These entities are used to facilitate passing of fraudulent ITC by issuing fake GST invoices to multiple business firms/companies located in various States. and created fake business entities with the sole purpose of passing on fraudulent ITC, there by defrauding the exchequer to the tune of ₹19.60 crore. DGGI, Visakhapatnamn Zonal Unit, has undertaken concerted and coordinated action to curb the menace of fake ITC and GST evasion. ✔️ How does India’s approach to taxing virtual digital assets compare to other countries? ✔️ What future developments can we expect in the taxation of virtual digital assets in India?

Source: The Hindu July 30, 2023 03:37 UTC