Central Tax formations under Central Board of Indirect Taxes and Customs (CBIC) detect Rs. 36,374 crore worth of fake Input Tax credit (ITC) involving 9,190 cases in FY 2023-24
GST
Dated:- 29-7-2024
The Central Tax formations under Central Board of Indirect Taxes and Customs (CBIC) detected Rs. 36,374 crore worth of fake Input Tax credit (ITC) that involved 9,190 cases in the Financial Year (FY) 2023-24. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in written reply to a question in Lok Sabha today.
The details of the fake Input Tax Credit (ITC) cases booked by Central Tax formations during the F.Y. 2022-23 and 2023-24 are as under:
F.Y.
No. of cases
Detection (Rs. in Cr.)
Voluntary
Deposit
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T Rules, 2017 to provide for requirement of bank account furnished as a part of registration process to be in the name of the registered person and obtained on PAN of the registered person and also linked with Aadhaar in case of proprietorship firm and that the details of bank account will be required to be furnished within 30 days of grant of registration or before filing of GSTR-1, whichever is earlier.
* Restriction on availment of ITC to invoices and debit notes furnished by the supplier in their statement of outward supplies.
* Filing of FORM GSTR-1 made mandatory before filing of FORM GSTR-3B for a tax period and filing of FORM GSTR-1 made mandatorily sequential.
* Making the beneficial owner liable for penal action and prosecut
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