Remove tag indirect tax
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Over 12k fake entities in GST; CBIC plans biometric authentication, tighter return filing

CFO News

The Central Board of Indirect Taxes and Customs (CBIC) in India is planning to introduce biometric authentication and geo-tagging in an effort to crack down on GST fraud. The CBIC chief, Vivek Johri, said that there are around 12,500 bogus entities that have been identified as claiming fake Input Tax Credit (ITC).

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Transcript: Angus Deaton

Barry Ritholtz

00:14:01 [Speaker Changed] And, and when people do the comparison, alright, you’re paying a lot more taxes there. Ultimately in Canada and the uk you’re paying for that through higher taxes. Tag on top of that for healthcare. Huge burden. It’s a huge burden. Let’s stay with minimum wage.

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Transcript: Howard Lindzon

Barry Ritholtz

I can either just give it away for free, which, you know, I started the cash tag dollar sign… RITHOLTZ: Right. How do I go about protecting this giant pool of capital and how do I not get killed tax wise? LINDZON: They have their own tax problems. RITHOLTZ: Hey, you could get tax-free munis now. LINDZON: Correct.

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