Marketing campaign has resulted in arrests of 258
individuals who have been discovered to be availing enter tax credit score (ITC) fraudulently.
Eight Chartered Accountants (CAs)have been arrested to this point below the nationwide drive in opposition to faux GST invoices, sources within the income division stated on Monday. The 2-halfmonth-long marketing campaign has resulted in arrests of 258 individuals who have been discovered to be availing enter tax credit score (ITC) fraudulently.
Amongst these arrested, no less than two individuals have been booked below COFEPOSA(Conservation of International Trade and Prevention of Smuggling Actions Act) additionally. The GST intelligence and Central GST authorities have booked greater than 2,500 instances in opposition to 8,000 faux GST-registered entities through the drive to this point. They’ve additionally recovered over Rs 820 crore of evaded GST.
The everyday modus operandi of the chartered accountants has been to drift a number of non-existent corporations and pretend entities to dupe the exchequer with fraudulent ITC utilisation in connivance with fraudsters and fly-by-night operators, sources stated. They added that the division has shared info with chartered accountants’ regulatory physique Institute of CharteredAccountantsof India (ICAI) on the arrested professionals, and the physique has been requested to take applicable motion.
The income division has attributed its success in removing tax evasion on full knowledge sharing amongst GST, customs and revenue tax, and use of knowledge analytics together with AI and machine studying.
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