Revolutionary Raja Ram for Tax & Economic Reforms
over 1 year ago
GST authorities uncover Rs 19,492 crore in tax evasion in Special All-India Fake GST Registration Drive as reported by The Business Standard The majority of the fake GST registrations were found in the states of Maharashtra, Gujarat, and Delhi.
The Central Board of Indirect Taxes and Customs (CBIC) has conducted a nationwide crackdown on fake GST registrations. The drive has resulted in the detection of over 100,000 fake GST registrations and the blocking of fake input tax credit (ITC) claims worth Rs 6,200 crore.
The most common type of fake GST registration was for businesses that did not exist. The fake ITC claims were mostly used to offset the tax liability of real businesses. The crackdown on fake GST registration is a significant achievement by the tax authorities.
It is a clear message to businesses that tax evasion will not be tolerated. The crackdown is also expected to have a positive impact on tax compliance and revenue collection.
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