Skip to main content

Since GST rollout in July 2017, Rs 45,682.83 crore fraud detected

A total of 9385 cases of tax fraud involving amount of Rs 45,682.83 crore has been detected by the tax authorities under the Goods and Services Tax (GST) regime since its rollout from July 1, 2017, government data showed. Out of this, 1,593 tax fraud cases involving an amount of Rs 6520.40 crore have been detected in April-June, the first three months of this financial year.
In a response to a question regarding tax frauds under GST, Minister of State for Finance Anurag Thakur said tax fraud worth Rs 37,946.41 crore was detected in 7368 cases in 2018-19.
Also, in 2018-19, Rs 11,251 crore worth of cases of tax credit availment by issue of fake invoices were detected by the tax authorities and Rs 2,805 crore in April-June of the current fiscal, Thakur said in his written reply.
Just five cases of tax credit availment by fake invoicing were detected by Central GST formations in the first year of the GST implementation (July 2017 to March 2018) involving an amount of Rs 12.67 crore and two persons were arrested.

Comments

Post a Comment

Popular posts from this blog

Investing in Gold: Bridging Tradition with Modern Strategies in India

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/     Gold holds a special place in the hearts of Indians, deeply rooted in tradition and culture. For generations, it has been a symbol of prosperity, a hedge against economic uncertainties, and an integral part of auspicious occasions. As we step into the modern era, the allure of gold remains, but the ways we invest in it have evolved. Let's delve into the world where tradition meets contemporary investment strategies in the context of gold in India. The Timeless Appeal of Gold For centuries, Indians have revered gold not only for its aesthetic appeal but also for its intrinsic value. Traditionally, gold has been acquired in the form of jewelry, coins, or bars, often passed down through generations as a store of wealt...
Post a Comment
Read more

37th GST Council Meeting Highlights

The meeting concluded with several decisions ranging from relaxations in annual return filing, rate revisions, deferment of new GST returns, changes to composition scheme, new GST exemptions and some clarifications detailed as follows: Waiver of GSTR-9A for Composition Taxpayers for FY 2017-18 & FY 2018-19 Composition dealers have been granted exemption from filing of annual returns in GSTR-9A for the fiscal years 2017-18 and 2018-19. In the future, it is mostly expected to be done away since the form GSTR-4 has been tweaked to allow an annual declaration of turnover and tax details. GSTR-9 for small taxpayers now not compulsory for FY 2017-18 & FY 2018-19 Those taxpayers having an annual turnover of up to Rs 2 crore in FY 2017-18 or FY 2018-19, may choose to not file GSTR-9, from the date to be notified by CBIC. GST Council has also decided to review the simplification of GSTR-9, 9A and 9C forms and filing. However, they must continue to file annual returns for FY...
Post a Comment
Read more

GST tribunal will be set up in Haryana, expected to start by March 2023: CM

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/     Manohar Lal Khattar also called for promoting voluntary registration for GST and said that three lawyers who get the maximum number of registrations in a year would be felicitated. Haryana Chief Minister Manohar Lal Khattar said Wednesday that for the convenience of taxpayers and lawyers, a GST tribunal will be set up in the state, which is expected to start by March 2023. “For this a recommendation has been made to the GST Council.” The Chief Minister further announced that two joint ETC range appeal offices would be opened at Hisar and Gurgaon to resolve GST related problems. In an event in Gurgaon, Manohar Lal Khattar said that ‘GST Aamne Samne’ forum will be started at the divisional level, providing a common p...
Post a Comment
Read more