CGST) authorities have detected evasion of Rs 70,206 crore since the tax was introduced on July 1, 2017, till January 2020. Interestingly, the Fifteenth Finance Commission and International Monetary Fund have separately put loss through evasion and frauds at over Rs five lakh crore annually. This estimate should put the total evasion since the launch upwards of Rs 10 lakh crore. GST detection About 16,393 cases of evasion were detected by central authorities leading to 336 arrests, according to the finance ministry said. The tax department managed to recover Rs 34,591 crore, or about half the evasion amount. In 31 of these cases, prosecution cases have been filed.Delhi topped the list of states and union territories with 2,991 cases of GST evasion involving Rs 9,364 crore. However, by value, the evasion was highest in Maharashtra at Rs 17,003 crore from 2,043 cases.The government has managed to recover 50% or more of the evaded amount in most states, but there was only Rs 87.5 crore recovery in Goa where GST evasion of Rs 7,557 crore was detected.The Finance Commission estimatesThe Fifteenth Finance Commission has estimated that the government may be losing five lakh crore, or about 40% of GST collection target,… Read full this story
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Tip of iceberg: Govt finds Rs 70,000 cr GST evasion, but will it be more ? have 291 words, post on cfo.economictimes.indiatimes.com at March 3, 2020. This is cached page on CuBird. If you want remove this page, please contact us.