Raids unearth Rs. 470 crore fraudulent GST claims...
Dear all,
Your association SIMA is forwarding herewith an Article published in Times of India dated: 13/09/2019.
Raids unearth ₹470 crore fraudulent GST claims 1,200 Officers Involved in Nationwide Search Operation.
As per article, in a massive nationwide search operation carried out on exporters and their suppliers covering 336 locations on Wednesday i.e. 11/09/2019, nearly 1,200 officers from the Directorate of Revenue Intelligence (DRI) and Directorate General of GST Intelligence unearthed fraudulent claims of over Rs 470 crore of Integrated Goods and Services Tax (IGST) and seized fake invoices of Rs 3,500 crore.
The searches showed that some exporters were exporting goods on payment of IGST, using credit for taxes paid on inputs. While there is no harm in using input tax credit (ITC) to settle your tax liability, data analytics and intelligence gathered by the authorities showed that the credits were based on fake supplies. The IGST payments on exports are claimed back as refunds........
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