Chennai sources added that the goods and services tax (GST) introduced to track the trail of transaction has in fact increased illegal activities in terms of billing by multiple times. ‘Bill selling’, a practice common in the construction sector among those who inflate cost of projects, has gone up four to five times after the launch of GST. Meanwhile in case of ‘bill selling’ a dealer or a distributor would buy the goods from a construction material manufacturer paying taxes and would get a proper bill.
As per report this bill alone is then sold to a private builder or a government contractor who wants to inflate the cost of his projects. Moreover the builder would have bought the products from some other manufacturer for a lesser price or without a bill. Previously bills were checked at the state check-posts and hence such practices were contained within the state. Presently bill selling happens inter-state and inter-city.
Moreover as per GST, the taxman can trace the
entire trail or transactions, but the government has not started or put in
place the infrastructure to crosscheck input and output tax and hence the malpractice
is continuing unabated and a manufacturer of a well-known brand of construction
MD, New VP of India Operations appointed by FB As per report Facebook on Monday announced it has appointed Ajit Mohan, former CEO of video streaming platform Hotstar, as Managing Director and Vice-President, Facebook India. Meanwhile set to join Facebook from early next year, Mohan will be responsible for driving Face book’s overall strategy and continued investment in India, reporting directly to the Menlo Park based headquarter and not Asia Pacific.
- Bengaluru to receive heavy rain this week
- Will Harish get more majority to KCR in the ensuing elections?
- TPCC Working President confident SB Congress winning in Telangana
- Mother of one of 7 convicts in Rajiv Gandhi assassination case met TN Governor
- Maoist killers identified!
- Telangana Governor follows new way in saving Fuel
- Case against Tamilisai soon!
- Hyderabad Metro Rail carries 85,000 Passengers daily
- Baba on moon? Truth or fake?
- Arputhammal gives petition to Governor!
- Rajinikanth to target November or December!
- TN targeted by Maoists?
- Gujarat based Pharma company Sterling Biotech involved in 5000 Crore Bank fraud
- DoT approached SC for Spectrum Dues
- Donald Trump has hit 12% of total US imports by 2018