Goods and Services Tax (GST) authorities have so far been using OTP-based Aadhaar authentication to establish the identity of the applicants, seeking registration. Since the launch of GST on July 1, 2017, tax officers have detected fake ITC of Rs 1.42 lakh crore and recovered Rs 13,000 crore. As many as 1,350 people have been arrested for defrauding the exchequer.
Policy continuity is crucial for sustainable economic growth. The interim budget reflects the Modi government s commitment to this principle, focusing on empowerment over entitlement, sustainable development, and fiscal management. The government has redefined inclusion as empowerment since 2014, and the budget continues this approach by prioritizing the needs of the poor, women, youth, and farmers.
Budget 2024: The Indian alcohol industry stakeholders, in a concerted voice, seek closure of tax on ENA and a uniform tax system across the country. They also underscore the need for input tax credit.
Mitra referred to the Modi government’s own admission that a special drive against fake registration launched since mid-May 2023 has resulted in the detection of 29,273 bogus firms involved in suspected input tax credit evasion of Rs 44,015 crore