Every tax payer filing the GST returns will need to upload details of each inward and outward supplies with product HSN and quantity.
This implies that at any given point of time the details of stock in hand will be available with government department.
Will this avoid false or undisclosed sales (black or 2 number sales)?
Will it stop the traditional practice of buying and selling bills without movement of goods?
It is evident from the formats provided that government will have stock details with them. However it should be noticed that stock details will be available only up to the point of last return filed and not up to the any given point of time.
However for bigger companies E-way bill will enable government to have near to accurate count of inventory in hand.
Although this will reduce the malpractices of trading in bills but is not full proof.
With time GST will evolve and be able to control such malpractices at larger scale.
JOIN LARGEST DISCUSSION PLATFORM
Sign up to discuss taxation, accounting and finance topics with experts from all over India.
Join Discussion
