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

Earthquake: Earth shakes again in Arunachal Pradesh, earthquake tremors felt

Earthquake tremors were felt in Arunachal Pradesh. The tremors were felt here this morning at 9.5

Bharat Jodo Yatra: Will BJP leaders participate in the yatra? There was a stir in the politics of UP due to the invitation of the Congress.

Will BJP leaders also participate in Rahul Gandhi's Bharat Jodo Yatra? The leaders of the Congres

Aruna Miller: Another woman of Indian origin who has created history in America, and will handle this big responsibility

Indian-origin Aruna Miller has created history in America. Aruna has won the election of lieutena

Asur 3: 'It is important to bring the next season for the audience', Arshad Warsi gave a big update about Asur 3

Bollywood actor Arshad Warsi is in discussion these days for his recently released web series 'As

IND vs SA: For the first time in 28 years... Team India was embarrassed, repeating the old mistake.

The Indian team was embarrassed on a spin-friendly pitch at home. India suffered a 30-run defeat

Rahul Gandhi: Rahul Gandhi will visit four countries amid turmoil in the 'India' alliance, questions are being raised

Former Congress President Rahul Gandhi will visit four countries including Indonesia from Decembe

Air India New Logo: Air India released its new logo and design, the name is - The Vista

Tata Group-owned airline Air India on Thursday unveiled its new logo and design. Air India retain

Elon Musk removes CEO Parag Agarwal as soon as the Twitter acquisition is complete, top management leaves

Elon Musk completed the Twitter acquisition deal on Thursday. As soon as he got ownership of the

Pakistan: 'Former ISI chief wanted to bring back TTP terrorists', reveals minister Riyaz Peerzada

The round of allegations and counter-allegations between political parties in Pakistan is not tak

Mumbai Rainfall Alert: Warning of heavy rain in many districts of Maharashtra including Mumbai, schools will remain closed

Maharashtra Chief Minister Eknath Shinde has declared holidays for schools given the rain alert b