INVC NEWS
New Delhi : CBIC Chairman Vivek Johri has said that if tax evasion is to be curbed then action will have to be taken on bogus ITC. According to the information, it is possible to discuss measures to prevent fake Input Tax Credit (ITC) generation in the next month’s meeting of the GST Council.
This will curb tax evasion. The GST Council meeting is scheduled to be held on July 11. In this regard, Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri said this in a conversation with journalists on the sidelines of a program. He further informed that the Finance Ministry may consider imposing countervailing duty on steel imports from China.
Vivek Johri said that the ministry has received a recommendation for this and it is being considered. Meanwhile, the GST Council, headed by Finance Minister Nirmala Sitharaman, is also likely to consider the report of the Group of Ministers on online gaming, casinos and horse racing. The report will be sent to the states soon. The ministerial panel had submitted its report to the GST Council in December last year, but the council is yet to consider it.
