New Delhi [India], January 7 : A total of 29,273 bogus firms involved in suspected Input Tax Credit (ITC) evasion of Rs 44,015 crore have been detected since mid-May 2023, the Finance Ministry said in a statement on Sunday.
Union Finance Ministry also stated that a total of 121 arrests have been made in such cases.
"Since the initiation of the special drive against fake registrations in mid-May 2023, 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, of which Rs 3,802 crore is due to the blocking of ITC and Rs 844 crore is by way of recovery," the Finance Ministry said.
The ministry added that in the quarter ending December 2023, a total of 4,153 bogus firms that involved suspected ITC evasion of around Rs 12,036 crore were detected.
"2,358 of these bogus firms were detected by the Central GST Authorities. This has protected revenue of Rs 1,317 crore, of which Rs 319 crore has been realised and Rs 997 crore has been protected by blocking ITC. 41 persons were arrested in these cases. 31 of these arrests were by Central GST authorities," the ministry said.
"The government has taken various measures to strengthen the GST registration process. Pilot projects of biometric-based Aadhar authentication at the time of registration have been launched in the states of Gujarat, Puducherry, and Andhra Pradesh," it added.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor