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

Allahabad High Court : 'Supreme' order to remove mosque from Allahabad High Court premises in three months
The Supreme Court refused to interfere with the order to remove the mosque from the Allahabad High C

Strong earthquake tremors in California, 2 people died; Richter scale 6.4 measured intensity

Earthquake tremors were felt in Northern California at 2.34 pm on Tuesday late night. The earthqu

'Don't give a gun license to Salman Khan', Bishnoi community put forward demand in front of police

Bollywood star Salman Khan's troubles do not seem to end. Now the Bishnoi community has requested

'We will make his Ram Naam Satya...', CM Yogi gave a strong message; Less talk, more results

Chief Minister Yogi Adityanath gave a strong message to those challenging law and order in Baghpa

Akhilesh Yadav got into trouble for his comment! Calling the Election Commission dead and talking about sending a shroud will cost him dearly, EC will issue a notice.

After the defeat in the Milkipur assembly elections of Uttar Pradesh, Samajwadi Party chief Akhil

PM Narendra Modi Autograph: Kareena Kapoor-Saif Ali Khan met PM Narendra Modi, took autographs for sons Taimur and Jeh

December 14 is the 100th birth anniversary of showman Raj Kapoor. On this occasion, the Kapoor fa

Gurgaon Vidhan Sabha Election Result: BJP's Mukesh Sharma wins Gurugram seat, defeats independent candidate by 68 thousand votes

BJP candidate Mukesh Sharma from Gurgaon assembly constituency has registered a big win. After th

'This gives a lot of satisfaction to the mind...' On the India vs India dispute, Jaishankar advised the opposition to read the Constitution

Congress was the first to register its objection to the use of 'President of India' in place of '

IND vs ENG: Will India's 89-year drought of victory in Manchester end? Will Gill be able to surpass Gavaskar and Dhoni?

The fourth Test of the five-match series between India and England will be played from July 23 at

Budaun Case: There was an attempt to communalize the double murder in Budaun, and police foiled the plan.

(Budaun Double Murder Case) A few people were trying to give a communal form to the murder of two