State finance ministers' panel discusses ways to curb ITC frauds, sector-specific tax evasion
The Group of Ministers (GoM) on GST revenue analysis under Goa Chief Minister Pramod Sawant also discussed comparative analysis of pre- and post-GST revenue trends, e-invoicing and IT system enhancements for better traceability.
New Delhi, Jul 4 (PTI) A panel of state finance ministers on Friday discussed tax evasions in specific sectors as it mulled over policies to check input tax credit (ITC) fraud which has reached a staggering Rs 2 lakh crore.
'The meeting discussed state-wise revenue trend analysis, analysis of economic and other factors on GST revenue and integration of anti-evasion and compliance tool. The meeting also discussed policy recommendations for revenue augmentation,' Sawant said after chairing the GoM meeting.
The GoM identified Input Tax Credit (ITC) fraud as a major issue under goods and services tax (GST) and states suggested various measures to prevent it.
Officials said the GoM flagged Rs 2 lakh crore of ITC fraud over the past years, with states like Gujarat, Telangana, and Rajasthan making presentations on best practices for GST revenue augmentation.
The GoM would meet again soon and thereafter will submit its report to the GST Council, chaired by Union finance minister and comprising ministers from all states.
In March, the GST Council had reconstituted GoM on 'Analysis of Revenue from GST'. Chaired by Sawant, the GoM had nine members, including from Bihar (Samrat Chaudhary), Chhattisgarh (O P Choudhary), Gujarat (Kanubhai Desai), Andhra Pradesh (P Keshav), Maharashtra (Ajit Pawar), Punjab (Harpal Singh Cheema), Tamil Nadu (Thangam Thennarasu) and Telangana (M B Vikramarka).
ITC fraud has been a major pain point for GST officials with fraudsters coming up with new modus operandi to defraud the exchequer.
During 2024-25, central and state GST officers have detected 25,009 fake firms involved in fraudulently passing input tax credit (ITC) worth Rs 61,545 crore.
As per data on ITC frauds unearthed by central and state GST officers, over the two years 2023-24 and 2024-25, a total of 42,140 fake firms were detected, which were involved in fraudulently generating ITC of over Rs 1.01 lakh crore. A total of Rs 3,107 crore was recovered by way of blocking of ITC, and 316 arrests have been made. PTI JD HVA
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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