Quick Summary
The Central Board of Indirect Taxes Customs (CBIC) has booked over 8,200 cases involving revenue of over ₹62,000 crore since inception of GST till date. This was the key reason for not changing the threshold related with decriminalisation of offences for fake invoices. It needs to be noted that
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FAQ :
The CBIC has detected over £62,000 crore in GST evasion through fake invoices across more than 8,200 cases since the inception of GST.
The GST Council has recommended raising the minimum tax amount for launching prosecution for most GST offences to £2 crore, up from £1 crore.
No, the offence of issuing invoices without the supply of goods or services, or both, will not be subject to the increased prosecution threshold.
A person issuing a tax invoice without any underlying supply of goods or services is liable for penal action.
If a business obtains a fake invoice without supply and claims ITC, they could be liable for demand and recovery of that ITC, along with penalties and interest.
A total of 1,030 individuals have been arrested in connection with the over 8,200 fake invoice cases detected by the CBIC.
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