Important Circular on Fake Invoice and Fake Credit || CA Bimal Jain

Important Circular on Fake Invoice and Fake Credit || CA Bimal Jain
🔖 CBIC: Circular No. 171/03/2022-GST dated July 06, 2022
CBIC issued clarification on various issues w.r.t. applicability of demand and penalty provisions under the CGST Act for transactions involving fake invoices
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[@vijayasimhap4084]

Thank you for your spirit Sir.. God bless you

[@cavikrammishra7546]

Thank u soo much for These KZbin Videos This helps a lot

[@indrajitkarfa1094]

Many Many Thanks Sir, Explanation very clearly

[@nareshkumargupta1907]

Sir u are much correct nobody is ready to talk on this issue

[@pravinchowatia1575]

Sir now adays if not charge mobile after valid date it stops immediately but in gst how a and b making money and c is punished in this digital era. Your videos are very good

[@RP-en1qg4oi2v]

Thanks sir for insight on this important topic 🙏🙏💐

[@venkatesank4183]

Bimal ji is a genius. Simply love listening to him always

[@ashwinpatel8447]

Thank you sir

[@rajub4660]

B & C have all good LR Revd in warehouse with records

[@rajeshgupta-ef5mo]

Thanks vimal bhai

[@ManojKumar-tx6ue]

Thank sir

[@caabhimanyusingh4085]

Thanks sir fir your clarification

[@bhanusingh-tm8bj]

Sir कृपया साथ ही साथ हिंदी मे भी विश्लेषण किया करें । हम हिंदीभाषी लोगों को समझने मे आसानी होगी ।

[@cabimaljain]

will try ji

[@carakeshkumar1537]

Nice analysis sir...We need a detailed analysis from you on eligibility of input in case of cancellation of GST registration of supplier with retrospective effect

[@manjunath7010]

sir and payment also made thru bank rtgs and cheques

[@mamtachopra2483]

What is penalty amount under sec 122(7)

[@rajub4660]

In your case if 1) "B" receive goods - case 2) if C received goods but he gets notice from GST Bcz case 1&2 B & C this is genuine buyer But case 1&2 A&B make froude with B&C Pls help what B&C do

[@srinetsinghsrinet3789]

Sir, as per section 122(I)(ii) penalty will be 10,000 or ITC pass on which one is higher. Menas fake bill issuers "A" have to pay penalty equal to amout of ITC they passed. Pls have a look

[@cahiteshsachdev]

Sir, But Section 74 also provides that "where input tax credit has been wrongly availed or utilised by reason of fraud". So B is availing ITC wrongly and in my opinion, he should be issued a notice under section 74.

[@caanshugupta469]

I also agree with you

[@Indian7027]

Thank u sir.

[@kk-nt6ex]

If A shows invoice in GSTR1 and it get displayed in GSTR2 of B then also it is fake?

[@mamtachopra2483]

Nice

[@sougatachattopadhyay3148]

Useful topics discussed. Thanks.

[@vinodgupta1523]

Very good decision

[@rajaawadhiya8519]

Supply not done by A but he is collected Tax and this notification A not to pay any tax it is wrong.so this notification encourage to fake suppliers and punished to recipient.

[@rohittripathi3947]

👌👌

[@_agrawalchirag01]

Suppose an officer issues a SCN regarding availment of credit without actually receiving goods, now all the precautions you mentioned has been taken by assessee, but officer willfully ignores all those and issues Demand order. Now either assessee has to pay to tha tax etc or go to appeal where again he has to give deposit and bear the long litigation process. Now appeals and first officer(who in most areas are in close contact to each other) can take benefit from this situation as assessee doesn't have a further appeal to go to 😅😅 (tribunal doesn't exist and High court won't entertain this being a matter fact) 🤷🏼‍♂️🤷🏼‍♂️🤷🏼‍♂️🤷🏼‍♂️🤷🏼‍♂️ serious injustice to innocent taxpayers 😅😅😅 Onus to proof that credit is being utilised without actual supply of goods should be on the officer !!! (Somewhat like sec 148 of Income Tax act where the adjudicating officer has to note down "reasons to believe" )

[@sonukumar-gm1ho]

Thank you sir ji

[@kansingh5968]

Nice