GST evasion of more than 68 crores due to fake ITC bills registered seven cases

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Categories: GST Recent News

The Central Goods and Services Tax (CGST) has taken major action against seven institutions evading GST of more than 68 crores by issuing fake ITC bills. It is being told that these institutions were passing ITC to the taxpayers from outside the state as well as the state. The department says that in the coming few days, the persons operating the ITC racket will also be identified and strict action will be taken against them.

Atul Gupta, Principal Commissioner, Central Goods and Services Tax (CGST), said that a campaign was launched by the department against seven parties that issued these fake ITC bills. These institutions are Bizotic Developers Pvt Ltd, Golden Traders, ARL Trading Company, Devi Trading Company, Badri Enterprises, Kumar Traders and Singh Brothers. Tax evasion of Rs 68.04 crore has been exposed from them. It was obtaining ITC and passing ITC to taxpayers of other states without actual supply of any kind of goods by these bogus institutions.

It is necessary to claim ITC

Input tax credit of any goods is given only to the person registered in GST. Credit is not given to a person who is not registered in GST. Credit will be given only to the goods used for the business. Goods used for personal use will not be given credit. If any goods are used for both personal and business purposes, then only the part that comes in the business of goods will be exempted. Along with this, the information of tax charged, total value of supplied goods and services, details of goods and services, inter-state sales should be included with the bill for claiming input tax credit.

Tax evasion of 600 crores was caught in the financial year 2021-22

In the financial year 2021-22 by the department, GST evasion of 600 crores was caught in the state. It is being told that more than 200 tax evaders were caught. Along with this, in the last five and a half years, the Center has received GST of more than 50 thousand crores from Chhattisgarh.

Source from: https://huntdailynews.in/cg-news-gst-evasion-of-more-than-68-crores-due-to-fake-itc-bills-registered-seven-cases/

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