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Directorate General of GST Intelligence detects Rs 40,000 cr tax fraud
By IndianMandarins- 01 Jan 2022
1592New Delhi (01.01.2022): GST authorities have detected goods and services tax evasion of ₹40,000 crore in over a year, by producing fake invoices and fraud input tax credit claims. This huge amount of Rs 40,000 crore GST evasion has created a ripple among tax authorities. Now several measures aimed at preventing big frauds are set to start from January 1. The Central Board of Indirect Taxes and Customs (CBIC) had launched an All-India Enforcement Drive from November 9, 2020 through the Directorate General of GST Intelligence and various Central GST formations. "More than 5,700 cases, involving an amount of about Rs 40,000 crore, have been detected," the official said. The latest measures are aimed at tackling such frauds, impart better payment discipline and also protect the recipient who is not always in a position to ascertain that his supplier has paid the tax and is vulnerable to the recovery of input tax credit, when the tax is not paid by the supplier.
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Directorate General of GST Intelligence detects Rs 40,000 cr tax fraud
By IndianMandarins - 2022-01-01 07:59:00
New Delhi (01.01.2022): GST authorities have detected goods and services tax evasion of ₹40,000 crore in over a year, by producing fake invoices and fraud input tax credit claims. This huge amount of Rs 40,000 crore GST evasion has created a ripple among tax authorities.
Now several measures aimed at preventing big frauds are set to start from January 1. The Central Board of Indirect Taxes and Customs (CBIC) had launched an All-India Enforcement Drive from November 9, 2020 through the Directorate General of GST Intelligence and various Central GST formations. "More than 5,700 cases, involving an amount of about Rs 40,000 crore, have been detected," the official said.
The latest measures are aimed at tackling such frauds, impart better payment discipline and also protect the recipient who is not always in a position to ascertain that his supplier has paid the tax and is vulnerable to the recovery of input tax credit, when the tax is not paid by the supplier.
