Sumati Bengani
Quick Summary
Recently Ministry of Finance issued a Press Release dated 18th October, 2023 titled: In fight against fake ITC, DGGI detects more than 6,000 fake ITC cases involving more than Rs. 57,000 crore GST evasion with the arrest of 500 persons between April 2020 to September 2023 In FY23-24, DGGI detects Rs
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FAQ :
In FY23-24 alone, GST evasion amounting to Rs. 1.36 lakh crore was detected, with a significant portion likely related to ITC fraud. Between April 2020 and September 2023, over 6,000 fake ITC cases involving more than Rs. 57,000 crore were identified.
Advanced technologies like biometric authentication, real-time verification of PAN and Aadhaar, AI-based identity verification, selfie verification, blockchain technology, and machine learning for anomaly detection can significantly strengthen the registration process.
Strategies include real-time data analytics to spot unusual patterns, establishing whistleblower mechanisms, collaborating with banks, reviewing ITC claim thresholds, ensuring interconnected systems for data sharing, and implementing AI-powered predictive analysis.
Yes, the article suggests implementing real-time selfie verification, AI-driven analysis of facial recognition and voice patterns, and geolocation verification to ensure the applicant is the legitimate owner of the identity documents.
Businesses can contribute by educating themselves on correct ITC claims, reporting suspicious activities through feedback mechanisms, using supplier verification portals, and encouraging the use of digital signatures on invoices.
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