IT system reforms in GST: GoM agrees to tackle fake invoicing menace

IT system reforms in GST: GoM agrees to tackle fake invoicing menace

Sanjay JogUpdated: Thursday, October 21, 2021, 10:37 PM IST
article-image
IT system reforms in GST: GoM agrees to tackle fake invoicing menace | Twitter/@AjitPawarSpeaks

Deputy chief minister Ajit Pawar, who heads the Group of Ministers (GoM) on IT issues in GST, chaired the first virtual meeting on Thursday. The GoM agreed upon suitable checks and balances to tackle the menace of fake invoicing so as to regulate input tax credit (ITC) flow. Further, the GoM also decided to put in place mechanisms for better verification at the time of registration and weed out fake registrants using artificial intelligence (AI)/machine learning (ML)-based analytics focused on network analysis and leads for fraud detection.

A statement issued by Pawar’s office said it was also decided to draw in from international experiences to improve compliance and reporting of B2C supplies. “It was recognised that in order to improve analytics there is a need to take proper feedback from tax administrations to enable adequate learning by the systems in place,” it added.

The GoM also decided to call for inputs and suggestions from states on various GST system-related improvement issues. It has instructed the officers to examine the suggestions and present its analysis along with recommendations within a period of one month.

Pawar said several good suggestions have been received from many states to make the GST simpler, smoother and flawless by making effective use of information technology. He said, “The report will be tabled at the next meeting of the Union Standing Committee on GSTN Reforms, after which the GoM will consider it appropriately and make recommendations to the GST Council.”

RECENT STORIES

Real Estate: Reap Big Benefits From A Concrete Opportunity Amidst Market Optimism

Real Estate: Reap Big Benefits From A Concrete Opportunity Amidst Market Optimism

Let’s Understand Why Rent Or Buy Choices Reflect Different Mindsets

Let’s Understand Why Rent Or Buy Choices Reflect Different Mindsets

How Amenity Upkeep Drives Buyer Choice

How Amenity Upkeep Drives Buyer Choice

Transform Life Via Homes That Heal

Transform Life Via Homes That Heal

Gujarat: Adani Builds World's First Port Road Using Steel Slag, Pioneering Green Infrastructure

Gujarat: Adani Builds World's First Port Road Using Steel Slag, Pioneering Green Infrastructure