GST Fraud
GST fraud: Fake bills used to claim input tax credit worth Rs 450 crore
The GST-Intelligence Unit has unearthed a racket which used fake bills to claim input tax credit worth Rs 450 crore, the Financial Express reported today.
According to the report, traders buy fake bills which enable them to claim input tax credit on the supply which never happened. Input tax credit is an option in the GST which allows the taxpayers to claim credit for the taxes paid on purchase.
In March, the Punjab Excise and Taxation Department booked 134 persons from 70 firms for their alleged involvement in Rs 100 crore fake invoice scam.
In a separate case, the CGST-Mumbai Commissionerate arrested two directors of a private company for fraudulently availing input tax credit of Rs 7.2 crore.
In May, the GST Intelligence arrested two persons in Kolkata for the tax evasion of more than Rs 40 crore.
Last week, the GST Department arrested two persons - Amit Upadhyay and Asad Anwar Sayed - in Mumbai for allegedly defrauding the exchequer of Rs 127 crore by issuing fake GST invoices and not paying the service tax. According to a report in the Hindu, the GST Intelligence Unit is estimating this fraud to go over Rs 300 crore. If that happens, it will be one of the biggest evasion cases in GST history.
On Monday, the Directorate General of Goods and Services Tax intelligence or DGGI arrested three persons in Rajasthan for tax evasion of Rs 58 crore.
Last year in September, the Central Board of Excise and Customs asked its officials to verify all transitional credit claims for more than Rs 1 crore. The move came after it received transitional credit claims worth Rs 65,000 crore.
Government should consider abolishing Input Tax Credit and reduce the rates of GST on finished goods. As it is the benefit of input tax credit is not being passed to the end consumer and is resulting in profiteering.
Local Circles may consider carrying out a Poll on this issue. more
The GST-Intelligence Unit has unearthed a racket which used fake bills to claim input tax credit worth Rs 450 crore, the Financial Express reported today.
According to the report, traders buy fake bills which enable them to claim input tax credit on the supply which never happened. Input tax credit is an option in the GST which allows the taxpayers to claim credit for the taxes paid on purchase.
In March, the Punjab Excise and Taxation Department booked 134 persons from 70 firms for their alleged involvement in Rs 100 crore fake invoice scam.
In a separate case, the CGST-Mumbai Commissionerate arrested two directors of a private company for fraudulently availing input tax credit of Rs 7.2 crore.
In May, the GST Intelligence arrested two persons in Kolkata for the tax evasion of more than Rs 40 crore.
Last week, the GST Department arrested two persons - Amit Upadhyay and Asad Anwar Sayed - in Mumbai for allegedly defrauding the exchequer of Rs 127 crore by issuing fake GST invoices and not paying the service tax. According to a report in the Hindu, the GST Intelligence Unit is estimating this fraud to go over Rs 300 crore. If that happens, it will be one of the biggest evasion cases in GST history.
On Monday, the Directorate General of Goods and Services Tax intelligence or DGGI arrested three persons in Rajasthan for tax evasion of Rs 58 crore.
Last year in September, the Central Board of Excise and Customs asked its officials to verify all transitional credit claims for more than Rs 1 crore. The move came after it received transitional credit claims worth Rs 65,000 crore.
Government should consider abolishing Input Tax Credit and reduce the rates of GST on finished goods. As it is the benefit of input tax credit is not being passed to the end consumer and is resulting in profiteering.
Local Circles may consider carrying out a Poll on this issue. more
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Oct 31
These are criminals and no law can stop it. But these are now traceable because of paper trails for every transaction. It will require time to curb such tendency. more
May 26
