More efforts needed to check bogus ITC claims: CBIC member
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CBIC member Sanjay Kumar Aggarwal said in a program of industry body PHDCCI that a two-month special campaign is also going on to identify traders who have wrongly claimed ITC from fake registration of Goods and Services Tax (GST).
The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday said more efforts are needed to weed out traders claiming bogus Input Tax Credit (ITC) from the GST regime. CBIC member Sanjay Kumar Aggarwal said in a program of industry body PHDCCI that a two-month special campaign is also going on to identify traders who have wrongly claimed ITC from fake registration of Goods and Services Tax (GST). “If we make it very difficult or impossible to claim ITC fraudulently, then this problem will be rooted out,” he said. For this recently the system of verification has been implemented.
However, some steps are yet to be taken to weed out bogus ITC claimants from the GST system. Aggarwal said that the number of GST registrations has reached 1.39 crore, but some of them are claiming ITC through fake bills. The tax department’s struggle is how to weed them out and make the system clean again, he said. Tax evasion is estimated to be Rs 1 lakh crore in the financial year 2022-23, while in the year 2021-22 this figure was Rs 54,000 crore.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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