- Many exporters in Punjab are cheating the government through fraudulent invoices, bogus billing, hawala, and under-invoicing for goods from China
- Federation of Punjab and Small Industries Association (FOPSIA) alleges that these practices bring disgrace to the industry
- President of FOPSIA, Badish Jindal, claims exporters overstate product values to claim higher GST refunds
- Exporters are misusing HSN codes to claim higher GST refunds
- Exporters set up offices in African and Asian countries with low import duties, ship goods at higher rates, and bring back extra money through hawala operators
- Former president of FIEO, SC Ralhan, believes not all exporters are involved in unethical practices
- Jindal mentions exporters forward payments to China against imports to bring material on under-invoicing
- Exporters buy bogus bills to manage costs, sell material at heavy discounts, and earn huge profits from GST refunds and export benefits.
Source: tribuneindia.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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