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

Nepal Crisis: Unemployment in Nepal... Children of leaders are living a life of luxury; this is what added fuel to the fire.

Gen Z has toppled the government in Nepal. The anger of the youth does not seem to be calming dow

PM Modi Meditation: 45 hours of silence and without eating a single grain of food...' PM Modi will do just this work during meditation

Prime Minister Narendra Modi (PM Modi) started 45 hours of meditation at the famous Vivekananda R

IND U19 vs UAE U19: Vaibhav Suryavanshi misses out on a double century, fails to break Ambati Rayudu's 23-year-old record

Vaibhav Suryavanshi, the rising star of the Indian cricket team, shows no signs of stopping. This

Crypto Ban: Singapore said – a ban on cryptocurrencies is not practical, proposes to reduce risk

The Singapore Central Bank, the monetary authority of Singapore, has published a paper proposing

The Kerala Story: Shabana Azmi supports 'The Kerala Story', lashes out at those demanding a ban

The Kerala Story: Controversy has reached its peak across the country regarding 'The Kerala Story

Iran preparing for a major attack on Saudi Arabia claims intelligence report; US military on alert

Saudi Arabia has warned the US that Iran is preparing for a major attack. Saudi Arabia is the tar

Covid in China: Second child dies due to Zero Covid Policy in China, public anger erupts on officials

Another child has died due to Zero Covid Policy in China, due to which the Chinese authorities ha

Nepal Plane Crash: Major plane accident in Nepal, Shaurya Airlines plane crashed in Kathmandu soon after takeoff; 5 people killed

Nepal Plane Crash: A major plane crash occurred in Nepal's capital Kathmandu on Wednesday. A Shau

Houthi: US-UK's major air attack on Houthi rebels in Yemen, tension may increase in West Asia

America and Britain have taken major action against Houthi rebels targeting merchant ships in the

Not only NEET and UGC-NET, there was fraud in 'ITEP entrance exam' as well; now the education ministry is alert about other exams

Along with the irregularities in NEET-UG and UGC-NET, irregularities have been reported in anothe