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

University closed, teachers secretly teaching online: Afghan girls said - Taliban left only one task for us - give birth and raise children

'My name is Iram. I live in Afghanistan. He has done his Master's at Pune University. When India

BCCI: Match fees of Indian women cricketers are now at par with men, BCCI made a big announcement

Board of Control for Cricket in India (BCCI) Secretary Jay Shah made a big announcement on Thursd

Five and a half thousand CCTV cameras will be installed on Pakistan and Bangladesh border, Rs 30 crore fund approved

The government has approved a fund of Rs 30 crore for the purchase of surveillance cameras, drone

Team India's first challenge in 2023. T-20 from Sri Lanka: Young faces like Mavi, Mukesh, and Tripathi in the T-20 team, Surya vice-captain for the first time

On January 3, Team India will play the first match of 2023. The Sri Lankan team has come to India

Fire on the 15th floor of China's residential apartment: 10 people died, the fire was controlled after 3 hours

A fire broke out on the 15th floor of a building in Xinjiang, China. 10 people died in this accid

Covishield Row: National Committee said – cases of blood clotting are less than half percent; 60% of side effects are stress-related

The picture of corona vaccine and vaccination in India is different from Britain.

MI vs RCB: Virat Kohli apologized to the fans by holding his ears, knowing what the demand made by the spectators at Wankhede Stadium

If Royal Challengers Bangalore's star batsman Virat Kohli is in the field then the atmosphere is

'Government is not responsible for deaths due to Covid-19 vaccine', Center replied in Supreme Court

The government cannot be held responsible for the effects of the Corona vaccination. The Center h

Baltimore Bridge Collapse: Two bodies were found a day after the bridge collapse; Officer said – the ship's crew is helping in the investigation

A search operation is underway in the Patapsco River after a bridge collapsed in Baltimore city o

'Mamata Banerjee is no less than Kim Jong', BJP hits back at the statement on the PM's chair

There are continuous protests in Bengal over the atrocities that took place in Kolkata's RG Kar M