Circular Invoicing in GST

The nation held a collective breadth when a Honble HC upheld a penalty of close to 300 crores (no spell mistakes) on a GST consultant for aiding a GST fraud. Be it circular invoicing or be it fake invoicing, it is harmful to the economy and does more damage to the honest tax payer as the regulatory system piles up compliance burden which gets saddled to the existing system. Fake invoicing erodes tax integrity, Distorts input credit and leads to loss of revenue. It fuels a shadow economy, undermines fair trade, And invites strict penal and legal consequences. Pease do go through the snapshot by J the App by JustIDT on the subject matter of circular invoicing ( for fake ITC claims) and the slightly untouched field of fake Service invoices.