New Delhi, Jan 7 (FN Agency) The Goods and Services Tax (GST) authorities have detected as many as 29,273 bogus firms involved in suspected Input Tax Credit (ITC) evasion of Rs 44,015 crore since May last year. In the massive drive against tax evasion, the authorities have arrested 121 persons, Finance Ministry said in a statement on Sunday.
In a bid to curb GST frauds and increase compliance, the GST formations under Central Board of Indirect Taxes and Customs (CBIC) and the State/UT Governments have been carrying out a focused drive on the issue of non-existent or bogus registrations and issuance of fake invoices without any underlying supply of goods and services. “Since the initiation of the special drive against fake registrations in mid-May 2023, a total of 29,273 bogus firms involved in suspected Input Tax Credit (ITC) evasion of Rs 44,015 crore have been detected, “ said Finance Ministry. The Ministry statement said that the anti-evasion drive has saved Rs 4,646 crore of which Rs 3,802 crore is by blocking of ITC and Rs 844 crore is by way of recovery.