GST news: In a recent development, 24 major companies have been found to have evaded Goods and Services Tax (GST) amounting to a staggering Rs 11,000 crore. The detection of this evasion was carried out by the Indian Directorate General of GST Intelligence (DGGI) and the Directorate of Revenue Intelligence.
Several companies involved in the steel, pharmaceutical, gems and jewelry, and textile sectors have been identified. Seven units have received notices in this regard. Agencies are currently in the process of sending notices to additional parties.
As per a recent media report, a significant number of companies belong to the steel, pharmaceuticals, gems and jewelry, and textiles sectors. Tax evasion has been detected in these cases based on data, according to sources. According to an official, tax officials have detected a significant increase in GST evasion, which has almost doubled year-on-year to exceed Rs 1.01 lakh crore during the 2022-23 fiscal.
In the last financial year, there was an increase in the figure of GST evasion. During the previous fiscal year, officials from the Directorate General of GST Intelligence (DGGI) successfully recovered over Rs 21,000 crore. According to an official, the government is implementing measures to enhance compliance and utilizing both data analytics and human intelligence to detect instances of fraud.
In the fiscal year 2021-22, under the Goods and Services Tax (GST) regime, the Directorate General of GST Intelligence (DGGI) has uncovered a staggering evasion of over Rs 54,000 crore. Furthermore, the agency has successfully recovered over Rs 21,000 crore in taxes. In the current fiscal year, the number of Goods and Services Tax (GST) evasion cases has risen, with almost 14,000 cases being identified.
This represents an increase from the previous fiscal year’s 12,574 cases and the 12,596 cases detected in the 2020-21 fiscal year. As per the Finance Ministry’s disclosure in the Lok Sabha, a staggering amount of Rs 3.08 lakh crore pertaining to GST evasion has been unearthed between July 2017 and February 2023.
However, the good news is that a sum of over Rs 1.03 lakh crore has been successfully recovered. In the last five and a half years until February 2023, a total of 1,402 individuals have been apprehended by GST officials for their involvement in tax evasion.
