Unveiling the Shocking Reality: Over Rs 2 Lakh Crore GST Evasion in FY24
In a surprising turn of events, authorities have uncovered GST evasion amounting to over Rs 2 lakh crore during the fiscal year 2023-24, nearly equivalent to 10% of the total GST collections. Despite a commendable 11.6% increase in gross GST collections from the previous financial year, this staggering revelation underscores the persistent challenges faced in combating tax evasion. The focus of GST authorities during FY24 was to bust fake input tax credit syndicates/rackets by catching the masterminds engaged in these frauds which has resulted in loss of revenue to the government. The GST authorities arrested 113 masterminds involved in fake ITC during the year ended March 31. There were 147 overall arrests. The Directorate General of GST Intelligence (DGGI), the enforcement arm under the Ministry of Finance’s Department of Revenue, has identified various sectors where the majority of alleged tax evasion occurred. Among these, sectors such as online gaming and casinos, co-insurance/re-...