GST evasion worth Rs 824 cr unearthed, ICICI Prudential among 15 entities under probe

New Delhi, Sep 29 (IANS): Goods and Services Tax (GST) evasion worth Rs 824 crore has been detected against 15 insurance companies as well as several non-banking finance companies (NBFCs).

According to sources privy to developments, these companies were found to be availing input tax credit (ITC) without the underlying supply of goods and services.

Sources informed that on the basis of specific inputs received against ICICI Prudential Insurance for reportedly availing ineligible ITC without underlaying supply of goods and services, certain other common intermediaries were also identified.

They said that on further probe, it was revealed 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 operandi in connivance with each other.

Sources aware of developments said that the modus operandi was systematically planned and executed mainly at the behest of insurance companies.

The probe is learnt to have revealed that the insurance companies have been executing the modus since the inception of the GST, sources said.

Subsequently, searches were conducted by officials of Directorate General of GST Intelligence (DGGI) at premises of several insurance companies and NBFCs in multiple cities, the sources added.

While searches are still underway, sources said that ICICI Prudential has voluntarily paid Rs 100 crore in cash under section 74(5) of CGST Act, 2017 during the course of investigation.

Sources further informed that so far GST evasion to the tune of Rs 824 crore has been unearthed and various insurance companies who have availed and utilised ineligible ITC, have voluntarily paid a total amount of Rs 217 crore in cash under Section 74(5).



Top Stories

Leave a Comment

Title: GST evasion worth Rs 824 cr unearthed, ICICI Prudential among 15 entities under probe

You have 2000 characters left.


Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will be held responsible.