CBIC detects Rs. 36374 crore worth of fake ITC in FY 2023-24

The Central Board of Indirect Taxes and Customs (CBIC) detected Rs. 36,374 crore worth of fake Input Tax Credit (ITC) involving 9,190 cases in FY 2023-24. This represents a significant increase from 7,231 cases amounting to Rs. 24,140 crore in FY 2022-23. The government has implemented measures to curb ITC fraud, such as biometric Aadhaar authentication for risky applicants, mandatory bank account verification, and restrictions on ITC claims based on supplier invoices. Additionally, penalties for non-compliance and the use of data analytics to identify tax evasion have been enforced.