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Palak Chouhan

GST officers have uncovered cases of Input Tax Credit (ITC) evasion amounting to Rs 35,132 crore by 17,818 fake firms between April and October 2024, the government said on Monday.
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In a written response to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary stated that the authorities regularly utilise data analytics and intelligence gathering to identify fraudulent firms. A special drive aimed at detecting fake companies was conducted between August 16 and October 30.
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According to Chaudhary, a total of 18,876 ITC fraud cases were identified, involving 17,818 fake firms suspected of evading Rs 35,132 crore in ITC during the 2024-25 fiscal year. The effort has resulted in savings of Rs 6,484 crore, with Rs 5,422 crore blocked through ITC suspension and Rs 1,062 crore recovered.
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As part of the crackdown, 69 arrests have been made in connection with the fraud cases so far this fiscal year.
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New Delhi

GST detect ₹35,132 cr ITC evasion by over 17,000 fake firms

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GST detect ₹35,132 cr ITC evasion by over 17,000 fake firms

News Arena Network - New Delhi - UPDATED: December 9, 2024, 03:23 PM - 2 min read

Minister of State for Finance Pankaj Chaudhary (File picture)

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GST detect ₹35,132 cr ITC evasion by over 17,000 fake firms

News Arena Network.css-tak1o8-MuiTypography-root{margin:0;color:grey;} - New Delhi - UPDATED: December 9, 2024, 03:23 PM - 2 min read

Minister of State for Finance Pankaj Chaudhary (File picture)

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News Arena Network - New Delhi - UPDATED: December 9, 2024, 03:23 PM - 2 min read