New core entity feature in filing GST to curb fake bills menace
A GSTN spokesperson says the idea behind the new feature is to check the practice of circulation of ITC within a company
Dipak Mondal | March 8, 2021 | Updated 15:43 IST
Once an entity mentions its core business activity, tax authorities can confront it if it raises high-value invoices for unrelated services
The GST Network (GSTN) has enabled a new feature that requires the taxpayer to select one core business activity on the GST Portal. Tax experts believe the idea behind the move was to stop unscrupulous businesses from taking Input Tax Credit (ITC) by showing high expenses (fake bills) on unrelated activities.