More than 10,000 shell companies stole so much money
More than 10,000 shell companies stole so much money
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GST officials have detected about 10,700 fake companies in the nationwide campaign against fake registration. These companies have evaded taxes worth Rs 10,179 crore. Central Board of Indirect Taxes and Customs (CBIC) member Shashank Priya informed on Tuesday that this campaign started on August 16 and will continue till October 15.

Expansion of the campaign and its progress: Under this campaign, tax officials have identified 67,970 GSTINs (Goods and Services Tax Identification Number). Out of these, 59 percent i.e. 39,965 GSTINs have been verified till 22 September. Shashank Priya said that this time 27 percent fake companies have been found which do not even exist. This number is almost the same as compared to the previous campaign.

First Campaign: Hala Abhiyan was conducted between May 16 and July 15, 2023, in which a total of 21,791 such companies were detected which did not exist. Suspected tax evasion of Rs 24,010 crore was detected in that campaign.

Input tax credit case: In the second campaign, input tax credit (ITC) worth Rs 2,994 crore has been blocked and Rs 28 crore has also been recovered. Shashank Priya said that the problem of mismatched data persists in the GST system. Due to this, tax officials have issued 1,12,852 show cause notices in 2023-24.

Restrictions on new taxpayers: CBIC officials said that all possible measures will be used to prevent misuse of the system. In future, some restrictions may also be imposed on new taxpayers based on their risk profile.

Process of Aadhaar authentication: Aadhaar authentication for GST registration is already implemented in 12 states and four more states will be added by October 4. Thus, 20 states including Madhya Pradesh, Rajasthan, Assam, Tamil Nadu, Uttar Pradesh and Haryana will start Aadhaar authentication.

E-invoice framework: CEO of Goods and Services Tax Network (GSTN) Manish Kumar Sinha said that the design framework for implementing GST e-invoice (bill) for retailers is almost ready. Industry experts are examining it. In the GST Council meeting, it has been decided to implement e-invoice in the B2C (from companies to customers) sector as well.

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