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

BTEUP Result 2023: UP BTE UP December Odd Semester Exam Result declared, check this way

BTEUP Odd Semester Result 2023: Board of Technical Education, Uttar Pradesh has finally declared

Punished in front of a crowd of thousands in the football stadium: Taliban flogged 12 people, including 3 women, on charges of theft and adultery

12 men accused of moral offenses were thrashed in front of a crowd of thousands at a football sta

Discussion of Jinping's detention; China is also silent, there is a possibility of a military coup, General Li claims to be president

There is talk of Chinese President Xi Jinping being overthrown and placed under house arrest. Chi

Earthquake in Assam: The Earth shook due to the strong tremors of an earthquake in Assam, people came out of their houses in panic at midnight

An earthquake of magnitude 5.0 on the Richter scale hit the Morigaon district of Assam in the ear

Bilawal Bhutto: 'His statement, his wish...': Read what Bilawal said after returning to Pakistan after being surrounded on terrorism in India

Bilawal Bhutto Zardari, who was on a two-day visit to India to participate in the Shanghai Cooper

After the India-China conflict, mobile towers will be installed near the LAC for better connectivity

The government has decided to install more mobile towers along the Line of Actual Control (LAC) i

El Nino: Can there be a drought in the country due to the effect of El Nino? Know what this report of IMD says

Recently, a report has been issued by the Meteorological Department (IMD) regarding the monsoon.

Kantara Chapter 1: Producers gave a special birthday gift to Rishab Shetty, and released a new poster of the film

The new poster of 'Kantara Chapter 1', the second part of Rishab Shetty's much-awaited film 'Kant

'If someone would have asked me...' The writer of Laapataa Ladies broke his silence on the film being called a copy of 'Burqa City'

Missing Ladies was released in theaters last year and was highly appreciated by the audience and

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