GST fraud worth ₹824cr by 15 insurance Cos detected
The Mumbai branch of the Directorate General of Goods and Services Tax (GST) Intelligence has detected tax evasion of ₹824 crore by 15 insurance companies, intermediary marketing companies and multiple non-banking finance companies.These companies allegedly availed input tax credit (ITC) without the underlying supply of goods and services, officials said, adding that an investigation is underway.
The DGGI identified other intermediaries who were engaged in the same modus operandi.
Officials of the Mumbai Zonal Unit also visited the premises of a number of insurance companies in multiple cities. "The probe agency has also found that these entities had formed an arrangement to pass on ineligible ITC in the guise of marketing services, and fraudulent invoices were raised by following a systematic modus in connivance with each other," said one of the officials.
This story originally appeared on: Muscle & Fitness - Author:Faqs of Insurances
