Quick Summary
The Mumbai branch of the Directorate General of Goods and Services Tax (GST) Intelligence has detected tax evasion of ₹824 crore by 15 insurance companies, intermediary marketing companies and multiple non-banking finance companies. These companies allegedly availed input tax credit (ITC) without the underlying supply of goods and services, officials said, adding that an investigation is underway. The DGGI identified other intermediaries who were engaged in the same modus operandi.
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FAQ :
The total value of the Goods and Services Tax (GST) fraud detected is ₹824 crore.
The fraud involves 15 insurance companies, intermediary marketing companies, and multiple non-banking finance companies.
They allegedly availed input tax credit (ITC) without the actual supply of goods or services, by raising fraudulent invoices for marketing services in connivance with each other.
The Mumbai branch of the Directorate General of Goods and Services Tax (GST) Intelligence detected the fraud.
Yes, an investigation into the matter is currently underway.
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