GST Evasion Surges to Rs 2.01 Lakh Crore in FY24

GST evasion has skyrocketed to ₹2.01 lakh crore in FY24, with sectors like online gaming, Banking, Financial Services, and Insurance (BFSI) contributing significantly to the surge. The complex nature of these industries, coupled with the challenge of regulating online transactions, has made them focal points for tax authorities. Despite efforts to tighten regulations, the scale of evasion continues to grow, leading to intensified scrutiny by the government. The online gaming sector, in particular, has come under the scanner for its opaque revenue models, further complicating the collection of GST. As authorities ramp up enforcement, more stringent measures and policy reforms are expected to combat these rising evasion levels.