- The Group of Ministers (GoM) on GST revenue analysis met to discuss sector-specific tax leakages and corrective actions to curb ITC frauds.
- The GoM identified ITC fraud as a major issue, flagging ₹2 lakh crore of fraud over past years.
- States like Gujarat, Telangana, and Rajasthan presented best practices for GST revenue augmentation.
- The GoM discussed pre
- and post-GST revenue trends, e-invoicing, and IT system enhancements.
- State-specific policy suggestions for boosting revenue and coordination between central and state tax administrations were also discussed.
- The GoM will meet again soon and submit its report to the GST Council.
- The GST Council had reconstituted the GoM on revenue analysis, chaired by Goa Chief Minister Pramod Sawant, with nine members from various states.
- During 2024-25, 25,009 fake firms were detected, involved in fraudulent ITC worth ₹61,545 crore.
- Over two years, 42,140 fake firms were detected, generating fraudulent ITC of over ₹1.01 lakh crore, with ₹3,107 crore recovered and 316 arrests made.
Source: business-standard.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
