CGST authorities bust input tax credit fraud of more than 31,000 crore involving more than 7,200 cases in FY 2020-21

CGST authorities bust input tax credit fraud of more than 31,000 crore involving more than 7,200 cases in FY 2020-21 https://www.taxtmi.com/news?id=24311 CGST formations detected ITC fraud totalling over thirty-one thousand crore in FY 2020-21 across 7,268 cases. To curb misuse the Government implemented measures including AADHAR authentication for new registrations, verification of existing or cancelled registrations, suspension and cancellation powers, bulk suspensions by GSTN, additional cancellation grounds for GSTR 1/GSTR 3B mismatches, blocking of GSTR 1 filing where multiple GSTR 3B returns are unfiled, mandatory e invoicing for specified B2B turnover, e way bill restrictions for non filing, and ITC blocking under Rule 86A where fraudulent availing is suspected. en-us Tue, 03 Aug 2021 18:22:51 +0530 Tue, 03 Aug 2021 18:22:51 +0530 TaxTMI RSS Generator CGST authorities bust input tax credit fraud of more than 31,000 crore involving more than 7,200 cases in FY 2020-21 https://www.taxtmi.com/news?id=24311 CGST formations detected ITC fraud totalling over thirty-one thousand crore in FY 2020-21 across 7,268 cases. To curb misuse the Government implemented measures including AADHAR authentication for new registrations, verification of existing or cancelled registrations, suspension and cancellation powers, bulk suspensions by GSTN, additional cancellation grounds for GSTR 1/GSTR 3B mismatches, blocking of GSTR 1 filing where multiple GSTR 3B returns are unfiled, mandatory e invoicing for specified B2B turnover, e way bill restrictions for non filing, and ITC blocking under Rule 86A where fraudulent availing is suspected. News - Tue, 03 Aug 2021 18:22:51 +0530 https://www.taxtmi.com/news?id=24311