Fake GST Registration: The Central Board of Indirect Taxes and Customs (CBIC) has identified 11,000 such entities which have been found bogus in the investigation. CBIC Chairman Vivk Johri said that a special drive is being run to identify such units, during which the case of fake registration by these units has come to the fore.
Vivek Johri said that on the basis of some risk-based parameters, 60,000 such units were identified whose details were shared with the field officers. He told that the purpose of this exercise was that the central and state authorities should do physical verification of such units so that their existence can be ascertained whether it is present on the ground or not.
CBIC chairman told that the verification process is still going on. He told that a total of 43,000 verifications have been done, out of which 11,000 have been found fake. He told that these fake units have been involved in taking fake Input Tax Credit of Rs 15,000 crore. He told that due to this verification process, it is helping to find out the loss being caused to the revenue due to fake GST registration.
CBIC is constantly focusing on collecting data, as well as reporting business to business transactions, there has been a steady jump in GST collection in the last few months. Due to this, the GST collection record reached Rs 1.87 lakh crore in April.
The efforts of the GST Council have been to prevent GST evasion and to stop bogus cases of taking input tax credit. The 50th meeting of the GST Council is going to be held on 11 July 2023, which is considered very important.
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