tax The authorities have achieved great success. Authorities have detected around 18,000 fake companies registered under the Goods and Services Tax (GST). Officials say these companies are involved in tax evasion of around Rs 25,000 crore. In the recently concluded second national drive against fake companies, tax officials identified a total of 73,000 companies which they suspected were simply availing ‘input tax credit’ (ITC) without selling any genuine products. These companies were created to raise money and, therefore, these. Companies continually defrauded the public treasury.
73,000 GSTINs identified for verification
Commenting on this, tax officials said, “In the second national drive against fake registrations under GST, we had identified around 73,000 GSTINs for verification. Of these, some 18,000 companies were found that do not exist. These shell companies were involved in tax evasion of approximately Rs 24,550 crore. Voluntary GST payment of around Rs 70 crore was made by companies during a special campaign conducted by the department.
In the campaign carried out from May 16 to July 15, 21,791 fake companies came to light.
Let us tell you that the government is taking specific steps to check fake GST registrations and more and more physical verifications are being carried out. The second national campaign against false registration was carried out from August 16 to the end of October. Under the first national campaign against false registration, which ran from May 16 to July 15 last year, 21,791 companies with GST registrations were found to be non-existent. During the operation, an alleged tax evasion of Rs 24,010 million was detected.
With PTI inputs
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