CBIC has booked 106 cases on insurers for Rs.7,581.8 cr. tax evasion: Finance Ministry

The Central Board of Indirect Taxes and Customs (CBIC) has booked as many as 106 cases of tax evasion involving a sum of ₹7,581.8 crore against various insurance companies in the past five years, and the Income Tax department has also started taking action against them, the Finance Ministry informed Parliament.

About ₹1,347.2 crore has been recovered from cases involving indirect taxes concerning evasion of Service Tax, prior to the introduction of the Goods and Services Tax (GST), and non-payment or short payment of GST under reverse charge mechanism or availment of ineligible Input Tax Credit, Minister of State for Finance Pankaj Chaudhary said in Lok Sabha on Monday.

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