Wrongful availment of input tax credit (ITC) or fake ITC claims has emerged as a major cause of concern for Goods and Services Tax (GST) authorities amid continuing action against frauds, evasion and registration of bogus entities under the indirect tax regime.
A total of 1,999 cases have been booked for fake input tax credit (ITC) claims in India in the ongoing financial year 2023-24 (till January), involving amount of Rs 19,690 crore. The highest number of cases were registered in Gujarat, West Bengal, Haryana, Assam, Rajasthan, Maharashtra, Karnataka and Delhi, as per data viewed by The Indian Express. The amount involved in fake ITC claims in FY24 (till January) is 49 per cent higher than Rs 13,175 crore detected in 1,940 cases in FY23.
Read more at: The Indian Express
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