Data analytics, data-sharing, and Artificial Intelligence (AI) enabled the intelligence authorities to identify layer-by-layer activities of these fake entities and pinpoint the fraudsters.
By hindustantimes.com | Edited by Amit Chaturvedi
PUBLISHED ON JAN 24, 2021 08:32 PM IST
In the nationwide drive against fake Goods and Services Tax (GST) invoice frauds, the government has arrested 258 people so far. Eight chartered accountants (CAs) are among those arrested in the drive which was launched in November last year, government officials said.
Four business accomplices of one of the arrested CAs have also been arrested, the officials added. These men, based in Jaipur, are found to be operating 25 fake firms to fraudulently avail and pass on the input tax credit through bogus invoices without actual supplies of goods or services, the officials said.
Of the 258 arrested so far, at least two persons have also been booked under COFEPOSA (Conservation of Foreign Exchange and Prevention of Smuggling Activities Act), the officials aware of the matter said.
They also said that the Institute of Chartered Accountants of India (ICAI) have been informed about these arrests and asked to take appropriate actions as per their own rules.
Data analytics, data-sharing, and Artificial Intelligence (AI), along with BAFTA tools, enabled the GST ecosystem and intelligence authorities to identify layer-by-layer activities of these fake entities and pinpoint the fraudsters with precise input.
The drive by GST authorities is ongoing with more than 2,500 case booked against 8,000 fake entities as of now. Authorities have recovered more than ₹820 crore from these fraudsters.
The drive has ensured better GST compliance to identify tax evaders and those availing input tax credits fraudulently. It has resulted in record GST collection of more than ₹1.15 lakh crore for the month of December.
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