End under-invoicing and tax evasion, demand city bizmen

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Annoyed at the cases of GST evasion, city businessmen have expressed concern and suggested that the government must come out with a blueprint to put an end to such malpractices, so that the genuine businessmen do not suffer. Recently Central GST (CGST) department, Ludhiana, unearthed a racket of GST evasion in which some bicycle manufacturers and traders were found to be indulging in under-invoicing. Later, a racket was unearthed in Amritsar in which crores of rupees worth GST was fraudulenly claimed by two firms. Upkar Singh Ahuja, president of Chamber of Industrial and Commercial Undertakings (CICU) said, “Such practices not only hurt the economy and exchequer, but also the genuine businessmen who are seen as suspicious by the departments. Moreover, innocent businessmen too are trapped by such criminal elements into their net.

The authorities should keep proper vigil over bogus billing, under-invoicing and forged GST claims. The penalty for such malpractices should be high so that businessmen refrain from indulging in such practices.” General secretary of CICU, Pankaj Sharma, added that under-invoicing was a common practice in NCR (National Capital Region), which is a big market for Punjab products, and the GST evasion should be checked across the country. President of Sewing Machine Development Club, Jagbir Singh Sokhi, said unless the problem of under-invoicing and GST evasion was controlled, Punjab’s industry will not be able to sell its products. It is now up to the Central, state governments and GST departments to come out with an effective strategy to counter this malpractice. Otherwise, the genuine industrialists will not be able to cope with the growing competition.”

Read More at: https://timesofindia.indiatimes.com/city/ludhiana/end-under-voicing-and-tax-evasion-demand-city-bizmen/articleshow/70649977.cms