₹824 Crore GST fraud by Insurance Companies in 2022

Union finance ministry told on Wednesday that GST fraud of 824 Crore is done by 16 insurance companies

These insurance companies used their intermediaries to issue fake invoices and GST authority caught them.

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The investigation was initiated by the DGGI, Mumbai, and names of these 16 companies were not disclosed

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During investigation it was found that companies have availed ITC based on invoices issued by several intermediaries for providing services such as advertising, marketing, and brand activation

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In actual there was no underlying supply and input tax credit availed by the said insurance companies is not permissible under the GST law

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During the investigation, it was found that a few NBFCs were also involved in this operation.

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Strict action will be taken against these Companies and their GST numbers will be suspended.

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Union finance ministry told on Wednesday that GST fraud of 824 Crore is done by 16 insurance companies

These insurance companies used their intermediaries to issue fake invoices and GST authority caught them.

The investigation was initiated by the DGGI, Mumbai, and names of these 16 companies were not disclosed

During investigation it was found that companies have availed ITC based on invoices issued by several intermediaries for providing services such as advertising, marketing, and brand activation

In actual there was no underlying supply and input tax credit availed by the said insurance companies is not permissible under the GST law

During the investigation, it was found that a few NBFCs were also involved in this operation.

Strict action will be taken against these Companies and their GST numbers will be suspended.

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