GST evasion of Rs 55,575 cr detected in last 2 years, 719 persons arrested

GST authorities have detected GST fraud of Rs 55575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer an official said on ThursdayOver 22300 fake GST identification numbers GSTIN were detected by the officers of the Directorate General of GST Intelligence DGGIThe government on November 9 2020 launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit ITC fraudulently by issuing fakebogus invoices thereby evading Goods and Services Tax GSTIn the two years of the special drive GSTITC fraud worth Rs 55575 crore has been detected 719 persons have been arrested which include 20 CACS professionals the official told PTIVoluntary deposits of Goods and Services Tax GST worth Rs 3050 crore have been made during the periodThe official did not disclose the recovery amount in these cases but said it would be a sizeable amountAlso Read Fadnavis directs GST officials to work with cyber dept to curb financial fraudsCredible intelligence coordination between intelligence agencies like DGGI DRI Income Tax Enforcement Directorate and CBI have helped us crackdown on tax evaders the official saidThe GST department is taking steps to curb evasion including verification of registration eway bill requirement and validation for filing GST returns and also placed restrictions on the quantum of ITC that can be used by businesses for GST paymentA nationwide GST which subsumed 17 local levies like excise duty service tax and VAT and 13 cesses was rolled out on July 1 2017In the recent years the department has stepped up action against fake ITC claims The steps taken by GST officers have definitely improved compliance and that is getting reflected in monthly GST collection the official saidIn October GST revenues registered the second highest collection ever at nearly Rs 152 lakh crore second only to April when the mopup was about Rs 168 lakh croreGST mopup has been over Rs 140lakh crore for eight months in a row while for the two months it has crossed the Rs 150 lakh crore markWith economic activity gaining momentum and improved compliance officials expect Rs 150 lakh crore to be the new normal for monthly GST revenuesGST revenue in April was about Rs 168 lakh crore May Rs 141 lakh crore June Rs 145 lakh crore July Rs 149 lakh crore August Rs 144 lakh crore September Rs 148 lakh crore and October Rs 152 lakh croreThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever