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According to a report officials have prepared a detailed list of entities and their beneficiaries that allegedly created multiple shell firms to represent fake transactions and the tax authorities will target such entities during the next two months. Tax authoritiesare planning stricter actions on companies that allegedly created multipleshell firmsto represent fake transactions without any underlying goods and services for availing inputtaxcredit (ITC), Business Standard reported. Acc
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FAQ :
The tax authorities are investigating shell firms that allegedly created multiple entities to represent fake transactions for fraudulent input tax credit (ITC) claims.
The special drive will commence on May 16 and is planned to target suspected entities over the next two months.
Suspected entities have been identified based on data from the CBIC, with some showing suspicious jumps in annual turnover in FY21, FY22, and FY23.
The drive aims to weed out fake ITC claims by identifying and segregating bogus GST invoices and forged GST registrations.
All central and state tax administrations will be conducting this exercise.
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