29,273 bogus firms involved in suspected Input Tax Credit (ITC) evasion of Rs. 44,015 crore detected in a sustained drive against non-existent taxpayers by GST formations across the country since May 2023; 121 arrested https://www.taxtmi.com/news?id=27142 A focused GST enforcement drive detected 29,273 bogus firms since mid May 2023 involving suspected ITC evasion of Rs. 44,015 crore; interventions blocked or recovered Rs. 4,646 crore and led to 121 arrests. In the December 2023 quarter, 4,153 bogus firms with suspected ITC evasion of about Rs. 12,036 crore were found. Measures to curb such frauds include pilot biometric Aadhaar authentication at registration, sequential return filing, system reconciliations for return mismatches, and use of data analytics and risk parameters to detect and block fake ITC. en-us Mon, 08 Jan 2024 09:44:45 +0530 Mon, 08 Jan 2024 09:46:00 +0530 TaxTMI RSS Generator 29,273 bogus firms involved in suspected Input Tax Credit (ITC) evasion of Rs. 44,015 crore detected in a sustained drive against non-existent taxpayers by GST formations across the country since May 2023; 121 arrested https://www.taxtmi.com/news?id=27142 A focused GST enforcement drive detected 29,273 bogus firms since mid May 2023 involving suspected ITC evasion of Rs. 44,015 crore; interventions blocked or recovered Rs. 4,646 crore and led to 121 arrests. In the December 2023 quarter, 4,153 bogus firms with suspected ITC evasion of about Rs. 12,036 crore were found. Measures to curb such frauds include pilot biometric Aadhaar authentication at registration, sequential return filing, system reconciliations for return mismatches, and use of data analytics and risk parameters to detect and block fake ITC. News - Mon, 08 Jan 2024 09:44:45 +0530 https://www.taxtmi.com/news?id=27142