Quick Summary
In a major success for tax authorities, GST officers have unearthed around 18,000 fake companies involved in a large-scale tax evasion scheme, totalling approximately ₹25,000 crore. The findings come from the recently concluded second all-India drive against fraudulent GST registrations, in which over 73,000 GST Identification Numbers (GSTINs) were flagged for verification. The drive, which spanned from August 16 to October end, revealed that these 18,000 companies were set up solely to claim I
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN - Rs.1999
1799
(Excl. of GST ₹323)
2 Years PLAN - Rs.3499
3149
(Excl. of GST ₹566)
BEST VALUE
3 Years PLAN - Rs.4999
4499
(Excl. of GST ₹809)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
Around 18,000 fake companies were uncovered during the second all-India drive against fraudulent GST registrations.
The estimated tax evasion by these fake firms amounts to approximately £25,000 crore.
These companies were set up solely to claim Input Tax Credit (ITC) without engaging in legitimate transactions or sales.
The second all-India drive took place from August 16 to the end of October.
The government is intensifying physical verifications and taking targeted actions to curb fraudulent activities and enhance GST compliance.
Yes, companies voluntarily paid around £70 crore in GST liabilities during the drive.
CAclubindia
