The Goods and Services Tax (GST) was introduced in India on July 1, 2017, to replace multiple indirect taxes and create a transparent, efficient system. However, GST evasion remains a major issue, costing the government billions in lost revenue. Fraudsters exploit loopholes through fake
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In a bid to curb tax evasion under the Goods and Services Tax (GST) regime, the government plans to introduce a unique identification (UID) mechanism for select commodities. The system is expected to enhance transparency in the supply chain and strengthen compliance in sectors prone to tax evasion. Focus on High-Risk Commodities The UID mechanism […]