📢 𝗧𝗵𝗲 𝗳𝗶𝗴𝗵𝘁 𝗮𝗴𝗮𝗶𝗻𝘀𝘁 𝗚𝗦𝗧 𝗳𝗿𝗮𝘂𝗱 𝗶𝗻𝘁𝗲𝗻𝘀𝗶𝗳𝗶𝗲𝘀! 📢 Central GST officers have made significant strides in detecting fake Input Tax Credit (ITC) claims. In FY24, the detection of fake ITC claims surged by a whopping 51% to Rs 36,374 crore.

The Minister of State for Finance, Pankaj Chaudhary, revealed this in a written reply to the Lok Sabha.

In the fiscal year 2023-24, 9,190 cases were booked involving fake ITCs of Rs 36,374 crore. This led to the arrest of 182 persons, and voluntary deposits of Rs 3,413 crore were made in these cases.

Comparatively, in 2022-23, Rs 24,140 crore of fake ITC were detected in 7,231 cases, leading to 152 arrests and Rs 2,484 crore in voluntary tax deposits.

Chaudhary highlighted the challenges in tracking fake ITC fraudsters who operate a complex web of entities across jurisdictions. However, these challenges are being met through coordination with multiple stakeholders, including law enforcement agencies.

Let’s stand together for a transparent and accountable tax system! 🇮🇳💼📊 #GST #India #TaxFraud #Finance #NewsUpdate