Alleging that GST frauds are proliferating across the country and MSMEs are facing problems due to a web of regulations, Dr Amit Mitra, principal chief advisor to West Bengal Chief Minister Mamata Banerjee, on Monday urged Union Finance Minister Nirmala Sitharaman to convene a GST Council meeting to discuss these issues.
GST fraud news: Officers from the Jaipur Zonal Unit of Directorate General of GST Intelligence (DGGI) have uncovered a Delhi-based syndicate that was operating 569 phony companies. The group had created invoices having taxable turnover of Rs. 6,022 crore with fraudulent input tax credit (ITC) amounting to Rs 1,047 crore through these fake companies., Economy News, Times Now
Amid rising instances of GST frauds and cases of fake invoices, these changes are expected to broaden the compliance mandate for more businesses, especially small and medium enterprises and also help boost the GST revenue collections.
GST officers arrest 357 persons since mid-Nov for fake invoice fraud
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Last Updated: Mar 09, 2021, 06:25 PM IST
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Synopsis
Since mid-November, 3,500 cases have been booked and 10,400 fake GSTIN entities have been unearthed by GST intelligence and Central GST officers so far.
GST officers have arrested 357 persons, including 12 chartered accountants, in about four months as part of its drive against fake invoices to check tax evasion, sources said on Tuesday.
Since mid-November, 3,500 cases have been booked and 10,400 fake GSTIN entities have been unearthed by GST intelligence and Central GST officers so far.
Out of the 357 persons arrested so far, at least four persons have been booked under COFEPOSA (Conservation of Foreign Exchange and Prevention of Smuggling Activities Act). The authorities also have recovered around Rs 1,125 crore from them, sources added.
Tax Dept unearths Essel group s alleged Rs 392 cr input credit fraud
As per the initial probe, a layer of genuine-looking fictitious intermediatory companies was created to pass on bogus ITC from non-existent and fake firms to the Essel Group companies without actual supply of any goods or services.
BusinessToday.In | March 5, 2021 | Updated 16:04 IST
Accused were not working with Essel officially but were passing on inadmissible input tax credit to it
The Delhi Central Goods and Services Tax commissionerate has unearthed a massive network of fictitious firms created allegedly by two former Essel group employees to generate and avail fake Input Tax Credit (ITC) of Goods and Services Tax. The accused have been identified as Naresh Dhoundiyal and Devender Kumar Goyal, a chartered accountant. Both were former employees of Essel Group. Though they are presently not working with the Essel group officially, however, they are passing on inadmissible ITC to the said group, an I-T