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

Women cannot be stopped from doing night duty, it is the government's responsibility to provide them security; CJI also took Sibal to task.

The Supreme Court on Tuesday strongly objected to the notification of the West Bengal government

Jammu was again targeted by terrorists! Bullets fired on an army ambulance in Akhnoor

News of another terrorist attack is coming from Jammu. According to sources, terrorists fired on

Adani-Google Rent: Adani rents its space to Google, rent will be charged for this amount every month

Adani Enterprises has leased 4.64 lakh square feet of space in its data center in Noida to Ryden

'No compromise with law and order', Telangana CM Revanth Reddy gives strict warning to Telugu film association!

Actor Allu Arjun is constantly in the headlines due to the Pushpa 2 stampede controversy. Meanwhi

India-China Ties: Chinese envoy Sun Weidong said- India-China relations affect the whole world

Chinese Ambassador to India Sun Weidong said that China-India relations not only have significanc

Delhi Alert on Ram Navami: Procession in Jahangirpuri amid tight security, drone monitoring

Delhi Police is already in alert mode this year because of the riots that took place on the occas

IPL 2024: Pant's pain was expressed after being suspended from one match, told that if he got a chance against RCB, DC would have been in the playoffs.

Delhi Capitals captain Rishabh Pant spoke on his suspension after the win against Lucknow Super G

GDP of India: S&P estimates India's GDP growth rate to be 7.3% in the current financial year, know details

S&P Global Ratings on Monday projected India's GDP growth rate at 7.3% for the year 2022-23.

India's condition for talks with Pakistan: Jaishankar told Germany's foreign minister – the EU should not lecture us on buying Russian oil

India's Foreign Minister S Jaishankar has put a condition on Monday for starting talks with Pakis

Operation Sindoor: All-party meeting will be held today at 11 am; the Central government will tell about the retaliatory action and future strategy

The Indian Army, under Operation Sindoor, carried out a precise attack in just 25 minutes and des