ITC Fraud: GST Officer detected Rs.35,132 Crore Evasion by more than 17,000 Fake Firms:

ITC Fraud: GST Officer detected Rs.35,132 Crore Evasion by more than 17,000 Fake Firms GST officials discovered cases of ITC evasion totaling Rs 35,132 crore by 17,818 fake companies between April and October and arrested 69 people, Parliament was informed on Monday. In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary stated that the central and state governments take continuous action to discover fraudulent corporations using data analytics and other intelligence. In addition, a coordinated special operation was initiated between August 16 and October 30 to detect bogus firms. "A total of 18,876 ITC fraud cases were detected involving 17,818 fake firms with suspected ITC evasion of Rs 35,132 crore during financial 2024-25 (April-October)," according to Chaudhary. This has saved Rs 6,484 crore, which includes Rs 5,422 crore from ITC blockage and Rs 1,062 crore from recovery.