CBIC Uncovers Rs 26,543 Crore GST Evasion in Nationwide Drive Against Fake ITC

The Central Board of Indirect Taxes and Customs (CBIC) has uncovered GST evasion worth Rs 26,543 crore in a nationwide crackdown against fake Input Tax Credit (ITC) claims. The operation targeted fraudulent claims by businesses that were found to be misusing ITC provisions to reduce tax liabilities. The CBIC found that a significant number of companies were involved in the generation of fake invoices and claims for input tax credits without actual supplies. The investigation revealed large-scale misuse of the system, leading to massive revenue losses. The authorities are focusing on strict enforcement and stringent penalties to curb such fraudulent practices.