GST Fraud: Rs 35,132 Crore ITC Evasion Detected, Over 17000 Fake Firms Exposed

GST Fraud: Rs 35,132 Crore ITC Evasion: The Central Board of Indirect Taxes and Customs (CBIC) has exposed a massive GST fraud amounting to Rs 35,132 crore through input tax credit (ITC) evasion. Over 17,000 fake firms have been identified as part of the fraud scheme, which involves the creation of fictitious invoices to claim GST credits without legitimate transactions. The investigation has led to significant seizures and the identification of a large network involved in fraudulent activities across various sectors. This fraud undermines the integrity of the GST system and deprives the government of legitimate tax revenue. The CBIC has called for stronger measures to tackle such frauds and ensure compliance, while also proposing stricter penalties for offenders.