Last Updated Apr - 23 - 2025, 01:45 PM | Source : Fela News
GST officers have uncovered 25,009 fake firms involved in fraudulent ITC claims worth ₹61,545 crore in 2024-25. The government recovered ₹1,924 crore and made 1
In the 2024-25 fiscal year, Central and state GST officers uncovered 25,009 fake firms involved in fraudulent input tax credit (ITC) activities, amounting to ₹61,545 crore in fraud, officials reported. As part of their efforts, ₹1,924 crore was recovered through blocking ITC, and 168 individuals were arrested.
Between 2023-24 and 2024-25, a total of 42,140 fake firms were detected, generating over ₹1.01 lakh crore in fraudulent ITC. In total, ₹3,107 crore was recovered through blocking ITC, and 316 arrests were made.
The government and GST Network (GSTN) have implemented various measures to combat fake ITC claims, including intelligence sharing, identifying fraudulent registrations, and monitoring suspicious e-way bill activities. Under GST, ITC allows businesses to claim deductions on taxes paid to suppliers, but fraudulent firms exploit this system to defraud the government.
To address the issue, the GST registration process has been tightened, requiring physical verification and Aadhaar authentication for high-risk applicants. Severe penalties, including registration cancellation and property attachment, are enforced for those involved in fake ITC claims.
May - 07 - 2025
In the early hours of trading, Sensex had fallen nearly 600 points, and Nifty had slipped below 24,250, but both indices recovered quickly.
May - 06 - 2025
On April 22, gold reached a record-breaking price of ₹1 lakh per 10 grams. However, prices have seen a steady decline since then. While there was... Read More
May - 05 - 2025
Read More