TaxTMI 
TaxTMI 
TaxTMI 
CGST authorities bust input tax credit fraud of more than 31,000 crore involving more than 7,200 cases in FY 2020-21
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....GST authorities bust input tax credit fraud of more than 31,000 crore involving more than 7,200 cases in FY 2020-21 <br>GST<br>Dated:- 3-8-2021<br><BR>The Goods and Services Tax authorities have unearthed over ₹ 31,000 crore of tax fraud committed by misuse of input tax credit (ITC) provision under the Goods and Services Tax (GST) regime during the financial year 2020-21 and booked more than....
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.... 7,200 cases involving fake ITC. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. Giving details, the Minister stated Input Tax Credit (ITC) fraud detected by CGST formations under Central Board of Indirect Taxes & Customs (CBIC) as following: S. No. Period No. of Cases Quantum involved (in Rs. crore) 1 2020....
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....-21 7,268 31,233.40 The Minister stated that the Government has taken many steps to prevent such frauds, such as: * Introduction of AADHAR authentication for processing of new registration application; * Facility to verify cancelled / existing registrations of the applicants seeking new registrations; * Provisions to suspend / cancel registration of taxpayers found to the adverse notice o....
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....f the department; * Bulk suspension of registration by GSTN based on business intelligence and further follow up of the same by the CBIC; * Additional grounds for cancellation of registration have been introduced where there is mismatch between FORM GSTR-1 and FORM GSTR 3B (Rule 21) of CGST Act, 2017, etc.; * To prevent fake dealers and shell companies to pass on fake credit, without filing ....
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....their GSTR-3B returns and paying taxes, a provision has been made to block furnishing of outward supply statement in FORM GSTR-1 by a taxpayer, if 2 or more GSTR 3B returns are not filed by the said taxpayer. * E-invoices have been made mandatory for all B2B transaction with turnover above ₹ 50 crore. * Generation of E-way bill by those taxpayers who have not furnished return for consecu....
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....tive period of two month has been restricted. * Blocking of ITC Credit under Rule 86A of CGST Act, 2017, was introduced if the proper officer has reason to believe that ITC has been availed fraudulently.<BR> News - Press release - PIB....