Incorrect ITC claims lead to GST Lekage; tax evasion of Rs 22,000 cr Caught in GST Audit; Vivek Johri:

Incorrect ITC claims lead to GST Lekage; tax evasion of Rs 22,000 cr Caught in GST Audit; Vivek Johri The trend of India's monthly goods and services tax revenue reaching Rs 1.5 lakh crore and becoming the "new normal" has been applauded by the North Block. The chairman of the Central Board of Indirect Taxes and Customs, Vivek Johri, voiced assurance that the level would be broken in the coming financial year. However, behind the celebrations is a miscreant that is making India bleed billions of rupees from its coffers. In a media interview, Johri stated that GST audits conducted by the indirect tax body this Financial year resulted in the discovery of tax evasion in approximately 48,000 cases totaling Rs 22,000 crore. Incorrect input tax credit claims were mentioned by Johri as the primary cause of the leakage. According to Johri, it's possible that some taxpayers may have claimed input tax credits for inputs for which they are not eligible because they had an incorrect interpretation of the legislation. Johri added that the tax authority has observed instances in which the value of the items is improperly disclosed and that misclassification is another problem that results in the application of the incorrect tax rate.