Around 25% of 69,000 suspected GST accounts fake, Rs 15,000 crore evasion likely

The Central Board of Indirect Taxes and Customs (CBIC) has found that nearly 25 percent of suspected Goods and Services Tax accounts do not exist or have vanished after availing benefits of around Rs 15,000 crore.

The evasion and fake accounts have been unearthed as part of an ongoing two-month special drive to weed out fake accounts registered with the GST Network, the Times of India reported on July 7.

The authorities used artificial intelligence and data analytics to identify around 69,000 suspected accounts after scrubbing the GST database. The drive, which ends July 15, found 17,000 of them to be bogus, the report said.

Source: Moneycontrol