NEW DELHI: A complete of 29,273 bogus corporations concerned in suspected Enter Tax Credit score (ITC) evasion of Rs 44,015 crore have been detected since mid-Could 2023, the Finance Ministry mentioned in a press release on Sunday.
Union Finance Ministry additionally acknowledged {that a} whole of 121 arrests have been made in such instances.
“For the reason that initiation of the particular drive towards faux registrations in mid-Could 2023, a complete of 29,273 bogus corporations concerned in suspected Enter Tax Credit score (ITC) evasion of Rs. 44,015 crore have been detected. This has saved Rs 4,646 crore, of which Rs 3,802 crore is because of the blocking of ITC and Rs 844 crore is by the use of restoration,” the finance ministry mentioned.
The ministry added that within the quarter ending December 2023, a complete of 4,153 bogus corporations that concerned suspected ITC evasion of round Rs 12,036 crore have been detected.
“2,358 of those bogus corporations have been detected by the Central GST Authorities. This has protected income of Rs 1,317 crore, of which Rs 319 crore has been realised and Rs 997 crore has been protected by blocking ITC. 41 individuals have been arrested in these instances. 31 of those arrests have been by Central GST authorities,” the ministry mentioned.
“The federal government has taken numerous measures to strengthen the GST registration course of. Pilot initiatives of biometric-based Aadhar authentication on the time of registration have been launched within the states of Gujarat, Puducherry, and Andhra Pradesh,” it added.
Union Finance Ministry additionally acknowledged {that a} whole of 121 arrests have been made in such instances.
“For the reason that initiation of the particular drive towards faux registrations in mid-Could 2023, a complete of 29,273 bogus corporations concerned in suspected Enter Tax Credit score (ITC) evasion of Rs. 44,015 crore have been detected. This has saved Rs 4,646 crore, of which Rs 3,802 crore is because of the blocking of ITC and Rs 844 crore is by the use of restoration,” the finance ministry mentioned.
The ministry added that within the quarter ending December 2023, a complete of 4,153 bogus corporations that concerned suspected ITC evasion of round Rs 12,036 crore have been detected.
“2,358 of those bogus corporations have been detected by the Central GST Authorities. This has protected income of Rs 1,317 crore, of which Rs 319 crore has been realised and Rs 997 crore has been protected by blocking ITC. 41 individuals have been arrested in these instances. 31 of those arrests have been by Central GST authorities,” the ministry mentioned.
“The federal government has taken numerous measures to strengthen the GST registration course of. Pilot initiatives of biometric-based Aadhar authentication on the time of registration have been launched within the states of Gujarat, Puducherry, and Andhra Pradesh,” it added.
