Remove tag input tax credit
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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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RITHOLTZ: Well, a lot of work still to go, but there are clearly economies of scale, and I give full credit to my partners for seeing this before I did, and, hey, we need to hire a CFO or promote someone and say, you know, you don’t want Barry doing payroll and Josh doing the health care plan, but that’s literally what was going on.

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