GST Crackdown: Fake Firms and ITC Evasion Uncovered

GST officials have unveiled a substantial ITC evasion network involving 17,818 fake firms amounting to Rs 35,132 crore from April to October. By intensifying actions through data analytics and intelligence, 69 individuals have been arrested, saving Rs 6,484 crore via ITC blocking and recovery measures.

In a significant crackdown, GST officials have identified a sprawling network of ITC evasion, uncovering fraud by 17,818 fake firms, amounting to Rs 35,132 crore between April and October.

Minister of State for Finance, Pankaj Chaudhary, informed Parliament that authorities employ data analytics and intelligence to regularly expose such bogus entities.

A special coordinated drive from August to October resulted in 69 arrests and a recovery of Rs 6,484 crore, spotlighting effective government strategies to thwart fiscal misconduct.

(With inputs from agencies.)