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

'We will not let reservation end nor be divided in the name of religion, this is Modi's guarantee', PM said in Rajasthan

Prime Minister Narendra Modi addressed a public meeting in Tonk, Rajasthan. On this occasion, PM

Prayagraj Protest: Action was taken against protesting UPPSC candidates, police dragged students away; the situation tense.

Suddenly, the police force arrived in front of the Uttar Pradesh Public Service Commission at 8:0

India will achieve 500 GW of renewable power capacity by 2030, budget is important in establishing the country in the green energy market

Prime Minister Narendra Modi has said that by the year 2030, India will have achieved 500 GW (fiv

IGNOU Re-registration: IGNOU has extended the deadline for re-registration for the January session, now apply till this date

Indira Gandhi National Open University (IGNOU) has extended the re-registration deadline for Janu

Gyanvapi Case: 'The decision will be taken if it becomes clear whose possession it was before 1993', High Court said this big thing in Vyas ji's basement case

The fact of who occupied the basement of Vyas ji located in the Gyanvapi complex of Varanasi befo

Bengal SIR: 'The real motive behind SIR is NRC', CM Mamata Banerjee makes a big statement; find out what she said on Constitution Day

West Bengal Chief Minister Mamata Banerjee on Wednesday claimed that the real motive behind the S

Overjoyed with the success of ‘Thudaram’, Mohanlal offered a golden spear to Thirumalai temple, and the photos went viral.

Malayalam superstar Mohanlal's film 'Thudaram' has become a blockbuster film. It has performed br

Veteran Tamil actor Rajesh Williams passed away at the age of 75, Rajinikanth expressed grief by posting.

Veteran actor and businessman Rajesh Williams died in Chennai on Thursday, May 29. He was 75 year

Weather Update Today: Snow may occur in high-altitude areas, know the latest forecast from the Meteorological Department

With the onset of November, the cold has started increasing in most of the states of the country.

IND vs AFG: There will be a big change in Team India against Afghanistan! Coach Dravid gave hints before the match, know

The Indian team will start its Super-8 campaign in the T20 World Cup 2024 with a match against Af