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TMI BlogCGST authorities bust input tax credit fraud of more than ₹ 31,000 crore involving more than 7,200 cases in FY 2020-21X X X X Extracts X X X X X X X X Extracts X X X X ..... CGST authorities bust input tax credit fraud of more than ₹ 31,000 crore involving more than 7,200 cases in FY 2020-21 - Goods and Services Tax - GST Dated:- 3-8-2021 - News - The Goods and Services Tax authorities have unearthed over ₹ 31,000 crore of tax fraud committed by misuse of input tax credit (ITC) provision under the Goods and Services Tax (GST) regime during the financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year 2020-21 and booked more than 7,200 cases involving fake ITC. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today. Giving details, the Minister stated Input Tax Credit (ITC) fraud detected by CGST formations under Central Board of Indirect Taxes Customs (CBIC) as following: S. No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Period No. of Cases Quantum involved (in Rs. crore) 1 2020-21 7,268 31,233.40 The Minister stated that the Government has taken many steps to prevent such frauds, such as: Introduction of AADHAR authentication for processing of new registration application; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Facility to verify cancelled / existing registrations of the applicants seeking new registrations; Provisions to suspend / cancel registration of taxpayers found to the adverse notice of the department; Bulk suspension of registration by GSTN based on business intelligence and further follow up of the same by the CBIC; Additional grounds for cancellation of registration have been intro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... duced where there is mismatch between FORM GSTR-1 and FORM GSTR 3B ( Rule 21 ) of CGST Act, 2017 , etc.; To prevent fake dealers and shell companies to pass on fake credit, without filing their GSTR-3B returns and paying taxes, a provision has been made to block furnishing of outward supply statement in FORM GSTR-1 by a taxpayer, if 2 or more GSTR 3B returns are not filed by the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taxpayer. E-invoices have been made mandatory for all B2B transaction with turnover above ₹ 50 crore. Generation of E-way bill by those taxpayers who have not furnished return for consecutive period of two month has been restricted. Blocking of ITC Credit under Rule 86A of CGST Act, 2017 , was introduced if the proper officer has reason to believe that ITC has been availed fraud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ulently. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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