GST Council Suggests Online Registration With Biometrics

GST Council suggests online registration with biometrics: Fake invoices.

Central and state tax authorities have suggested online registration using instant photographs and biometrics to prevent claims of input credit tax by bogus companies.

Sources said that the Law Committee of the GST Council, comprising tax officials of the Central and State Governments, has also suggested that physical verification must be done in case of opt-out of Aadhaar registration for new registration.

Sources in the Finance Ministry said that the Law Committee has suggested that Aadhaar-like process can be adopted for new registrations in the Goods and Services Tax (GST).

Under which new registrations are made with verification of documents along with instant photo and biometrics Can go Such facilities can be provided at banks, post offices and GST service centers (GSK).

A source said that GSK can facilitate new registration on the lines of Passport Seva Kendras. Also, registrars who do not opt ​​for Aadhaar authentication at the time of registration.

May have to give letters of recommendation from two trusted taxpayers. Sources said that on the basis of the documents given for registration.

If the registrar falls in the ‘trustworthy’ category, then it can be registered in seven working days. If the registrar does not fall in the ‘trustworthy’ category, then his conditional registration will be done in 60 working days.

Meanwhile, on the first trading day of the week i.e. Monday, the stock market opened on the green mark. The Bombay Stock Exchange’s flagship index Sensex opened up 350.09 points at 44232.34 level.

On the other hand, the Nifty of the National Stock Exchange gained 95 points to 12954. The stock market had closed higher on the previous trading day on positive global cues.

The Sensex closed at a level of 43882.25, up 282.29 points. The Nifty closed at 12859.05 with a gain of 87.35 points.

The market capitalization of five of the top 10 companies of the Sensex decreased by Rs 1,07,160 crore last week. In the business week ended on Friday,

Tata Consultancy Services (TCS), Hindustan Unilever (HUL), Infosys and ICICI Bank also saw a decrease in their market positions. Last week, Reliance Industries suffered the most in terms of market cap.

Market capitalization of HDFC Bank, HDFC Limited, Bajaj Finance and Bharti Airtel increased. The BSE 30-share Sensex saw a gain of 439.25 points or 1.01 per cent in the previous week.