More Than 29,000 Firms Involved In Tax Evasion

  • The GST wing under the Central Board of Indirect Taxes animes (CBIC) and the State/UT Governments, carrying out a focused drive on the issue of non-existent/bogus registrations and issuance of fake invoices without any underlying supply of goods and services.
  • To curb fraud in Goods and Services Tax and increase compliance.
  • A total of 29,273 bogus firms involved in suspected Input Tax Credit (ITC) evasion of Rs. 44,015 Crore have been detected.
  • This has saved Rs. 4,646 Crore by blocking of ITC and by recovery.
Posted in Current Affairs.