Rs31,000 crore tax credit fraud detected during fiscal year 21
Goods and Services Tax (GST) authorities have detected an input tax credit fraud of more than ??31,000 crore in FY21 and have booked more than 7,200 cases in this regard, Minister of State for Finance Pankaj Chaudhary Rajya Sabha said on Tuesday.
The minister said in a written response to a question that the government had taken a series of measures to reduce tax evasion, including Aadhaar authentication for new GST registrations, suspension or cancellation of registration. to the GST in some cases, the mandatory electronic invoices for companies destined for the above commercial transactions ??50 crore, restriction of the tax credit in certain cases and restriction of the generation of electronic invoices by taxpayers who have not filed tax returns for two consecutive months.
What has helped the government fight tax evasion is the heavy use of technology and data analytics. The CBIC has been fighting tax evasion since last November. After limiting tax enforcement efforts during the early years of the GST to help businesses make a smooth transition to the new indirect tax system, the government is now taking advantage of the policing characteristics of the tax-based system. on technology to combat escape.
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