20,000 crore fake invoices detected

Mysuru:  Implementation of GST (Goods and Service Tax) has been hugely successful and the Governments across the country have collected Rs.94,000 crore through GST every month, said Sundara Raju, Joint Commissioner, Central Excise, GST Commissionerate, Mysuru.

Speaking during annual Finance and Taxation Conference on ‘Digital Transformation in Finance and Taxation’ organised by Confederation of Indian Industry (CII), Mysuru Chapter, at Hotel Southern Star here recently, he said: “Through implementation of GST, the filing of returns have been simplified. GST has helped reduce the tax rates and the processing of registration returns has been simplified. In this scenario, so many issues have come to picture particularly fake invoices.”

Around 20,000 crore fake invoices have been detected across the country and GSTN (Goods and Services Tax Network) System helping them to trace these revenue leakages, he said and cautioned the industry to have their KYC (Know Your Customer) norms in place to ensure they are dealing with genuine vendors.

“Due to digitalisation and automation, the system will give us alerts in pop ups if there is delay in filing tax. Apart from this, the system itself will give the ranking. Now everything is going through the system. Social reformation and economics reformation has to go neck to neck and only then any developed country can grow and dream of digital India and Make in India  will be successfully implemented,” said Sundaraju.

He also mentioned that till January, in Mysuru Commisionerate alone 9,500 people have not filed their returns and asked the industry to complete the compliances.

N. Muthukumar, Chairman, CII Karnataka and President and Whole Time Director of Automotive Axles, said, “India is going through fastest transformation; the vision set by Government is that by 2025 it should become 5 trillion dollar economy, that is third largest economy in the globe and by 2030 assume 10 trillion dollar economy. This will have an implication on every one of us. Indians need to be competitive in many more fields. In another ten years, e-Vehicle is going to come and many jobs in manufacturing will not be there. If we are not able to upgrade our skills from transaction expert to an analytical expert, it will be difficult to survive. Next ten years those going to use the data effectively are going to be at the top of the world.”

Arjun Ranga, Chairman (now Past Chairman), CII, Mysuru, said: “Digital transformation has resulted in reducing the staff and the manpower has come down. The moment transformed data is available across the system, visibility starts to happen to finance ahead of time and planning can improve greatly. In another five years, finance will be redefined and everything going to be automated.”

Participants from various industries especially in Finance Department attended in large numbers. Bhaskar Kalale, Vice-Chairman (now Chairman), CII, Mysuru Chapter, S. Raman Kumar, Convenor, Finance and Taxation Panel, CII Mysuru and S. Ranganathan, Co-Convenor of Finance and Taxation Panel of CII, were also present, according to a press release from Augustine, Deputy Director, CII, Mysuru.