CBIC detected Fake ITC claim of Rs. 1.14 Lakh crores from 2020 till date
GST Doctor Now Supports BO Portal returns. Purchase the pro version once and enjoy lifetime access with free updates, click topurchase
GST Doctor on Sun Mar 10 2024
GST is a centralised indirect tax regime for the entire country where revenue is shared between Central and State authorities as proposed under the rules. In few incidents it is seen that unethical businesses involve in GST frauds by using fake invoices and forged supply to avail input tax credit from government.
Definition of Fake Input Tax Credit (ITC)-
When a taxpayer issues GST invoice without actual supply of any goods or services and transfers wrongly availed ITC from their GSTIN to another GSTIN, such ITC is termed as Fake ITC. Further, such Fake ITC is used by manufactures for making GST payment for their outward supplies.
Detection of Fake ITC by CBIC-
Central Board of Indirect Taxes and Customs (CBIC) has made multiple attempts to unveil Fake ITC frauds. CBIC detected fake input tax credit claim of 1.14 Lakh crores from 2020 till date across India. Board has successfully uncovered several cases of GST ITC frauds resulting in huge loss to Government revenue. The attempts are still going on to unleash such cases.
Disclaimer: All the information on this website is published in good faith and for general information purpose only. Any action you take upon the information you find on this website (gstdoctor.com), is strictly at your own risk.