Raid: GST evasion of 824 crores by insurance companies, searches on the premises of 15 companies, intermediaries, and banks

Posted on 30th Sep 2022 12:26 pm by rohit kumar

GST officials have caught tax evasion of Rs 824 crore by 15 insurance companies, intermediaries, and banks. They were evading tax by issuing fake challans. Based on confidential information, GST Intelligence Officers of Mumbai Zone conducted searches at the premises of insurance companies, intermediary entities/branding companies, and Non-Banking Financial Companies (NBFCs) in several cities.

 

 

During searches, it was found that these companies had availed of Input Tax Credit (ITC) without supplying goods or services under the guise of marketing services, officials said on Thursday. Along with this, they were also making fake challans in collusion with each other.

 

 

Several other cases were also detected during the search. These companies have so far paid only Rs 217 crore in tax. The investigation is going on in the matter.

 

Also Read: Ganga Expressway: Adani Group gets financial closure for 'Ganga Expressway Nirman', know details

Other news

Mamata Banerjee : PM Modi and CM Mamata paid tribute to the spiritual master of Matua community, said a big thing

Prime Minister Narendra Modi and West Bengal Chief Minister Mamata Banerjee on Sunday paid tribut

Raghav-Parineeti Reception Card: Raghav-parineeti's reception to be held in Chandigarh, invitation card went viral

Raghav-Parineeti Reception Card: Seeing the photos and videos of the royal wedding of Raghav Chad

Actor Vijay: Thalapati Vijay will make a mark in politics, unveiling the flag and symbol of his party TVK

Well-known actor Vijay officially unveiled the flag and symbol of his party Tamilaga Vetri Kazhag

Where did Tahawwur Rana spend his first night? What has happened to the terrorist since he arrived in India?

Mumbai terror attack mastermind Tahawwur Rana was finally brought to India on Thursday evening. R

Kuwait Building Fire: People were stuffed like animals; the fire spread so fast that there was no chance to escape

The fire in a six-story building in Kuwait spread so fast that people did not even get a chance t

Rohit Sharma: Not Virat-Bumrah, Indian captain Rohit Sharma gave credit to these three people for winning the T20 World Cup

Indian team captain Rohit Sharma said on Wednesday that former head coach Rahul Dravid, selection

Imran Khan assassination attempt: PTI members resolve to continue protest till FIR is lodged

Protests continued across the country on Sunday as members of the Pakistan Tehreek-e-Insaf (PTI)

Oscars 2024: Who showed their talent at the Oscars this year, know who won the award?

The 96th Academy Awards were held at the Dolby Theater in Los Angeles, California. In India, it a

Samantha Ruth Prabhu posted after ex-husband Naga Chaitanya's second marriage, prayed for her loving partner.

The last few times have been very difficult for actress Samantha Ruth Prabhu. After her divorce f

Ashwini Vaishaw: 90 lakh jobs found in digital sectors, PM breaks manufacturing chains

Union Information Technology and Railway Minister Ashwini Vaishnav made a big claim regarding job