Quick Summary
In a sweeping crackdown on GST evasion, the Central Board of Indirect Taxes and Customs (CBIC) has unearthed fraud amounting to Rs 26,543 crore during its second nationwide operation against fake input tax credit (ITC). Beginning August 16, CBIC officials scrutinized 68,903 high-risk taxpayers flagged by the GST Network (GSTN). Shockingly, 18,472 entitiesapproximately 27% - were found to be non-existent. Key Findings Massive Evasion Uncovered: Fraud worth Rs 26,543 crore was detected, with
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FAQ :
The CBIC uncovered GST evasion amounting to Rs 26,543 crore.
The operation focused on combating fake input tax credit (ITC) and identifying fraudulent taxpayers.
Approximately 18,472 non-existent entities were found among the taxpayers scrutinised.
Maharashtra, Gujarat, and Delhi reported the highest number of fake entities.
The findings will be presented at the upcoming GST Council meeting on December 21, 2024.
Recovery efforts are often challenging because the fraudulent ITC is typically utilised before the evasion is detected.
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