Proactive GST Tax Evasion Measures: Near Real-Time Access to Banking Transactions

Abhishek Raja | Last updated: 15 May 2023

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UK GST authorities are planning to gain near real-time access to taxpayer bank transactions. This initiative aims to tackle the growing problem of fake invoices and the misuse of input tax credits, often linked to fraudulent schemes and shell companies. By obtaining banking data more quickly, similar to income tax authorities, officials hope to identify and prevent tax evasion before perpetrators disappear.

In recent developments, Goods and Services Tax (GST) authorities are moving towards acquiring near real-time access to the banking transactions of taxpayers. This initiative aims to detect and curb the proliferation of fake invoices and excessive use of input tax credit (ITC) by businesses, an issue

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About the Author

Abhishek Raja

Practising CA

Blogger at GSTPanacea.com Fellow Member of ICAI M.Com, DISA(ICAI), Certified Indirect Taxes (ICAI)-Experience in the field of Indirect Taxation for 15 years Certified Valuer (ICAI) Member Sales Tax Bar Association (Delhi) Member Taxation Bar Association (Ghaziabad) Ex-Member NIRC Company Law Research Group-2014- ... Read more

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