Fraudulent ITC Claims up 292% in Gujarat in the year of 2022:

Fraudulent ITC Claims up 292% in Gujarat in the year of 2022 The state and central goods and services tax (GST) administrations have recently escalated their efforts to find those responsible for bogus billing frauds. Data presented to the state assembly shows that bogus bills were used to obtain an input tax credit of Rs. 1,961 crore in 2022. This is 292% more than the illegally obtained amount of Rs. 499.26 crore from 2021. Since no actual products were moved while this input tax credit was being paid out, the exchequer suffered a loss. "These entities not only evade taxes but also take money from the exchequer illegally," stated a top SGST department source. In 2022, 1,948 cases of fake billing were discovered, compared to 1,347 in 2021. The business tax department officers have started taking a number of actions to catch the con artists. Involved in billing were 733 GST registrations that the government has previously canceled.