access the complete content.