GST Fraud: How to Verify the Accuracy of GST Bill; Know Important Steps to Avoid Fraud

The Goods and Services Tax (GST) system was established in India in 2017 to simplify taxation and improve transparency and efficiency.

GST bills are commonly used to settle claims and request for income tax credits. To avoid being deceived, consumers must authenticate the authenticity of their GST bills. Ensuring the accuracy of your GST bill is essential for avoiding fraud and protecting the integrity of your financial activities.

Because GST bills are required for settling claims and obtaining income tax credits, it is vital to be cautious of potential counterfeit documents. Verifying your GST bills helps to prevent mistakes and fraudulent activity, which can have an impact on both personal and business budgets.

Taking these precautions guarantees that your transactions are transparent and protects you from falling victim to fraudulent schemes.

Steps to Ensure Fraud Free GST Bill

The following steps will ensure that your GST Bill is authentic and probability of getting defrauded is less.

Verify GSTIN

To determine the accuracy of a GST bill, first check the supplier’s GSTIN (Goods and Services Tax Identification Number). Each supplier is granted a unique 15-digit GSTIN that includes the state code, PAN, and registration number. Valid GSTIN information, such as taxpayer type, registration date, registration location (state), legal and trade names of the firm, UIN, or GSTIN status, can be verified through the GST portal.

Verify Invoice Value and Tax Amount

Confirm that the GST bill accurately reflects the invoice value and tax amount. The applicable tax can be calculated using the appropriate GST rate and verified using the GST calculator available on the GST website.

Check the Number of Invoice

Following that, make sure the invoice number and date on the GST bill are accurate. The invoice number should be unique and consecutive, and the invoice date must be within the permitted range.

Confirm the Signature of the Suppliers

The GST bill must bear the signature of the supplier or their authorized agent. Make sure this signature matches the one registered with the GST authorities.

Check the Status of Tax Payment

Finally, check the supplier’s tax payment status on the GST portal. If the tax for the invoice has been paid, it should be shown in the GST return submitted through the site.

Keep these verification measures in mind to preserve your rights as a consumer. If you come across a false GST bill, notify it via the GST portal or the given toll-free number.

Conclusion

All these steps mentioned above will help the taxpayers and business professionals not to fall victim to any fraud and will give a gurantee of smooth functioning of compliance if the individuals follow these verification checks in every stage of the accounting.