Quick Summary
In a written reply to the Lok Sabha on Monday, Finance Minister Nirmala Sitharaman said that GST evasion of Rs 14,302 crore was detected in the first two months of the current fiscal year, April-May 2023. Of this amount, Rs 5,716 crore was recovered. 28 persons were also arrested in connection with the evasions. Key points regarding tax evasion and related actions of the current fiscal year is as follows Goods and Services Tax (GST) Evasion: In the first two months of the current fiscal ye
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FAQ :
In April-May 2023, GST evasion amounting to £14,302 crore was detected.
Out of the £14,302 crore detected in April-May 2023, £5,716 crore was recovered.
Twenty-eight people were arrested in connection with GST evasions detected in April-May 2023.
Between fiscal years 2020-21 and April-May 2023, GST evasion exceeding £2.68 lakh crore was detected.
The Income Tax and GST departments are using non-intrusive methods, data analytics, and artificial intelligence to detect tax evasion and identify risky taxpayers.
The threshold limit for issuing e-invoices for B2B transactions will be reduced to £5 crore from August 1, 2023.
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