Content writer • 1y
Hello everybody! Day 3 of knowing about businesses that are still operating even after being illegal! Have you ever come across news about GST fraud or fake billing? It's a sneaky tactic used by some businesses to hide their black money. Let me break it down, Fake billing is a way for businesses to dodge paying GST to the government. Here's how it works: they present a fake bill to the government and claim that they didn't earn a single rupee from the sale. For example, let's revisit the previous scenario.(Img) The business shows a fake invoice of 118 from A as their purchase and claims to have sold the same for 118 at B. This means no GST needs to be collected. But gov can trace A easily right? No, A has obtained a fake bill from C, and C from Z, and the chain goes, making it difficult to trace the culprit. Continued in the comments,
Founder - IZENITHSED... • 1y
Looking for an efficient billing and compliance solution for your business? Look no further! Our comprehensive suite of GST billing software and services is tailored to meet the needs of businesses across various industries. Our cutting-edge GST bi
See MoreChartered Accountant • 1y
GST Thread 1 Evolution of GST across the years - 2000 - PM introduced the concept of GST and set up a committee 2006 - Announced by FM that GST to be introduced from 1st April 2010 2014 - Bill introduced in Lok Sabha 2015 - Bill passed in Lok Sa
See MoreSoftware hamara, bus... • 1y
Must have softwares for startups : 1. CRM : Manage your relationship with customers 2. Accounting : have a check on in & out financials 3. Invoice : to make invoices fast 4. GST billing : to manage GST 5. HR Management: to manage your human resource
See MoreOG Founder & CEO - P... • 6m
🚨 GST Council Introduces 'Track and Trace' Mechanism 🚨 The GST Council has approved a 'track and trace' system to combat tax evasion in specific industries. Cigarettes and pan masala are expected to be the initial focus of this initiative. Key H
See MoreDownload the medial app to read full posts, comements and news.