Tuesday, November 17, 2020
Invoice
https://en.wikipedia.org/wiki/Invoice
https://invoice-generator.com/
https://www.invoicesimple.com/
Fake
Fake invoices are not only used to evade payment of GST and income tax,
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but unscrupulous owners can also use them to inflate expenses to siphon money from companies and transfer the money abroad
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through illegal channels and by inflating imports and exports.
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They are also used to obtain higher loans from banks, which can be siphoned for other purposes and then turn into non-performing assets, thereby defrauding banks and other financial creditors.
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Apart from taking action under GST laws, the Income Tax Act and the Prevention of Money Laundering Act, officials said they are examining if the issuers and beneficiaries of fake invoices can be detained under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act.