Over the previous two years, the GST officials have discovered fraud totalling Rs55,575 crore and have detained over 700 people for defrauding the exchequer, an official told ET on Thursday. The officers of the Directorate General of GST Intelligence discovered over 22,300 bogus GST identification numbers.
The government began a nationwide special campaign against dishonest organizations on November 9, 2020, to stop them from fraudulently claiming and disbursing Input Tax Credit (ITC) and dodging Goods and Services Tax (GST).
During the time, voluntary GST (Goods and Services Tax) contributions totalling Rs3,050 crore were made.
The GST administration has implemented measures to prevent evasions, such as registration verification, the requirement for e-way bills, validation for filing GST returns, and limitations on the amount of ITC that can be used by enterprises for GST payment.
On July 1, 2017, a countrywide GST went into effect, replacing 17 local taxes, including VAT, service tax, and excise duty, as well as 13 cessers.
Only April's mop-up of around Rs1.68 lakh crore was more than the almost Rs1.52 lakh crore in GST revenues collected in October, which was the second-highest collection ever.
For eight consecutive months, the GST mop-up has above Rs1.40 lakh crore, and for the last two months, it has beyond Rs1.50 lakh crore.
Officials anticipate that the "new normal" for monthly GST receipts will be Rs1.50 lakh crore as a result of greater compliance and accelerating economic activity.For feedback and suggestions, write to us at firstname.lastname@example.org
The US Federal committee's meeting will conclude on March 16, 2022.
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