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.
Follow us on
Join WhatsApp Group