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

IPL 2025: Will 2025 be Dhoni's last IPL? Mahi reached Chennai with a special 'code', creating a stir on social media.

Former Indian cricket team captain MS Dhoni has created a stir on the internet with a cryptic mes

Air pollution: Respiratory distress returns, children, pregnant women, and the elderly at risk; Centre issues health advisory

Following the resurgence of respiratory distress, the central government issued health guidelines

IND vs AUS: WTC Final 2023 is left on the draw, so who will be the winner between India and Australia? Know what the rules say

The final match of the World Test Championship between India and Australia is to be played from J

Heat Wave Death: A severe heat wave continues to wreak havoc in the country, more than 200 people died in UP-Bihar; 19 people died in a day in Odisha

Severe heat and heat waves have been wreaking havoc across the country for the past several days.

Swiggy Layoffs: More than 250 employees will be laid off in Swiggy, company may say 'bye-bye' to 3% of employees

Food delivery startup Swiggy is reportedly laying off over 250 employees this month across operat

Smriti Mandhana's father discharged from hospital, no update on her wedding with Palash Muchhal

Indian women's cricket team star Smriti Mandhana's father, Srinivas Mandhana, has been discharged

Dollar Vs Rupee: Reduction in the growth of US exchange rates will bring stability in rupee, says Nobel winner

Nobel laureate economist Douglas W Diamond has said that the stability of the rupee against the d

G-20 Summit: India trying to agree on a statement by including Russia's views on Ukraine

India has proposed that the views of Russia and China be included in the G-20 statement condemnin

Tahawwur Rana: Rana had helped Headley in getting an Indian visa, he had come to India before the Mumbai attack

Mumbai terror attack conspirator Tahawwur Rana had helped co-conspirator David Komlan Headley to

Gadar 2: 'Your hard work will pay off, Karan wishes father Sunny Deol on the release of Gadar 2

Producer-director Anil Sharma's film 'Gadar 2' has been released in theaters today. Ever since th