Special All-India drive against fake registrations -Let’s clear the air!

Описание: In this short video, CA Ritesh Arora sheds light on the Special All-India Drive initiated by the Central Board of Indirect Taxes and Customs (CBIC) to combat fraudulent GST registrations and safeguard government revenue.

🔍 Key Highlights:
Objective: To detect and eliminate fake GSTINs used for fraudulent activities, such as issuing invoices without actual supply, thereby preventing input tax credit (ITC) misuse and tax evasion.

Methodology: The drive employs advanced data analytics, artificial intelligence, and risk assessment criteria to identify suspicious GST registrations.

Timeline: The second phase of the drive commenced on 16th August 2024 and concluded on 15th October 2024, with a focus on verifying and canceling fake registrations.

📌 What Taxpayers Should Know:
Verification Process: Authorities may conduct physical verifications of business premises to confirm the authenticity of GST registrations.

Documentation: Ensure that all business records, including invoices, bank statements, and proof of business premises, are accurate and readily available.

Cooperation: Full cooperation with tax authorities during the verification process is essential to avoid penalties or cancellation of GST registration.

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